Greggs shares soar as bakery chain targets 3,500 UK stores after profit jump
Shares in Greggs surged over 8% on Wednesday after the UK bakery chain reported a 20% increase in pre-tax profit to £76 million for the first half of the year, surpassing analyst forecasts of £75 million. The company announced aggressive expansion plans, targeting at least 3,500 stores across the UK, up from its previous goal of 3,000. CEO Roisin Currie stated that Greggs remains 'underrepresented' in locations such as retail parks, train stations, airports, and roadsides. The chain, which currently operates 2,773 UK locations and one in Tenerife, plans to open over 100 new bakeries this year. New menu items including a chicken sausage roll, tandoori chicken pizza, and iced matcha have boosted sales by 7.2% to £1.1 billion. Greggs is also focusing on protein-rich and health-conscious offerings to attract younger consumers, and is expanding its smaller store formats and self-service machines.