UK bakery chain Greggs has posted like-for-like sales growth of 9.6% for its first quarter, and of 8.3% for the subsequent six weeks.
Speaking at the company’s Annual General Meeting in Newcastle upon Tyne on Friday, Chairman Ian Gregg said: “Our budgeted growth rates moderate as the current year progresses, taking into account the particularly strong growth in the latter part of last year.
“Our retail expansion programme is on target, with 17 new openings in the current year giving us a total of 1,161 shops across the UK. The conversion of our Birketts division to the Greggs fascia, planned for June, will complete the process of focusing on two core brands throughout the country.
“Results to date are in line with our budgets, and ahead of the comparable period last year, maintaining the position we reported in our preliminary announcement on 8 March.
“This is despite the expected cost pressures in areas such as flour and insurance. I therefore continue to expect that the group will achieve satisfactory progress during the current year.”
Greggs controls over 1,150 retail outlets throughout the UK, trading principally under the Greggs and Bakers Oven brands.