Greggs (GRG) Q4 2023 TU earnings summary

Executive summary

• FY23 trading remained strong, with the full-year outcome expected in line with previous expectations.

• Record 220 shop openings and a year-end estate of 2,473 shops supported wider customer access.

Financial highlights

• FY23 total sales rose 19.6% to £1,809m from £1,513m in 2022.

• Year-end cash was £195m, compared with £192m at the end of 2022.

Outlook and guidance

• The Board expects the FY23 outcome to be in line with previous expectations.

• Plans call for 140–160 net new shops in 2024; the new-shop pipeline remains strong.

• Good forward cover for food, packaging and energy is expected to support a more stable cost base; wage inflation remains.

• Continued investment in shops and supply chain capacity underpins plans for further progress in 2024.