Greggs (GRG) Trading Update summary

Trading performance

• FY24 total sales rose 11.3% to £2,014 million, with like-for-like sales up 5.5%.

• Q4 total sales increased 7.7%, with like-for-like sales up 2.5%, despite subdued High Street footfall.

• Maintained market share, especially as the top breakfast destination, and managed operational costs effectively.

• Seasonal and new menu items, including festive products and pizza, drove demand.

Shop estate and supply chain

• Opened a record 226 new shops in 2024, with 145 net new openings, totaling 2,618 shops.

• Over-ice drinks range exceeded targets, now in 1,100 shops, with further expansion planned.

• Supply chain investments on track, with Derby facility to open in 2026 and Kettering distribution center in 2027.

Financial position and outlook

• Year-end net cash was £125 million, reflecting ongoing investment in growth and capacity.

• Plans for 140-150 net new shop openings in 2025, including 50 relocations.

• Board expects FY24 results in line with previous expectations.

• Employment costs will drive further cost inflation in 2025, but wage increases may support consumer spending.

• Confident in mitigating cost inflation and delivering further progress in 2025.