Budget-conscious Brits help profits rise at Greggs Newcastle, north east England-based Greggs, which sells bread, sandwiches, savouries, cakes and pastries to over 6 million customers a week, said its profit before tax and an exceptional pension credit rose 1.1pc to 53.1m in 2011, in line with market expectations. The firm plans a net 90 new shop openings in 2012, creating up to 800 new jobs. Many British retailers are struggling as consumers grapple with inflation, muted wage growth, government austerity measures, worries about job security, a stagnant housing market and the impact of the euro zone debt crisis. Greggs, with its relatively low average transaction value of just over £2, has fared better than most. With about 1,550 stores currently, Greggs has more outlets in the UK than McDonald's and is targeting over 2,000. Greggs is paying a dividend of 19.3pc, up 6pc - a 27th consecutive year of dividend growth.