Pret A Manger, the coffee and sandwich chain, is making significant progress in its plan to double the size of its business, according to the company. It has reported a 20% increase in first-half sales, driven by its growing international operations. Pret, which is owned by German conglomerate JAB Holding, announced its intention to double in size within five years in 2021. The company’s expansion into Italy and India has put it ahead of schedule. It also revealed plans for expansion in Ireland, with the aim of opening 20 stores in the coming years. In the first half of this year, Pret’s sales reached £429.9m (€550.6m), compared to £357.8m in the same period last year, when the pandemic was still impacting travel to its primarily town centre locations.
Pret has also released its annual results for last year, which showed a return to profitability for the first time since 2018. The company reported an operating profit of £50.6m for 2022. Despite the challenging economic climate, Pret remains confident in its ability to continue growing through the opening of both company-operated and franchised stores. One of the economic challenges it faces is high inflation, which has led to Pret raising staff wages three times in the past year. As a result, average base pay for shop staff has increased by 19% in the year leading up to April.
Pret’s expansion efforts in Britain, particularly outside of London, have contributed to higher weekend sales. Additionally, its subscription offer, which provides a set number of coffees for a monthly fee along with food discounts, has been driving increased demand. International sales accounted for nearly 19% of Pret’s first-half revenue. The company currently operates 446 shops in Britain and over 600 internationally.
Pret A Manger’s ambitious growth plans are on track as it reports a 20% rise in first-half sales. The coffee and sandwich chain, owned by German conglomerate JAB Holding, aims to double its size within five years and is already ahead of schedule thanks to new openings in Italy and India. The company is also expanding in Ireland, with the goal of having 20 stores open in the near future.
First-half sales reached £429.9m (€550.6m), up from £357.8m in the same period last year when the pandemic was still affecting travel to Pret’s town centre locations. This positive performance is further highlighted by the release of last year’s annual results, which show Pret returning to profitability for the first time since 2018, with an operating profit of £50.6m in 2022.
Despite economic challenges, including high inflation, Pret remains confident in its growth prospects. The company has raised staff wages three times in the past year, resulting in a 19% increase in average base pay for shop staff. In addition to its expansion efforts in Britain, Pret is experiencing higher weekend sales and increased demand thanks to its subscription offer, which provides coffee and food discounts for a monthly fee.
International sales have been a significant contributor to Pret’s revenue, accounting for nearly 19% of first-half sales. With 446 shops in Britain and over 600 internationally, Pret is well-positioned to continue its growth trajectory.