Greggs has announced a surge in sales and profits for 2024, driven by new store openings, extended hours, and price adjustments.
The bakery chain, which operates over 2,600 outlets across the UK, recorded sales exceeding £2 billion—an 11.3% rise from the previous year. This growth was bolstered by the launch of approximately 225 new stores, marking a record expansion for the company.
Like-for-like sales, which exclude the impact of new openings, increased by 5.5%, aided by longer trading hours and the continued rollout of delivery services. However, the latter half of the year saw some challenges due to a tougher economic climate.
Greggs acknowledged that many customers remain concerned about the cost of living, with energy bills, mortgage payments, and rent costs weighing on consumer spending.
Chief executive Roisin Currie noted that consumer confidence remains low in early 2025, with a trend of people prioritizing saving over spending. “It’s been a challenging winter, and we expect that trend to continue in the short term. Hopefully, confidence will improve as the year progresses,” she told the PA news agency.
In response to rising costs, Greggs increased the prices of certain menu items in 2024. The price of its iconic sausage roll, for instance, rose by 5p to £1.30, while coffee and doughnuts saw slight increases of 5p to 10p. However, Ms. Currie emphasized that there are currently no firm plans for further price hikes, though inflationary pressures remain a factor.
The company reported a pre-tax profit of £203.9 million—an 8.3% increase from 2023. In line with its profit-sharing scheme, Greggs will distribute around 10% of this amount among eligible employees, totaling a record £20.5 million in staff bonuses.
Long-serving employees—those with over six years of service working more than 20 hours a week—are set to receive around £850 each by the end of March, marking a significant reward for their contribution to the company’s success. Photo by Greggs, Wikimedia commons.