Greggs reported a 15% sales growth in 2025, defying concerns about the economic climate and higher prices. For the 52 weeks ending December 27, total revenues increased by 6.8% to $2.2 billion, with like-for-like growth of 2.4%. However, underlying pre-tax profits fell by 9.4% to $171.9 million, and overall profit before tax declined by 17.9% to $167.4 million, attributed to increased labor, food, and packaging costs. Despite these profit pressures, the company expanded its store count to 2,739 locations.
In early 2026, Greggs faced a slowdown, with like-for-like growth of just 1.6% in the first nine weeks, compared to 2.9% in the fourth quarter of 2025. CEO Roisin Currie warned that 2026 would be "another tough year for the consumer." However, by mid-May 2026, comparable sales saw an improved rise of 3.3% in the most recent 10 weeks, with overall like-for-like sales in company-managed shops increasing by 2.5% in the first 19 weeks. This strong performance was attributed to new menu items, such as a chicken roll and expanded salad options, which became customer favorites. RBC Europe Limited analyst Ross Broadfoot noted the improving volume trend as particularly positive.
Greggs' shares rallied despite initial concerns and short-seller activity. While the share price was down 3.5% for the year and 11% over the past 12 months in early 2026, it climbed over 1% following the results announcement in March and was up approximately 4% for that week. By mid-May, shares surged over 6%. The company anticipates cost inflation to ease from 5.5% in 2025 to about 3% in 2026, though tensions in the Middle East could push this higher into late 2026 and 2027. Greggs has hedged about five months of food costs and 85% of its 2026 energy needs, and about half of its 2027 energy and fuel requirements.
CEO Roisin Currie sees a "clear opportunity" for significantly more than 3,000 UK shops in the long term, with new distribution centers in Derby and Kettering providing logistics capacity for 3,500 outlets. Kate Calvert of Investec highlighted that Greggs continued to gain market share in fiscal year 2025, with its share of visits increasing by 0.5% to 8.6%, despite a 3.1% decline in the broader market, indicating the strength of its customer proposition even amidst challenges like persistently wet weather in early 2026.
