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Greggs Q4 like-for-like sales rise 2.9% as FY2025 revenue reaches £2.15bn

Greggs has reported a 2.9% increase in like-for-like sales in its fourth quarter, rounding off a year in which the food-to-go retailer grew total sales 6.8%to £2.15bn.

While market conditions remained challenging, the business continued to expand its footprint and sharpen its value-led proposition, backed by ongoing investment in supply chain capacity designed to support longer-term growth.

Q4 and full-year performance

In the fourth quarter, Greggs delivered:

• Total sales up 7.4%year-on-year

• Like-for-like sales up 2.9%in company-managed shops

For the full 52-week financial year (FY2025):

• Total sales up 6.8%to £2,151m

• Like-for-like sales up 2.4%in company-managed shops

The trading update also pointed to continued gains in market share, including at breakfast and in the evening — two dayparts that remain strategically important as operators compete for frequency and value-conscious spend.

Estate growth: four new shops per week on average

Greggs continued to scale at pace in 2025, opening 207 new shops over the year — equivalent to around four openings per week on average. After 50 relocations and 36 closures, the retailer delivered 121 net new shop openings, ending the year with 2,739 shops trading.

The estate now comprises 2,137 company-managed locations and 602 franchised units, with growth focused on improving convenience in under-penetrated catchments as well as relocating constrained shops to stronger sites.

Greggs also confirmed it has opened its first smaller-format “Bitesize Greggs” shops, designed to reach high-footfall locations where space is limited.

Value, innovation and operational discipline

Across 2025, the retailer placed visible emphasis on value and accessibility, supported by:

• A stronger meal-deal line-up (including a three-part breakfast deal and a £5 lunch offer)

• Seasonal favourites in Q4, alongside “lighter” lunchtime choices

• Range extensions in drinks and hot food, including protein-focused additions and further pizza innovation
  
  

Operationally, the business highlighted ongoing efficiency work and structural cost reduction efforts designed to protect price competitiveness.

Supply chain investment begins to come on-stream

A key theme for the next phase of growth is capacity. Greggs said its supply chain investment programme remains on track, with a phased operational roll-out of its Derby facility expected from mid-2026. A new chilled and ambient national distribution centre is also progressing, with opening targeted for 2027.

The company also indicated that it is moving beyond the peak of its capital expenditure programme, with significantly lower capex expected in 2026.

Outlook: cautious confidence in a tough market

Looking into 2026, Greggs expects cost inflation to be lower than in 2025, but continued pressure on consumer confidence remains a headwind. The business also noted that the introduction of new supply chain capacity is expected to create temporary pressure on margins.

Overall, Greggs is guiding to profits at a broadly similar underlying level to 2025, with any year-on-year improvement dependent on a stronger consumer backdrop. The company is due to publish its preliminary results on 3 March 2026.

What this means for the sector
For the wider UK foodservice and retail landscape, the update reinforces three themes:

1. Convenience wins— estate reach and site quality matter more than ever

2. Value remains the battleground— meal deals and disciplined pricing are central to maintaining traffic

3. Capacity and resilience are differentiators— supply chain investment is becoming a competitive advantage, not just a cost line.
   

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