Revenue at Pret A Manger is up 20.2%, driven by an enhanced subscription offer and international expansion.
The food-to-go firm reported sales of £429.9m for the first six months of 2023, up from £357.8m last year. It marks its third successive increase in first half revenue, having leapt 230% and 160% year-on-year over the previous two terms.
Notably, Pret also reported its first annual operating profit since 2018 as it filed its 2022 accounts to Companies House.
“It’s been three years of transformation at Pret, in which we’ve evolved into a truly global, multi-channel brand, and emerged as a stronger business than we were in 2019,” said Pret CEO Pano Christou.
May and June Pret welcomed record sales weeks during May and June, following the expansion of its Club Pret coffee subscription service in April to include a 10% discount on all food and snacks. The subscription generated 57.9 million redemptions globally in 2022, up from 34.7 million in 2021, with sales per Club Pret transaction almost 30% higher than those without a subscription.
Revenue growth of the chain, which is headquartered in London, was also steered by its ambitious international expansion strategy. Pret noted it was tracking ahead of its mid-term target announced in September 2021 to double the size of its business within five years.
It has entered seven new international markets since 2021, including striking a franchise deal in Ireland in April 2022 and launching its brand and products in Spain and Portugal shortly afterwards. These overseas ventures have helped Pret surpass its target of entering five new markets by end-2023, with international sales now accounting for 18.9% of group revenue.
Pret currently operates in 15 markets on three continents and expects to have over 700 shops worldwide by the end of 2023. Over 20% of its shop estate is operated by franchise partners, including more than a third (34%) of its international shops. Revenue from franchise shops abroad has increased its share of international revenue to 5.5%, up from 1.5% in 2021.
Pret’s estate in the UK is presently at 446 shops, and it has continued to open shops in brand new locations, such as Bishop’s Stortford and Worthing. More than half (55%) of those opened since January 2022 are outside of London, with the shift reflected in a 271% increase in weekend trade since 2021, according to Pret. Over 70% of its shops are now open on the weekends, up 85% on 2021.
Pret has introduced measures to help mitigate the cost-of-living crisis for both customers and staff. In January, it launched its Made Simple value range of low-priced sandwiches. It also revealed in March that it was giving its 7,870 shop staff a 3% wage increase, following two pay rises the previous year.
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