(Alliance News) - Greggs PLC on Thursday reported strong double-digit growth in fourth quarter sales, despite the impact of adverse weather and rail strikes as 2022 drew to a close.

The Newcastle-based bakery chain and on-the-go food seller said total sales in the whole of 2022 were up 23% to GBP1.51 billion, from GBP1.23 billion the year prior.

Like-for-like sales for 2022 were up 18%. Sales in the fourth quarter also rose 18%.

"This reflected a favourable trading pattern leading into the Christmas period and softer trading conditions in the comparable quarter of 2021 as a result of disruption caused by the Omicron variant of Coronavirus," the company explained.

Greggs said it opened 186 new shops in the year, and closed 39 shops.

"The pipeline of new shop opportunities remains strong and we expect to open around 150 net new stores again in 2023," the FTSE 250 constituent said.

Chief Executive Roisin Currie said: "I am proud of the progress Greggs made during 2022 in challenging conditions. Our teams did a magnificent job serving customers and managing the growing demand for Greggs products as we expand our shop estate and offer greater availability through digital channels and longer trading hours, whilst continuing to extend our menu to offer more choice. We enter 2023 in a strong financial position that will enable us to invest in shops and supply chain capacity to bring Greggs to even more customers across the UK."

Looking ahead, it expects its full-year results to be in line with previous expectations.

Shares were up 1.0% at 2,466.00 pence each on Thursday morning in London.

By Xindi Wei, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.