Greggs sales jump 20%, special dividend announced

Greggs (LSE: GRG) reported a stellar year in 2023, with total sales surging by 19.6% to £1.81 billion compared to £1.51 billion the year before. Like-for-like sales, which exclude the impact of new store openings, also saw a healthy increase of 13.7%.

Underlying profit before tax climbed 13.1% to £188.3 million, up from £148.3 million in 2022.

Greggs announced a dividend payout of 62p per share, an increase from the previous year’s 59p. Additionally, a special dividend of 40p per share was announced, further sweetening the deal for investors.

Looking ahead, Greggs said it has maintained its management expectations for 2024. However, the company highlighted a “strong” start to the year, boasting an 8.2% increase in like-for-like sales for company-managed shops in the first nine weeks of 2024.

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CEO Roisin Currie praised the team’s dedication, “Our teams rose to the challenge, serving more customers through more channels.”

Analyst Charlie Huggins lauded Greggs’ performance, “An impressive performance overall. The brand is resonating strongly.” He highlighted Greggs’ operational excellence and continuous improvement as key to their success.

Greggs’ future looks bright, with the share price rising 3% at Tuesday’s open.