Grocery sales were growing 10% year-on-year according to Nielsen data [12 w/e 30 June], as reported in British Baker’s sister title The Grocer. That is twice the rate of market growth, estimated by Greencore to be around 5%.
Following the company’s third-quarter update this week, chief executive Patrick Coveney said sandwiches now offer the best opportunity for growth in the UK, particularly as the multiples were winning a larger share of the market.
He cited the rise of smaller-format supermarket stores with a focus on food-to-go as the main reason for the growth. Coveney also said growth in the total sandwich market had stepped up since this time last year when lunchboxes became less popular.
Greencore’s like-for-like sales rose 7.5% to £326.4m for the third quarter to 27 June with food-to-go accounting for around half its UK food sales.