STORY: Greggs' 2018 sales surpass the £1bn mark

Greggs has published its preliminary results for the 52 weeks ended 29 December 2018, reporting its total sales were up 7.2% to £1.03bn – a first for the company in its history.

Company-managed shop like-for-like sales were also up 2.9%; operating profit excluding property profits and exceptional items was up 9.1% to £89.1m; pre-tax profit excluding exceptional items stood at £89.8m (£82.6m pre-tax profit); and total ordinary dividend per share was up 10.5% to 35.7p.

During the period, 149 new shops opened, 50 closed (so 99 net openings); leaving 1,953 shops trading at 29 December 2018.

Greggs recently reported a strong start to 2019, with company-managed shop like-for-like sales up by 9.6% in the seven weeks to 16 February 2019.

“2018 was a year that tested the resilience of Greggs’ business model and demonstrated the benefits of our strategic investment programme," comments Roger Whiteside OBE, chief executive of Greggs.

"The first half was significantly impacted by extreme weather but once this returned to normal our underlying strengths helped us recover the lost ground and deliver results for the year that exceeded our expectations.

“While there are significant uncertainties in the months ahead, Greggs has started 2019 in great form, helped in part by the publicity surrounding the launch of our vegan-friendly sausage roll.

"We hope to continue benefiting from this strong momentum during the first half of 2019 before facing stronger comparatives later in the year.

"We have a strong financial position which we plan to use to invest in Greggs’ potential for further growth, whilst also delivering good returns for shareholders.”