Greggs' total sales up 7.4%
In 52 weeks ended 30 December 2017, its company-managed shop like-for-like sales are up by 3.7%.
In the fourth quarter company-managed like-for-like sales grew by 3.0%, reflecting the particularly favourable trading pattern in the final quarter of 2016. The company recorded 131 new shops opened, with 41 closures within the year.
Chief executive Roger Whiteside said, "We finished 2017 well, delivering our seventeenth consecutive quarter of like-for-like sales growth, and anticipate that we will report full year results for 2017 in line with our previous expectations.
"In the year ahead, we will continue to focus on delivering the outstanding value and taste that Greggs is famous for. 2018 will be a record year for investment in our supply chain and we intend to increase the rate of new shop openings as we continue to grow Greggs as a leading food-on-the-go brand."
Whiteside added, "In 2017 we converted 132 company-managed shops to our successful "bakery food-on-the-go" format and our franchise partners refurbished a further 10 units. We expect to refurbish around 100 shops in the year ahead to maintain our modern, food-on-the-go experience for customers."
In the fourth quarter of 2017, Greggs has made further progress in its previously-announced strategic investment programme. This included the successful testing of new systems for our supply chain operations and the commissioning of a new national manufacturing facility for the production of small cakes and muffins at its Leeds site.
Whiteside concluded, "We expect industry-wide cost pressures to continue in the year ahead, albeit at a lower level than we experienced in 2017. In an uncertain consumer environment we will continue to focus on delivering the outstanding value and taste that Greggs is famous for. 2018 will be a record year for investment in our supply chain as we install many of the centralised manufacturing platforms that will provide the capacity for further growth of the business. We intend to increase the number of shops that we open in the year in line with our strategy to continue to grow Greggs as a leading food-on-the-go brand."
