Greggs shrugs off price hikes

BRITISH families continue to flock to Greggs despite rises in the price of its sausage rolls and other baked goods.

The chain said sales in the final three months of 2022 were 18.2pc higher than in the same period a year earlier when business was hit by Covid restrictions.

Customers continued to snap up snacks including sausage rolls despite the price rising from £1 last January to £1.20. In some cities such as London, it is £1.45.

There was also demand for seasonal treats including its sweet mince pies, the festive bake and its vegan alternative, and the vegan festive baguette. Total sales rose 23pc to £1.5bn.

Chief executive Roisin Currie said: ‘While market conditions in 2023 will remain challenging, our offer of freshly prepared food and drink is highly relevant as consumers look to manage budgets without compromising on quality and taste.’

Greggs opened a record 186 shops in 2022, and closed 39. It now has 2,328 and plans a further 150 openings this year.

Sophie Lund-Yates, analyst at Hargreaves Lansdown, said: ‘Greggs has a lot going in its favour because it exists at the end of the value spectrum. It will be crucial to closely monitor how out-of-home spending shapes up, because any worse-thanexpected drop-offs would be bad news for profits when combined with soaring costs.’ Shares fell 1pc, or 24p, to 2418p.