British bakery chain operator Greggs PLC (GRG.L) reported a 10.6% increase in total sales for the third quarter of 2024, while company-managed shop like-for-like sales rose 5.0% compared to the same period in 2023. Year-to-date total sales were up 12.7%, with LFL sales up 6.5%. The growth was supported by menu development and further progress in extended trading hours and new digital channels.
The company noted that its new over-ice drinks range is already available in 800 shops, and it now expects to extend this to a total of 1,000 shops by the end of the year.
For the year as a whole, the company expects 140 to 160 net shop openings, including around 50 relocations and 55 net openings with franchise partners.
The company's full year guidance for capital expenditure in 2024 remains in the range of 250 million pounds to 280 million pounds, with the timing of the land purchase at Kettering being the primary uncertainty.
The company expects the full year outcome to be in line with its previous expectations. It remains confident in the long-term growth opportunity for the company, and it is investing to support that growth.
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