Greggs Smashes £2 Billion Sales Mark but Shares Slump on Growth Warning
Record Sales Fueled by Store Boom
Greggs has smashed through the £2 billion sales barrier for the first time, posting a bumper year with profits on the up. This success comes as the bakery giant ramped up to over 2,600 UK stores, opening around 225 new outlets — a record spree that helped push total sales up 11.3% in 2024.
Like-for-like sales also rose a solid 5.5%, thanks to longer trading hours and a buzzing delivery service. But the party slowed in the latter half of the year as tougher market conditions bit. Early 2025 figures show sales growth has dipped to a sluggish 1.7%, sending Greggs’ shares tumbling 12% on Tuesday morning as investors fret over the outlook.
Price Rises, Cost Pressures Bite
Greggs CEO Roisin Currie revealed shoppers remain cautious amid the ongoing cost-of-living crunch. “Energy bills, mortgages, and rent worries are still hitting spending,” she said.
To counter rising wage bills, Greggs hiked prices last year. The iconic sausage roll rose by 5p to £1.30 in January, while coffee and doughnuts jumped between 5p and 10p. Currie insists there are no immediate plans for more price hikes but admitted inflationary pressure is still a headache.
Big Bonus for Staff as Profits Rise
The bakery chain pocketed a tidy £203.9 million pre-tax profit in 2024, up 8.3% on the previous year. In a generous move, Greggs will share £20.5 million of that success with eligible staff through its profit-sharing scheme.
Employees who have worked six months or more will get a bonus, with long-term, part-time workers set to receive around £850 each by the end of March.
While Greggs remains upbeat on its future, there’s no denying the economic squeeze might keep shoppers cautious heading through 2025.
