Popularity of vegan sausage roll helps to drive massive spike in sales and profits at Greggs
Greggs warned that February sales have been much lower because of the poor weather as it showed a massive spike in sales and profit for last year.
The business said that it had a very strong start to 2020 in January, “but significant slowdown in February due to storms”.
Sales were up by 13.5% at Greggs to nearly £1.2 billion in 2019, the year that the company launched its vegan sausage roll.
Profit before tax also rose, by 31% to £108.3 million, the company said.
It opened 138 new shops, while closing 41, leaving 2,050 branches of Greggs open across the country at the end of the year.
Chief executive Roger Whiteside said: “2019 was an exceptional year of progress for Greggs, during which we experienced a sustained increase in customer visits as increased awareness and appreciation of our brand gathered momentum.
“There is some uncertainty in the outlook, particularly given the potential impact of coronavirus.
“This aside we expect to make year-on-year progress and will do so from a strong financial position, supporting our investment for further growth whilst also delivering good returns for all stakeholders.”