Overview
- Total sales rose 7.4% in the Christmas quarter, lifting annual revenue about 6.8% to roughly £2.15bn.
- Company-managed like-for-like sales grew 2.9% in Q4, underscoring reliance on new shop openings for growth.
- Management guided to a modest year-on-year decline in operating profit, separate from the newly disclosed £4.5m VAT accounting mistake.
- Shares fell around 7%–8% on Thursday, with the stock remaining heavily shorted at roughly 11%–12% of shares on loan.
- Greggs opened 207 shops in 2025 and plans around 120 net new sites in 2026, while targeting lower capital spending and pursuing £13m in annual cost efficiencies as consumers cut back.