Greggs grew sales in 2021 by 5.3% to reach £1.2bn vs 2019.
This compares to total sales of £811.3m in 2020.
Despite total sales growth, like-for-like sales in company-managed shops was 3.3% down on 2019 levels.
The bakery retailer posted a pre-tax profit of £145.6m, compared to £13.7m loss in 2020, and a £108.3m profit in 2019.
Greggs said its strong cash position supported a planned capital investment programme and a special dividend of 40p per share.
Staff profit-sharing is being recommenced, with £16.6m to be handed out to its workforce.
During the full year, 131 new shops were opened, with 28 closures, resulting in 103 net openings.
As of 1 January 2022, 181 shops were trading.
From 2022, Greggs is targeting 150 annual net new shop openings, with the potential for at least 3,000 shops in the UK over time.
The company said it has improved the quality of its estate, with 200 refurbishments planned in 2022 to support growth in additional channels.
It plans to extend late opening to 500 shops in year ahead, offering its core menu plus hot food trials.
Greggs is also extending its delivery reach from 1,000 to 1,300 shops to complement evening availability.
In first nine weeks of 2022, like-for-like sales in company-managed shops were up 3.7% compared to the 2020 levels.
For same period like-for-like sales in company-managed shops up 44.2% against lockdown-affected period in 2021.
Roger Whiteside OBE, chief executive, said: “Our results and achievements in 2021 show that we have emerged from the pandemic both stronger and better as a business.
“We have started 2022 well, helped by the easing of restrictions. Cost pressures are currently more significant than our initial expectations and, as ever, we will work to mitigate the impact of this on customers, however given this dynamic we do not currently expect material profit progression in the year ahead.
“Despite these near-term pressures, we continue to believe that the opportunities for Greggs have never been more exciting. Our investment over recent years has left the business well-placed to move quickly as the economy recovers and we drive our ambitious plans to become a larger, multi-channel business.”
