Pret A Manger has reported a 10% leap in first-half revenue this year, driven by continued international expansion and an improvement of same-store sales.
System sales at company-owned and franchise shops for the first six months of 2024 reached £569m, up from £518m recorded in H1 2023.
The trading update comes as the food-to-go firm files its 2023 full accounts with Companies House, which showed global sales of £1.1bn for the year, an increase of 22% compared to 2022. Adjusted EBITDA had risen by 12% year-on-year, going from £147.8m in 2022 to £166m last year.
The jump in turnover meant Pret’s 2021 target of doubling the size of its business within five years was hit three years early. Back then, the company pumped in £100m to accelerate expansion plans, and its shareholders have now raised £250m of new capital to reduce certain banking facilities and improve liquidity. The move, which follows changes to Pret’s Board announced in May, is said to reaffirm its mission to put the customer first while also reducing debt built up during the pandemic.
“I am so proud of the progress we have made over the last three years,” commented Pret’s chief executive Pano Christou. “We set ourselves some tough targets to get Pret going again after the pandemic, and we have delivered.
“Our teams have worked incredibly hard to make this happen, and I also want to take this opportunity to thank our customers for coming to see us and enjoying our freshly prepared food,” he added.
The London-headquartered brand claimed to remain proudly British-based and British-built but admitted that a significant part of its future growth plan is international. It currently has operations in 18 different markets, with £1 in every £4 spent at its shops now done outside the UK.
Pret had its busiest ever year for new openings in 2023 with 81 shops added worldwide including in the US, Canada, India, Greece, and Spain. Meanwhile, 23 of these new sites were in the UK, which helped Pret stay in seventh place in the Top 75 list of out-of-home businesses, as compiled in the Bakery Market Report 2024.
The chain has continued expanding its UK estate this year, surpassing a total of 480 shops including six new franchise locations in Scotland. Franchising has grown to represent around a third of Pret’s global sales at present – a recently completed joint venture with franchise partner Dallas International has helped New York become the city with highest sales after London.
After cutting prices of its bestselling sandwiches and baguettes in February, Pret rolled out major changes to its Club Pret subscription service in July to allow further price reductions on items such as the All Butter Croissant.
Pret’s Autumn 2024 menu marked its biggest introduction of new products in five years, and included a range of hot breakfast ciabattas, lunchtime flatbreads, and an indulgent Cinnamon Crown.
No comments yet