Greggs PLC (LSE:GRG), the bakery company, retained its full-year outlook after it reported strong sales growth thanks to evening trade, the expansion of its app and increased takeaway revenues.
Management said the group continued to see like-for-like sales growth despite a challenging market and is therefore maintaining its full-year guidance.
Sales during the first 19 weeks of 2024 rose 7.4% on a like-for-like basis to £693 million, with the launch of new sales channels “all supporting transaction volume growth.”
Greggs is also continuing to expand its estate across the UK after opening its 2,500th store, with 64 sites opened this year alone.
New sites are located in underground stations, Tesco and Sainsbury supermarkets and petrol filling stations as well as the high street.
Looking forward, the group expects to grow its estate between 140 and 160 sites within the full year.
In addition to this, Greggs also plans to open two new distribution sites in the Midlands within the coming years, aimed at improving its logistics so it can support an increased estate.
Gregg shares opened on Tuesday flat at around 2,808p.