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Greggs serves up tasty rise in full year sales
High street baker Greggs said full year total sales were up by a tasty 7.4% and company-managed shop like-for-like sales grew by 3.7%.
In the fourth quarter company-managed like-for-like sales grew by 3%, reflecting a "particularly favourable" trading pattern in the final quarter of 2016. It expected full year results to be in line with expectations.
Greggs said classic favourites continued to perform well and customers enjoyed seasonal products such as our Festive Bake and fresh-baked mince pies.
Hot options such as hot sandwiches and the chain's gluten-free 'Balanced Choice' soup also proved popular.
"We have further extended our popular hot drinks range to include a caramel latte and, in the New Year, have introduced a new focaccia-style pizza," Greggs said.
"During the year we opened 131 new shops (including 45 franchised units) and closed 41, growing the estate to 1,854 shops trading as at 30 December 2017, 202 of which are franchised shops operated by partners in travel and other convenience locations."
"In the year ahead we plan to increase the rate of shop openings, with the number of net additions expected to be in the 110-130 range."
"In 2017 we converted 132 company-managed shops to our successful "bakery food-on-the-go" format and our franchise partners refurbished a further 10 units. We expect to refurbish around 100 shops in the year ahead to maintain our modern, food-on-the-go experience for customers."