Greggs’ sales rose 7.5% to £800mn over the first 19 weeks of the year, helped by partnerships with franchisees and grocery retailers. Like-for-like sales in company-managed shops grew 2.5%.
20 net new stores were opened during the period, bringing the total store count to 2,759. Management remains confident it will deliver its target of 120 net new stores this year.
Full-year guidance remains unchanged, with cost inflation expected to be around 3% this year, as the group has already locked in prices for 85% of its energy needs. Underlying operating profits are still expected to be around last year’s level of £188mn.
The shares rose 3.2% in early trading.
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