In its latest trading report, UK food-on-the-go retailer Greggs said its total sales were up 14.6% in the third quarter of 2022, but added that its plans for growth have been delayed.
Like-for-like sales in company-managed shops rose by 9.7% year-on-year.
With Greggs capital expenditure for 2022 being £50 million lower than expected, some of the “planned costs” associated with its growth ambitions are now likely to be deferred to 2023, the report said.
For the year to date, the retailer has opened 106 new shops and closed 16 shops, giving a total of 2,271 shops currently trading. For the whole year, Greggs claim to expect around 150 net openings, of which around 40% are planned to be with franchise partners.
Guidance unchanged
The company’s outlook on like-for-like cost inflation for this year remains consistent with its previous guidance of 9%, according to the retailer. Greggs claims that it holds an “appropriate level” of forward purchasing cover regarding its fourth quarter requirements for “key food and energy commodities.”
Greggs said that despite “considerable uncertainty” in the economy, full year expectations are unchanged.
