Greggs shares rise on 2024 growth outlook

Shares in bakery chain Greggs (LSE: GRG) jumped over 7% on Wednesday after the company reported higher sales and profits for 2023 and said it plans to open up to 160 new stores in 2024, accelerating its expansion drive.

In a trading update, Greggs said total sales rose 20% to £1.8 million last year while like-for-like sales at company-managed outlets increased 14% on the back of more customer transactions. The FTSE 250-listed chain opened 220 new shops in 2023, taking its total estate to 2,473 across the country. It ended 2023 with £195 million in net cash, up from £192 million a year earlier.

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Greggs left its outlook for 2023 unchanged as it continues to invest in new outlets and expand supply chain capacity to underpin growth.

“Our value-for-money offer, and the quality of our freshly prepared food and drink continue to evolve and position us well for further progress in the year ahead,” said Chief Executive Roisin Currie.