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Morning Briefing for pub, restaurant and food wervice operators

Tue 4th Oct 2022 - Update: Greggs reports 9.7% like-for-like sales growth in Third Quarter
Greggs reports 9.7% like-for-like sales growth in Third Quarter: Greggs has reported total sales up 14.6% for the 13 weeks to 1 October 2022. Company-managed shop like-for-like sales were up 9.7%. There were 90 net new shops opened year-to-date (106 openings less 16 closures) – 150 net shop openings are expected for the whole year. Its new autumn menu introduces more vegan-friendly and hot food options. New pizza production capacity has also been successfully commissioned. The company stated: “As expected, year-on-year growth moderated in August given the particularly strong ‘staycation’ effect seen in 2021, however, momentum returned in September. We closed our shops on 19 September for the funeral of Her Majesty The Queen and this impacted reported like-for-like sales growth for the third quarter by around one percentage point. Our autumn menu is now available, featuring favourites such as the pumpkin spice latte and our chicken & stuffing baguette. Our hot sandwich meal deal, which includes southern-fried potato wedges and any hot or cold drink, is now available in over 1,000 shops. Our great-value pizza deal continues to be popular all day, particularly in the growing evening daypart. The broadening of our vegan-friendly food options has also been well received, and latest additions to the menu include our ‘vegan bean & cheeze toastie’ and the ‘vegan southern fried chicken-free baguette’. In the year to date we have opened 106 new shops and closed 16 shops, giving a total of 2,271 shops trading at 1 October 2022 (comprising 1,860 company-managed shops and 411 franchised units). For the year as a whole, we continue to expect around 150 net openings, of which around 40% are planned to be with franchise partners. In September we commissioned a new automated pizza manufacturing line at our Enfield site. Product quality is excellent and will support further growth in this important category as well as lowering production costs. The outlook for cost inflation for the year remains consistent with our previous guidance of c.9% overall like-for-like cost inflation in 2022 and we now hold an appropriate level of forward purchasing cover in respect of our fourth quarter requirements for key food and energy commodities. We also hold significant energy cover for the first quarter of 2023, with average costs expected to be below the level of the recently-announced price cap.”

Host of food hall operators to feature in the next edition of The New Openings Database, 14,500-word report included: A host of food hall operators will feature in the next edition of The New Openings Database. The database will show the details of 268 newly announced site openings and upcoming launches for Premium subscribers when it is published on Friday (7 October), at midday, including which company has opened a site or its plans to open one in the future. It will have details on what type of site it is and its location, and there will also be a website link to the businesses. The database is published on a monthly basis, and the next edition features food hall concept Market Place London, which has opened a third site, called Market Place Vauxhall, in the arches next door to Vauxhall station. Also added this month is JKS Restaurants, led by Karam, Jyotin and Sunaina Sethi, which has confirmed plans to open a second Arcade Food Hall, at Battersea Power Station in 2023. Meanwhile, former Prescott & Conran operations manager Peter Farrell, who has launched Epsom Social, Surrey’s first food hall, at 1 Derby Square, is included. Premium subscribers will also receive a 14,500-word report on the new additions to the database. Premium subscribers also receive access to three other databases: the Propel Multi-Site Database, produced in association with Virgate, the Propel Turnover & Profits Blue Book, produced in association with Mapal Group, and the UK Food and Beverage Franchisor Database. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £895 plus VAT – whether they are an operator or a supplier. The single subscription rate is £445 plus VAT for operators and £545 plus VAT for suppliers. Email to upgrade your subscription. Subscribers also receive access to Propel’s library of lockdown videos and Friday Wrap interviews and now also have access to a curated video library of the sector’s finest leaders and entrepreneurs, offering their insights on running outstanding businesses in the sector. Premium subscribers also receive their morning newsletter 11 hours early, at 7pm the evening before our 6am send-out; regular video content and regular exclusive columns from Propel group editor Mark Wingett.

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