Greggs (GRG) Q3 2026 TU earnings summary

Executive summary

• Achieved total sales growth of 7.7% for Q3 2026 and 7.4% for the 39 weeks to 26 September 2026, with like-for-like sales up 3.4% and 2.6% respectively compared to 2025.

• Opened 95 new shops and closed 38 (including 20 relocations), resulting in 57 net new shops year-to-date, with a total of 2,796 shops trading at period end.

• Menu innovation, including new drinks and healthier options, contributed to improved trading and customer engagement.

• Announced proposals to consolidate manufacturing operations, potentially closing four sites and impacting around 740 roles over 2.5 years.

Financial highlights

• Cost inflation expectations remain at approximately 2% on a like-for-like basis for 2026.

• Improved trading and strong cost control lead to expectations of a modestly improved outcome for 2026.

Outlook and guidance

• Expecting 100 to 110 net new shop openings in 2026, plus 12 'Greggs Express' installations.

• New distribution centres in Derby and Kettering to increase costs in 2027 before supporting profitable growth.

• Signs of greater inflationary pressures anticipated in 2027.