How Greggs' vegan sausage rolls and steak bakes have continued to boost bakery chain's profits

High street baker Greggs is set to post its latest set of stellar results as it continues to ride high on the back of the success of its vegan range.

Monday, 2nd March 2020, 7:48 am
Updated Monday, 2nd March 2020, 1:18 pm

Shares in the North East-based retailer were a whisker away from an all-time high last week before market fears pressed down on the company, during one of the FTSE's worst weeks since the financial crash.

Nevertheless, the past 18 months has seen a run of success for the business, with its shares doubling in value over the period despite wider uncertainty in the retail sector.

Declining high street footfall and sky-high business rates have continued to weigh on UK retailers over the past year.

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Greggs is set to deliver higher profits and soaring sales for 2019 when it announces its results on Tuesday, March 3.

While this figure has been significantly boosted by the company's continued expansion - which saw it increase its portfolio by 97 stores during the year - it was primarily driven by higher takings per store.

Greggs said it saw like-for-like sales shoot up by 9.2%, from 2.9% like-for-like growth in the previous year.

Customers increasingly visited stores for its traditional ranges but the company has also grown its customer base through the introduction of new products.

Its vegan sausage rolls have seen sales continue to surge, leading the firm to recently launch its first vegan steak bake and vegan doughnut to continue to capitalise on this growing segment of the market.

Greggs has previously said it will continue to evolve its range to embrace a broader variety of dietary choices, fulfilling the need of modern customers whose demands are not always satisfied by fast food retailers.

The bakery chain's success has not just benefited its City investors - staff will also get a major windfall as a result.