Greggs to roll out new stores as sales soar 23% to a record £1.5bn

Greggs to roll out new stores as well as 24 hour drive through sites after sales soared 23% to a record £1.5bn in 2022

Greggs has unveiled ambitious expansion plans after posting record sales as consumers flock to the bakery chain for sausage rolls and other cheap food.

The group plans to open 150 shops a year, increasing its estate from nearly 2,330 sites to more than 3,000.

And as well as extending opening hours, it is set to trial 24-hour drive-through sites.

Greggs plans to open 150 shops a year, increasing its estate from nearly 2,330 sites to more than 3,000

The expansion plans came as Greggs posted a 23 per cent rise in annual sales to a record £1.5billion in 2022. 

Profits edged up 1.9 per cent to £148.3million as it grappled with the soaring price of ingredients and energy while shoppers tightened their belts.

Greggs said there was a ‘clear opportunity for significantly more than 3,000 UK shops’ in the years to come. It currently operates 2,328 shops.

It has plans to open up to ten more drive-through stores this year after opening sites in Kent and Cumbria.

Chief executive Roisin Currie said: ‘Customers are seeking out great quality and great value, and that’s exactly what we offer. It is just that easy way to fuel yourself when you’re on the go and you need to eat.’

Currie said Greggs will trial 24-hour drive-through sites this year, although she did not name locations. 

Some 186 new shops opened last year, in locations such as train stations, airports and retail parks. And 39 shops were shuttered.

Another 300 shops will see opening hours extended until 9pm, after the chain extended the hours of hundreds of stores last year.

Later opening hours would help Brits who cannot work in the daytime to join the labour market, Currie added.

Greggs ‘reluctantly’ introduced price rises last year, to mitigate inflationary pressures. 

Its popular sausage roll now costs £1.20, up from £1 at the start of 2022. Shares fell 2.2 per cent, or 60p, to 2690p.