Greggs (GRG) Trading Update summary

Trading performance

• Total sales rose 7.4% to £784 million in the first 20 weeks of 2025, with like-for-like sales up 2.9% and improved trading in the last 11 weeks.

• Product innovation, including new over-ice drinks, viral Mac and Cheese, and expanded made-to-order options, contributed to growth.

• Enhanced classic products and healthier choices, such as new sandwich recipes and fat-free yoghurt, supported customer engagement.

Shop estate and supply chain

• 66 new shops opened (20 net), bringing the total to 2,638; strong pipeline supports confidence in 140-150 net openings for the year.

• Four new Drive-Thrus launched, including the first in Northern Ireland; shop closures are first-half weighted.

• Construction of new Derby manufacturing and Kettering distribution facilities is progressing on schedule and within budget, with operations expected in 2026 and 2027.

Financial outlook and guidance

• Cost inflation expectations remain unchanged at around 6% on a like-for-like basis.

• Investment programme is on track, and plans to manage inflationary pressures are progressing well.

• Board's expectations for the full year outcome remain unchanged despite a challenging market context.