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UK food-to-go and coffee chain appoints new leadership and looks towards further growth in 2022 as revenues exceed pre-pandemic levels
Greggs has shrugged off turbulent trading conditions in the UK to surpass its pre-pandemic revenues. The results mark a turnaround for the food-to-go and coffee chain, which a year ago warned it faced a full-year loss of up to £15m ($20.3m), the company’s first since 1984.
However, for the year ended 2 January 2021, Greggs reported a 5.3% rise in revenues to £1.23bn ($1.66bn) compared to the same period in 2019, far surpassing the £811m earned in 2020 when UK Covid-19 restrictions were at their height. Like-for-like sales at company-owned stores, however, remained down 3.3% on 2019 levels.
Greggs also opened 131 stores in 2021, including 50 franchised locations. Factoring in the closure of 28 outlets during the period, Greggs now operates 2,181 stores in the UK, including 375 franchised locations.
The company also highlighted the importance of delivery for its business, with its Just Eat partnership now available at 1,000 stores, up from 600 locations a year ago. Cautioning that trading conditions in 2022 were likely to “remain challenging”, Greggs said it was in a strong financial position to invest in further growth.
“We enter 2022 with a strong financial position that will support our ambitions to accelerate the rate of growth in our shop estate whilst developing new digital channels and extending the trading day. Whilst conditions in the first few months of 2022 are likely to remain challenging, we are confident that we are well placed to make progress on the many attractive opportunities that lie ahead,” said outgoing CEO Roger Whiteside.
Meanwhile, Greggs kicked off the new year by announcing the appointment of new CEO, Roisin Currie. Currie, who is currently Greggs Retail and Property Director, will succeed Roger Whiteside effective from 1 February 2022.
“Having been a senior executive in the business for twelve years I understand our values-driven approach and the contribution that our 25,000 colleagues make each day. We have created a plan for strong growth and further strategic development of Greggs and I look forward to driving this in the coming years,” Currie said.