UK bakery chain Greggs has announced plans to open between 140 and 160 new stores this year following strong fourth quarter results.

During the final quarter of 2023, sales were up by nine per cent, with continued growth in transaction numbers and reduced contribution from price inflation.

The company recorded a sales boost of 20 per cent to £1.8 billion during for the full year, up from £1.5 billion in 2022.

Greggs ended 2023 with a cash position of £195 million, up from £192 million in the previous year.

The results come after Greggs rolled out its delivery service to 710 shops with Uber Eats this year, building on its existing service with Just Eat.

The chain said that a record 220 new shops opened across the 12-month period, with 33 closures and 42 relocations, resulting in a net 145 new shop openings.

As of 30 December, Greggs has 2,473 stores across the UK.

“I am proud of our teams, who did a fantastic job serving more customers as we continue to grow our shop estate and offer greater availability through digital channels and extended trading hours,” said Roisin Currie, chief executive, Greggs. "We enter 2024 with plans to continue to invest in our shops and expand supply chain capacity to deliver the growth strategy, supported by our strong balance sheet.”

Greggs said that as inflationary pressures are reducing and with its "good forward cover on food, packaging and energy", it anticipates a more stable cost base in the coming year

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