By Laura McGuire
Almost £2 of every £100 spent in UK hospitality is being blown on cheap baked goods at Greggs.
Analyst at Panmure Gordon said that this is up from a previous figure of £1.60 as Brits are ramping up their consumption of steak-bakes and sausage rolls.
Shares at the fast food joint rose over nine per cent this morning as investors cheered a whopper Christmas at the firm.
Greggs revealed plans to open between 140 and 160 net new shops in 2024.
In an update to markets this morning, the no-frills chain said total sales were 19.6 per cent to £1.8bn in quarter four thanks to shoppers chomping down on its seasonal Festive Bake and Chocolate Orange Muffin.
Sales across its 2,000 stores were up 13.7 per cent for the full year, which the firm credited to late night trading and a partnership with Uber Eats.
It forms part of chief Roisin Currie’s strategic growth plan for the brand,– which sees more stores trade after 4pm.
Last year the steak bake purveyor won a battle to open a flagship site in Leicester Square until 2am from Thursday to Saturday.
Greggs maintained its full year guidance for the year off the back of its performance.
The board also noted a cooling of inflationary pressures.
They said: “As expected, inflationary pressures are reducing and with good forward cover on food, packaging and energy we anticipate a more stable cost base in the coming year.
“Wage inflation remains, although higher rates of pay across the economy will also provide support to consumer incomes. Overall, we are confident that Greggs can deliver another year of good progress in 2024 as we continue our plans for sustainable growth.”
