Greggs lifts UK store target to at least 3,500 after first-half pretax profit rises 20% to £76m
AI Market Summary
Greggs reported stronger-than-expected H1 results, with pretax profit up 20% to £76m and sales rising 7.2% to £1.1bn, prompting an upward revision to its UK store target from 3,000 to at least 3,500. The update signals resilient demand and a continued growth runway despite subdued consumer confidence, supporting positive sentiment toward UK consumer discretionary and retail operators.
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Greggs said first-half pretax profit rose 20% year on year to £76m, beating market expectations, as sales increased 7.2% to £1.1bn in 2024’s first half. The UK bakery chain raised its domestic store ambition from 3,000 to at least 3,500 sites. It is also rolling out new menu items such as a chicken sausage roll, a tandoori chicken pizza and iced matcha to support sales. Greggs is listed on the London Stock Exchange under the ticker ONUS.
