Greggs (GRG) Trading Update summary

Trading performance

• Total sales rose 10.6% in Q3 2024, with like-for-like sales up 5.0% compared to Q3 2023.

• Year-to-date total sales increased 12.7%, and like-for-like sales grew 6.5%.

• September was the strongest month of the quarter, supported by menu innovation and digital channels.

• Over-ice drinks range expanded to 800 shops, targeting 1,000 by year-end.

• New autumn menu items and pizza options introduced, enhancing product offering.

Shop estate and supply chain

• 152 new shops opened and 66 closed year-to-date, totaling 2,559 shops at 28 September 2024.

• Net new shop openings expected between 140 and 160 for 2024, including around 50 relocations.

• Supply chain investments include completed distribution centre upgrades and new facility construction.

• New frozen product facility in Derby and National Distribution Centre in Kettering progressing as planned.

• Capital expenditure guidance for 2024 remains £250–£280 million.

Outlook and guidance

• Cost inflation for 2024 now expected at the lower end of the 4–5% range.

• Full year outlook remains unchanged, with performance in line with Board expectations.

• Continued investment in shop expansion and supply chain to support long-term growth.

• Greggs positioned as a value-for-money option amid ongoing consumer uncertainty.

• Board remains confident in long-term growth opportunities.