Greggs (GRG) Q3 2025 TU earnings summary

Executive summary

• Total sales increased by 6.1% for the 13 weeks to 27 September 2025, and 6.7% year-to-date.

• Like-for-like sales in company-managed shops rose 1.5% in Q3 and 2.2% year-to-date.

• Trading improved in August and September after a heat-affected July.

• 130 new shops opened and 73 closed (including 39 relocations), resulting in 57 net new shops year-to-date.

• Bake at Home range expanded to 930 Iceland and 820 Tesco stores, plus online.

Financial highlights

• Total sales up 6.1% in Q3 2025 compared to the same period in 2024.

• Like-for-like sales in company-managed shops up 1.5% in Q3 2025 year-over-year.

• Year-to-date total sales up 6.7%, with like-for-like sales up 2.2%.

Outlook and guidance

• Full year outlook remains unchanged.

• Marginally improved outlook for cost inflation in 2025.

• Expect around 120 net new shop openings in 2025, with a strong pipeline into 2026.

• Two new distribution centres in Derby and Kettering on track to open in 2026 and 2027.