UK: Greggs looking to expand with 350 stores
Following a major overhaul of its operations to focus on “food-on-the-go”, the North East bakery chain reported own shop like-for-like sales growth of 8.2% over Christmas and New Year.
Greggs opened 50 new stores and closed 70 during 2014. Mr Whiteside confirmed 2015 would be a year of net store network growth.
The chief executive said there were no plans on the horizon to make acquisitions but emphasised his ambition to expand Greggs’ presence across retail and office parks, as well as travel locations.
Mr Whiteside said experimentation with new store locations – such as concessions in a small number of Spar stores and an outlet on the Isle of Wight ferry – had proven successful.
Commenting on the prospects for 2015, Mr Whiteside said the firm had entered the New Year with a “tail wind” behind it. March’s full year results are now likely to surpass expectations.
For the 2014 financial year as a whole – the 53 weeks ended January 3 – total sales grew by 5.5% including the impact of the additional trading week.
Looking to the year ahead Mr Whiteside welcomed falling petrol prices for giving consumers more spending power and highlighted low commodity prices for their part in protecting margins.
Source: thejournal.co.uk
