Greggs total sales rose to £1.1bn in the first half of 2024, a 7.2% increase year-on-year, driven by new store openings and a menu adapted to hot weather, including iced matcha lattes and chicken rolls.
Sales growth driven by new stores and heatwave products
The bakery chain opened 34 net new sites, bringing its total UK outlets to 2,773 by the end of June. Like-for-like sales increased by 2.1% between January and June, supported by price rises on key items at the start of 2026.
Chief executive Roisin Currie said Greggs does not expect further price rises this year, as cost inflation forecasts dropped from 3% to 2%. The company hedged 90% of its energy costs for 2024 and half for 2025, mitigating oil price surges, while cocoa and coffee costs eased after high inflation.
Profit surges 20% on cost control and frozen range growth
Pre-tax profit rose nearly 20% to £76m, attributed to cost control and the expansion of its “bake at home” frozen range, launched in Tesco earlier this year and extended in Iceland supermarkets.
This marks a recovery from last summer when sales and profits fell as customers avoided pastries like steak bakes and vegan sausage rolls during hot weather. Analysts questioned whether the UK had reached “peak Greggs”, but Currie insisted the company had bounced back from downturns before.
New products attract health-conscious customers
A chicken roll launched in April was hailed as a “standout success”, while a relaunched salad range with more protein, including chicken caesar and prawn layered pasta salads, offered healthier lunchtime options. Currie said Greggs adapted to more frequent UK hot spells by introducing iced drinks last year and a more compelling salad range this year.
New drinks like lemonades, refreshers, and matcha—a green tea popular with Gen Z—helped attract younger customers. Currie said the results show Greggs “continued to outperform the market” and sees room for more outlets in travel hubs, industrial sites, retail parks, and motorways.
Outlook: expansion despite economic challenges
Julie Palmer, managing partner at BTG advisory, said Greggs remains undeterred from expansion plans despite the challenging economic outlook and growing use of weight-loss drugs. “As any price rises can quickly translate into demand crumbling away, Greggs will have to continue walking the tightrope of pricing and controlling costs to retain and grow market share as the food-to-go provider of choice,” she said.
