Greggs sales up 23% to £1.5bn as caramel lattes surge

Greggs CEO Roisin Currie

Newcastle-based Greggs said its 2022 sales rose 23% to £1.513 billion and its like-for-like (LFL) sales in the fourth quarter rose 18.2%.

“Seasonal lines were in high demand in the fourth quarter, including our iconic Festive Bake, which featured alongside its vegan-friendly alternative, our shop-baked Sweet Mince Pies and our festive hot drinks including the Salted Caramel Latte,” said Greggs.

“Plant-based foods are contributing more significantly to our range over time and the introduction of new hot options such as the Vegan Festive Baguette is testament to this trend.” 

Greggs said it ended 2022 with a cash position of £191 million “partly reflecting phasing of capex investment, which we have previously described.”

The Newcastle firm said this will support its plans to invest further in growing both its shop estate and supply chain capacity in the year ahead. 

Given our strong trading in the year, together with careful cost control, we anticipate reporting a full year outcome for FY22 in line with our previous expectations when we report our preliminary results for 2022 on 7 March 2023,” said Greggs.

We continue to see material cost inflation in the year ahead. 

“However, whilst consumers are clearly seeing pressures, our value offering remains attractive in the food-on-the-go market. 

“We are confident in delivering another year of good progress in 2023 and remain excited by the significant growth opportunity for Greggs in the years ahead.”

Greggs CEO Roisin Currie said: “I am proud of the progress Greggs made during 2022 in challenging conditions. 

“Our teams did a magnificent job serving customers and managing the growing demand for Greggs products as we expand our shop estate and offer greater availability through digital channels and longer trading hours, whilst continuing to extend our menu to offer more choice.

We enter 2023 in a strong financial position that will enable us to invest in shops and supply chain capacity to bring Greggs to even more customers across the UK. 

“While market conditions in 2023 will remain challenging, our value-for-money offer of freshly-prepared food and drink is highly relevant as consumers look to manage their budgets without compromising on quality and taste.”