It also reported its company-managed shop like-for-like sales to increase 3.7% in 2017.
Greggs performed well in 2017, delivering further like-for-like sales growth as well as expanding its estate of shops. This was achieved despite significant inflationary headwinds and alongside continued major investment in line with its strategic plan.
The development of Greggs' products and shop formats has opened up additional opportunities for growth in shop numbers and the brand expects this expansion to continue in the year ahead. "We are investing significantly in our supply chain to enable this growth, whilst continuing to make improvements to our processes and systems that will deliver enhanced capability and efficiency to compete in the fast-moving food-on-the-go market," Greggs said in its financial statement.
Chief executive Roger Whiteside said, "In 2017 we delivered another strong performance in challenging economic circumstances as rising inflation impacted both our own costs and customers' disposable income. At the same time we continued to make good progress with our business transformation programme.
"Whilst the UK consumer outlook remains challenging, we are encouraged by the start to the year. 2018 will be the peak year for investment in our supply chain as we create the platforms for further growth. We also plan to open a record number of new shops as we implement our plan to grow Greggs as a leading food-on-the-go brand."
Do you know more about this story? Contact us anonymously through this link.