Greggs’ vegan sausage rolls break records

GreGGS shares soared to a record high after it raised its profits forecasts for the third time this year on the back of ‘exceptional’ sales.

the High Street baker, which has 1,969 shops, said booming demand for its vegan sausage roll had driven a 15.1pc rise in total sales during the first 19 weeks of the year. Sales at stores that have been open for more than a year grew 11pc.

Greggs shares surged 15pc or 270p to 2060p - taking gains so far this year to 63pc.

Greggs launched the vegan version of its best-selling sausage roll in January, tapping into the so-called ‘Veganuary’ movement that encouraged Brits to limit or cut out meat in the first month of the year.

the vegan sausage roll across all of its sites in March, which the company said has helped sales ‘to grow very strongly’.

the company has not divulged how many of the vegan sausage rolls it has sold but a spokesman said it was already one of its five best-selling products. It said limited availability in the early part of the year was a hurdle, when demand outstripped supply.

Sales of breakfast and sweet items are also growing.

Michael Hewson, analyst at CMC Markets, said: ‘UK consumers’ penchant for coffee, bakery, sausage rolls, vegan or otherwise, as well as sandwiches appear to be padding out the waistline for Greggs.’

Greggs said: ‘the exceptional level of like- for- like sales growth that began in January has been sustained, driven by increased visits to our stores.’

It said sales and profits will be ‘materially higher’ than expected this year.

Before the update, analysts had been expecting Greggs to make revenue of £1.11bn and profits of £99m this year.

Peel Hunt analysts warned that despite the sales increase, ‘we might just be reaching “peak Greggs”’.