Greggs employees will share profits worth PS20.5million after the company revealed an increase in sales during the last year.
Employees who are eligible, such as long-serving members of the team with at least six years of service and work more than 20 hours per week, will receive a bonus of PS850 in this month.
The bakery chain has announced that its pre-tax profit has increased by 8.3% from 2023 to PS203.9 millions in 2024.
Sales in the North East, where there are more than 2,600 UK stores, exceeded PS2bn. This is an increase of 11.3% from 2023.
The company attributed the increase in sales and profits to the longer opening hours, the higher prices, and the opening of new stores.
The group raised prices to offset wage increases, while simultaneously raising salaries for a large portion of its staff.
Roisin Currie, the chief executive of the company, explained that she wanted to recognize employees’ efforts.
She said: “Our people have worked incredibly hard to achieve our strategic ambition of further establishing Greggs as an multi-channel retailer for food-to go. I want to recognize their efforts.
It is their hard work week after week that allows us to continue to grow. We also maintain the high quality products and friendly service which keeps our customers coming back.
Greggs shares fell by over 10% in the morning of 4 March, despite its successful year. This is due to a slowdown in sales growth.
Currie says that consumer confidence will remain low by 2025. People are continuing to prioritize saving over spending.
Customers are still concerned about the cost of living, including energy bills, mortgages, and rent.
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