Pret returns to profit for first time since 2018

High street chain Pret a Manger returned to profit in 2022, for the first time since 2018, reporting global operating profits of £50.6m.

The group has also reported that H1 2023 sales have increased by 20% on the previous year, reaching £429.9m.

It credited the success of its Club Pret subscription service and international expansion with boosting revenue.

Pret has entered seven new international markets since 2021 and now operates in 15 markets across three continents. It is tracking ahead of a target announced in September 2021 to double the size of the business within five years and international sales now account for 18.9% of revenue.

Subscription service Club Pret generated 57.9 million redemptions globally in 2022, up from 34.7 million in 2021. The grab-and-go chain has reported that Club Pret transactions are, on average, 30% higher than those made by non-subscribers.

Pano Christou, Pret CEO, said: “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. We’re focused on continuing to grow, while constantly innovating to bring Pret’s freshly made food and organic coffee to brand new places, from Bishop’s Stortford to Bradford and from Italy to India.

“We’re now bringing Pret to even more people thanks to our excellent franchise partners in the UK and around the world. This type of sustainable growth has also given us the confidence to keep investing where it really matters - in our people, with well-deserved pay rises, in our most loyal customers, by expanding our Club Pret subscription, and in helping our local communities via the Pret Foundation. Above all, it’s our hard-working team members who deserve the biggest thanks, without whom none of this growth would be possible.”

Pret continues to expand in the UK and has reported a 271% growth in weekend trade since 2021, this shift results in part from the company focusing growth outside of London with recent locations including Bishop’s Stortford and Worthing.

Pret team members have received three pay increases in the year to April 2023, resulting in a 19% increase in average base salaries.

The chain operates 446 shops in the UK, with about 8,000 employees.

It expects to have over 700 shops worldwide by the end of 2023.