Pret A Manger reported a significant increase in sales, reaching a record £1.1 billion in 2023.
- Sales surged by 22% owing to substantial international expansion across 18 markets.
- The first half of 2024 saw sales rise by 10% to £569 million, with same-store sales increasing by 3%.
- Franchising now constitutes a third of Pret’s sales, with New York being its largest market outside the UK.
- Plans are underway to triple its presence on the US East Coast with over 10 new shops by 2026.
Pret A Manger has achieved record sales figures of £1.1 billion for the year 2023, marking a 22% increase largely driven by its international reach across 18 countries. Pret’s strategy to expand overseas has proven successful, with international sales now accounting for £1 in every £4 spent outside the United Kingdom.
During the initial half of 2024, Pret A Manger’s revenues further climbed by 10%, reaching £569 million. This growth included a 3% rise in same-store sales, reflecting the company’s strengthening market position.
Franchising plays a crucial role in Pret’s business model, now representing a third of the company’s sales. Notably, New York has emerged as the largest market for Pret outside its home base in the UK. The partnership with Dallas International has been pivotal in this development, as Pret plans to expand further along the US East Coast.
In the UK, Pret A Manger shifted its focus beyond London, with an impressive 87% of new openings since January 2023 being outside the capital. Additionally, new collaborations are set to facilitate store launches across Scotland and Ireland.
Pret A Manger has not only focused on geographical expansion but also on product innovation. The introduction of 300 new recipes globally and the rollout of a children’s menu, ‘Little Pret Stars’, have been central to its strategy. To counter rising input costs, Pret has made price adjustments, including changes to its Club Pret subscription.
Pano Christou, Pret’s Chief Executive, expressed pride in the company’s trajectory over the past three years, highlighting the successful fulfilment of challenging targets set post-pandemic. Christou remarked on the importance of sticking to Pret’s core strength of delivering high-quality, freshly prepared food for its customers.
Pret A Manger’s strategic expansion and innovative approach have underpinned its growth and record-breaking sales in 2023.
