Bakery Chain Targets 150 Net Openings in 2023, Eyes Thousands More UK Shops
- Greggs sales rise 23% in FY22
- Total sales up by £1.5bn
- Pre-tax profits up 1.9% to £148.3m
- Record 186 new shop openings in 2022
- Growing estate to 2,328 shops
- Targeting 150 net openings in 2023
- Opportunity for significantly more than 3,000 UK shops in future
- Like-for-like sales up 18.8% in first nine weeks of 2023
Greggs has reported a strong performance in FY22 with total sales up by 23% to £1.5bn and pre-tax profits increasing by 1.9% to £148.3m. The bakery chain opened 186 new shops in 2022, leading to a net increase of 147 stores and growing its estate to 2,328 shops. Looking ahead, Greggs is targeting 150 net openings in 2023 and sees potential for significantly more than 3,000 UK shops in the future. In the first nine weeks of 2023, like-for-like sales in company-managed shops increased by 18.8%. CEO Roisin Currie expressed confidence in the company’s prospects and plans to make Greggs more accessible to customers with exceptional value food and drink options.
Factuality Level: 10
Factuality Justification: The article provides accurate information about Greggs’ financial performance and expansion plans, with no signs of sensationalism or bias.
Noise Level: 2
Noise Justification: The article provides relevant information about Greggs’ financial performance and growth strategy, with clear evidence of sales and profit increases, as well as plans for future expansion. It also includes a quote from the CEO that supports the company’s confidence in its prospects. The content is focused on the topic without diving into unrelated territories.
Financial Relevance: Yes
Financial Markets Impacted: Greggs’ stock price and other food retailers
Financial Rating Justification: The article discusses Greggs’ financial performance, including sales growth, profit increase, and expansion plans, which can impact the company’s stock price and potentially affect competitors in the food retail sector.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article. The company’s strong performance and growth plans are considered as a positive development, but not an extreme event.
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