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Daily Mirror
Daily Mirror
Business
Levi Winchester

Greggs confirms plans to extend store opening hours - but shoppers could face price rises

Greggs has confirmed plans to extend opening hours and offer more delivery across its stores this year.

But customers could face further price rises, after the bakery chain warned that its costs would rise by 9% this year.

This is four percentage points more than predicted at the start of this year, and comes after Greggs upped its prices by 5p to 10p.

In its latest financial results released this morning, Greggs revealed its sales jumped by 27.1% in the 26 weeks to July 2 to total £694.5 million.

This is compared with £546.2million a year earlier.

But its half-year profits remained largely flat year-on-year at £55.8million compared with £55.5million last year.

Greggs blamed this on business rates being brought back into effect following the Covid pandemic, an increase in VAT and higher levels of cost inflation.

The chain - which has more than 2,200 shops in the UK - said it plans to extend its opening hours across its estate.

Greggs said 300 of its shops now trade until at least 8pm and confirmed more stores will open later by the end of this year.

“The evening daypart represents the largest segment of the food-to-go market by value, but is the area where Greggs currently has the lowest penetration,” the company said.

“By extending trading hours, addressing menu options and offering delivery we believe that Greggs can increase its participation in the evening market, further leveraging our investment in facilities that are under-utilised after 4pm.”

Greggs is planning on opening 150 new stores by the end of the year - with the company considering increasing the number to 3,000 "in the coming years".

The bakery giant will also offer more delivery services in order to gain more evening sales.

At the moment, delivery through Just Eat is available across from 1,180 shops, up from 1,000 at the start of the year.

“The majority of the new trade we have generated through delivery is incremental and that it offers additional access to Greggs at times when customers are unable to visit our shops themselves,” said Greggs.

Other plans include allowing customers to customise their sandwich fillings as part of a new trial.

Diners can currently only customise pizza toppings when ordering through its click and collect service.

Roisin Currie, the chief executive who took over from Roger Whiteside earlier this year, said: “In a market where consumer incomes are under pressure Greggs offers exceptional value for customers looking for food and drink on the go.

“We are well positioned to navigate the widely publicised challenges affecting the economy and continue to have a number of exciting growth opportunities ahead, with a clear strategy for expansion.

“We remain confident in Greggs’ ability to deliver continued success.”

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