Subscription service helps boost Pret revenues up 20% in H1
The group returned to profitability in 2022, reporting an annual operating profit of £50.6m, its first shift to profitability since 2018 where its profit was £19.6m
Pret a Manger has posted revenues of £429.9m, an increase of 20.2%, for the first half of 2023 compared with £357.8m in H1 2022.
The first half of 2023 saw Pret report a record sales week in May and June, driven by the success of its expanded subscription offer, Club Pret.
International expansion has been a key driver of growth as Pret now operates in 15 markets on three continents and expects to have over 700 shops worldwide by the end of 2023.
In the UK, Pret has continued to open shops in brand new locations, such as Bishop’s Stortford and Worthing.
As well as this 55% of new Pret shops that opened since January 2022 have been outside of London.
The group returned to profitability in 2022, reporting an annual operating profit of £50.6m, its first shift to profitability since 2018 where its profit was £19.6m.
Pano Christou, 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.”
