Last year, Greggs had a milestone year with its sales surpassing £1 billion for the first time, while the launch of its vegan sausage roll provided a great commencement to 2019.
The largest bakery chain in the United Kingdom said that the total sales increased by 7.2 percent year-on-year in 2018 to £1.03 billion, as compared to £960 million in the previous year.
Greggs has resisted the trend of a struggling high street in the past months, with strong demand for its breakfast ranges as well as its sausage rolls and steak bakes. Last January, it was able to score a major marketing victory when it launched its vegan sausage roll. The alternative to the traditional meat pastry brought in a large social media following and the shops rapidly sold out of the Quorn-filled snack.
The retailer said that it had enjoyed a “very strong start to the year,” with its like-for-like sales – tearing out those at shops that are open for less than a year – increasing by 9.6 percent in the first seven weeks of this year. It was boosted by the popularity of the vegan sausage roll after Greggs sold hundreds of thousands of them in its first week of release alone.
The shares in the Newcastle-based firm have skyrocketed to record highs during the year on the back of the publicity. The £18.05 shares that were recorded earlier today remain to be approximately 14 percent above the start of the year.
The chief executive of Greggs, Roger Whiteside, said that the roll, which is now in every store in the United Kingdom, has made it into the top five bestselling products of the chain.
He stated: “We’ve got off to a flying start this year with the launch of the vegan sausage roll generating very strong publicity.”
He added: “It is the fastest-selling new product launch we’ve seen since I’ve been chief executive.”