Greggs, the leading bakery food-on-the-go retailer in the UK with over 1,850 outlets, has posted preliminary results for the 52 weeks ended 30 December 2017.
Total sales were up by 7.4% to £960.0m (2016: £894.2m), and company-managed shop saw like-for-like sales up 3.7% (2016: 4.2%).
Operating profit excluding property profits and exceptional items were up 4.6% to £81.7m (2016: £78.1m). Pre-tax profit, excluding exceptional items, hit £81.8m (2016: £80.3m), and Pre-tax profit was £71.9m (2016: £75.1m).
Further improvements were made to the product range, with a specific focus on hot drinks and hot food. Also, healthier options grew strongly with the Balanced Choice range (pictured) accounting for more than £100m of sales.
The group saw 131 new shops opened, 41 closures (90 net openings); 1,854 shops trading at 30 December 2017.
Current trading shows company-managed shop like-for-like sales up by 3.2% in eight weeks to 24 February 2018.
Roger Whiteside, Chief Executive, said, “In 2017 we delivered another strong performance in challenging economic circumstances as rising inflation impacted both our own costs and customers’ disposable income. At the same time we continued to make good progress with our business transformation programme.
“Whilst the UK consumer outlook remains challenging, we are encouraged by the start to the year. 2018 will be the peak year for investment in our supply chain as we create the platforms for further growth. We also plan to open a record number of new shops as we implement our plan to grow Greggs as a leading food-on-the- go brand.”
Chairman Ian Durant said, 'Greggs continues to demonstrate its resilience in the face of economic uncertainty. This environment seems unlikely to change in the short term as the UK negotiates its exit from the European Union, with the associated risks to consumer confidence and further cost inflation. We are alive to these risks and working hard to mitigate the possible impacts where we can.'