Greggs sales have gone up by more than a fifth in its latest quarter as it revealed that cost inflation had eased across the business.
The company saw a strong trading performance over the third quarter of 2023, with total sales up 20.8% and like-for-like sales rising by 14.2% for the 13 weeks to 30 September.
Britain’s biggest bakery chain opened 82 new shops in 2023, now having a total of 2,410 outlets across the UK.
It said it had opened 144 new stores and closed 62 others in the last 12 months and expects to open between 135 and 145 new shops throughout the whole of 2023.
The company is expanding its evening trading hours, with sales after 16:00 now accounting for 8.8% of company-managed shop sales, up from 8.3%in the first half of the year.
Greggs has also gained more customers who were ordering through its partnership with Just Eat and now Uber Eats. It aims to extend its delivery model in a bid to offer its products to “more customers on more occasions”.
Market insight data confirms that Greggs continues to grow its share of the food-to-go market and has maintained its leadership positions in customer satisfaction and value-for-money ratings, according to analysts Circana.
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Across the business, Greggs expects capital expenditure in 2023 to be around £200m.
Greggs chief executive Roisin Currie told the PA news agency there was still inflation in the group’s supply chain despite it easing: “When you think about the current pressure on disposable income, people are thinking about how to get the best value.
“When someone is driving around thinking about where to pick up breakfast, we think people are coming to us because they are aware of the value on offer.”
Previously, Greggs reported pre-tax profit of £80m for the 26 weeks to 1 July, a rise from £55.8m over the same period in 2022.
The bakery chain announced in March plans to open 150 shops and extend its opening hours.
