GRG: Half Way There

(LON:GRG) Greggs Presents FY23 Results

Greggs Plc

Weighting as of writing: 6%

6th March 2024 - FY23 Results

On March 5th, Greggs followed up the January trading update to release the remainder of its FY23 results. The Jan trading update showed that revenues of £1.81 billion grew +20% in the year, with a healthy +13.7% like-for-like sales1 comp. We also learned that the business opened 145 net new shops, bringing the total to 2,473 (+6%), surpassed its 500th franchise store, and expanded delivery across partners UberEats and JustEat. This new report brought us the rest of the data, and it didn’t disappoint. Amidst a skittish UK economy, which is now technically in recession, Greggs continues to track positively against its 5Y plan, set in late 2021. They are now halfway towards their goal of doubling revenue by 2026 (~£2.5 billion) just two years in, and the aspiration for more than 3,000 units looks achievable with a further ~150 expected in 2024.

Progress in newer growth vectors such as delivery, digital channels, and evening…