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Greggs like-for-like sales growth looks much better compared to the first nine weeks of 2025 and even pips Q4 2024 – the year that delivered record total sales.
With inflation expectations accounted for, management can crack on and focus on turning Greggs from your early pastry fix to a genuine grab-and-go dinner option.
The evolution from bakery to fully fledged food-to-go offering was stellar but keeping that pace of growth alive is much harder.
Expanding the store count, extending the menu and opening into the evenings look to be core tenets of this strategy but that’s all a big change from the lunchtime steak bake blueprint that made the stock such a market darling. The difficult second album has a new sound, and the old fans will take some convincing yet.
That said, today shows progress on all fronts, not least the steadily growing product range. The challenge will be keeping Greggs’ value offering front of mind for customers as they reach for a bigger meal. The good thing is that seems to be happening and, with more shops and drive-thru’s to get them from, we could see the Greggs recovery story start here.
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