Greggs is on a Profit Roll – literally!
Picture a line of bursting sausage rolls on a crisp, sunny afternoon—now add a splash of brick‑by‑brick joy, because Greggs just served up a record year of cash. Their pre‑tax profit hit £188.3 million last year, a whopping 27 % jump from the previous haul. That’s the kind of growth that makes even the most skeptical investor do a little dance.
Where the Numbers are Out of the Frying Pan
- Like‑for‑like sales surged 13.7 %—good news means the same tasty treats are attracting more hungry customers.
- The underlying pre‑tax profit climbed 13.1 % to £167.7 million, proving that even when you strip the fluff, the bakery’s business model still packs a punch.
- Sales plateaued a tad in the last quarter of 2023, up just 9.4 % and showing the price‑inflation drag is easing.
- Managerial vibes are high: “We’re confident Greggs can deliver another year of good progress,” the company noted, hinting at a future full of more than 140 new sites. (Yes, 170 stores?)
Inflation? Gone, Be Gone!
Greggs says that inflationary pressure is nemesis-slashing and the cost outlook for next year is looking a lot clearer. “No changes to management’s expectations for 2024,” they share, which keeps the bullish cheer going strong.
Bottom Line (and a recipe, too)
They’re building confidence like one stitches a perfect sausage roll: steady, simple, and deliciously effective. With new outlets on the horizon and price stability kicking, the bakery’s future tastes as bright—if not sweeter—than ever.
