Popular bakery chain sees continued growth in challenging market

  • Greggs reports 7.4% rise in sales to £693m in Q1
  • Opened 64 new sites, including 15 with franchise partners
  • Delivery sales, evening trade, and Greggs App support transaction volume growth

Greggs, the popular bakery chain, has reported a 7.4% increase in sales to £693m during the first 19 weeks of 2024. The company remains on track to open between 140 and 160 new stores for the full year. Greggs has also made progress in its strategic growth plan, with delivery sales, evening trade, and increased participation in the Greggs App all contributing to transaction volume growth. During this period, Greggs opened 64 new sites, including 15 in partnership with franchise partners. Recent shop openings include locations at Embankment underground station, four shops with Tesco, and three with Sainsbury’s, including two petrol filling station locations. Despite closing 37 stores, Greggs currently operates a total of 2,500 shops, consisting of 1,986 company-managed shops and 514 franchised units. The company’s investment projects at its Birmingham and Amesbury distribution centers are progressing well and will provide additional logistics capacity by the end of 2024. Greggs has had a positive start to the year with continued like-for-like growth in a challenging market. The company expects cost inflation to be in the range of 4 to 5% on a like-for-like basis and maintains its expectations for the full year outcome.

Factuality Level: 8
Factuality Justification: The article provides specific details about Greggs’ financial performance, strategic growth plan, store openings and closures, investment projects, and outlook for the year. The information is presented in a straightforward manner without any obvious bias or sensationalism. Overall, the article appears to be factually accurate and objective.
Noise Level: 2
Noise Justification: The article provides clear and relevant information about Greggs’ financial performance, strategic growth plan, store openings and closures, and capital expenditure plans. It stays on topic and supports its claims with specific examples and data. However, it lacks in-depth analysis, accountability, or insights into long-term trends or antifragility.
Financial Relevance: Yes
Financial Markets Impacted: The financial markets that may be impacted by this article are the stock market and the retail industry.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: There is no extreme event mentioned in the article.

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