Greggs reports further slowdown in sales growth
Published: 02:37 04 Mar 2025 EST
Greggs PLC has reported a further slowing in sales growth in the early weeks of 2025, but said it was confident it can “manage inflationary headwinds” and deliver progress.
Like-for-like sales were up 1.7% year-on-year in the first nine weeks of 2025, with the baker blaming weather conditions in January, but it said trading had improved in February.
In comments alongside 2024 preliminary results, chief executive Roisin Currie said the company’s sales remain “on track” to meet the target set three years ago to double sales by 2026, “and we continue to be confident in the growth opportunity in front of us”.
Sales last year rose 11.3% to £2.01 billion as LFL sales increased 5.5%, but with a slowing to 2.5% in the final quarter, which the FTSE 250 company revealed in January and sent its shares plunging.
Underlying pre-tax profit came in at £189.8 million, excluding one-offs, which was a 13.2% increase on the previous year. Statutory profit was up 8.3% at £203.9 million.
With a closing cash position of £125.3 million, which Currie intends to partly use for investment in the supply chain and technology, a final dividend of 50p per share was also recommended, taking the total dividend for the year to 69p, up 11.3%.
Greggs also announced a record profit sharing scheme, with £20.5 million to be shared with colleagues.
