Pre-tax profits increase to £188.3m and sales grow by 19.6% in FY23

  • Greggs reports pre-tax profits of £188.3m for FY23
  • Sales increase by 19.6% to £1.8bn
  • Underlying profit before tax up 13.1% to £167.7m
  • Record 220 new shop openings in 2023
  • London presence expands with new shops in Canary Wharf, Waterloo railway stations, and Gatwick Airport
  • Partnership with retailers including Primark, Tesco, and Sainsbury’s continues to grow
  • Like-for-like sales in company-managed shops up 8.2% in the first nine weeks of 2024
  • Greggs expects no change to management’s expectations for 2024
  • Targeting 140 to 160 net openings in 2024
  • On track to double sales by 2026 and have over 3,000 shops in the UK

Greggs, the popular bakery chain, has announced impressive financial results for the fiscal year 2023. The company reported pre-tax profits of £188.3m, a significant increase from the previous year’s £148.3m. Sales also saw a substantial growth of 19.6%, reaching £1.8bn. The underlying profit before tax, excluding exceptional income, rose by 13.1% to £167.7m. In addition to its financial success, Greggs expanded its store network by opening a record 220 new shops in 2023. The company also closed 75 shops, resulting in a net increase of 145 openings. As of December 30, 2023, Greggs operates a total of 2,473 shops across the UK. Greggs’ presence in London has also expanded, with the opening of new shops in prominent locations such as Canary Wharf, Waterloo railway stations, and Gatwick Airport. The company has also strengthened its partnerships with retailers, including Primark, Tesco, and Sainsbury’s. The positive momentum has continued into 2024, with like-for-like sales in company-managed shops increasing by 8.2% in the first nine weeks of the year. Greggs remains confident in its ability to deliver another year of progress and expects no change to management’s expectations for 2024. The company aims to open 140 to 160 net new shops this year. Roisin Currie, the chief executive of Greggs, expressed pride in the company’s growth and praised the dedication of its teams in meeting increased customer demand. Greggs is on track to achieve its ambitious five-year growth plan, which includes doubling sales by 2026 and expanding its store count to over 3,000 in the UK.

Factuality Level: 9
Factuality Justification: The article provides specific and verifiable information about Greggs’ financial performance, sales growth, store openings and closures, partnerships, and future expectations. The statements are supported by data and quotes from the company’s chief executive, adding credibility to the report.
Noise Level: 3
Noise Justification: The article provides relevant and specific information about Greggs’ financial performance, expansion plans, and future outlook. It includes data on profits, sales, shop openings, partnerships, and management’s expectations. The article stays on topic and supports its claims with evidence from the company’s reports. It does not contain irrelevant or misleading information, and it offers insights into Greggs’ growth strategy and long-term goals.
Financial Relevance: Yes
Financial Markets Impacted: The financial markets may be impacted by the positive financial performance of Greggs, as it indicates the company’s growth and profitability. Investors and shareholders may be interested in this news.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article reports on the financial performance and growth plans of Greggs, a UK-based food retailer. There is no mention of any extreme events or events that would significantly impact financial markets or companies. Therefore, the financial relevance is confirmed, but there is no presence of an extreme event.

Reported publicly: www.retailsector.co.uk