Greggs on Tuesday said its sales have increased by more than 20% over the past three months, thanks to cost-conscious customers.
The low-price sausage roll seller said the “exceptional value” it offers had allowed it to grow its market share and successfully capitalize on the U.K.’s cost-of-living crisis. In August, U.K. consumer prices climbed by 6.7% year-over-year, and about double that for food.
Alex Smith, an analyst at Third Bridge, branded Greggs’ decision to extend its opening hours a successful way of generating new revenue. The pastry firm’s expansion plans will in turn see Gregg’s launch a new manufacturing facility in Balliol Park, Newcastle upon Tyne, close to where the first Greggs shop opened in 1951.
“This isn’t just good news for profit margins but should also help underpin consumer demand by reducing the need for price increases.”
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