Pret sales rise by 10% in H1 2024

Pret A Manger has announced its H1 2024 sales across company-owned and franchise shops of £569m, an increase of 10% compared to H1 2023.

The growth was driven by Pret’s continued expansion into new markets, with Pret now open for business in 18 markets, as well as positive same-store sales growth across both company-owned and franchise shops. Franchising now represents around a third of Pret’s global sales.

While the business remains proudly British-based and British-built, and continues to expand in nations and regions across the UK, a significant part of Pret’s future growth plan is international. £1 in every £4 spent at Pret is now outside the UK.

International growth

New York has become the overseas capital for Pret customers outside the UK, with the highest sales after London, driven by a new joint venture with franchise partner, Dallas International. The deal, which completed in February 2024, is helping to accelerate growth across the US, refurbishing existing shops and expanding Pret’s US presence, with over 10 new shops planned on the East Coast by 2026.

Meanwhile within the UK, Pret has agreed a new partnership to open six new shops across Scotland and now has 10 shops across the island of Ireland. Since January 2023, 87% of new Pret openings have been outside of London.

Pret’s H1 results come as the company files its 2023 accounts with Companies House, which show adjusted EBITDA of £166m for 2023, up 12% on 2022 (£147.8m).

In September 2021, Pret set a target of doubling the size of the business within five years, following system sales of £412m in 2020 and £512m in 2021. The results show the business has achieved the target three years ahead of schedule, with global system sales of £1.1bn for 2023, an increase of 22% compared to 2022 (£899m).

During 2023, Pret opened more shops than any year in its history. A total of 81 new shops opened worldwide, of which more than half were outside the UK, including in the US, Canada, India, Greece and Spain. Pret’s growth in India has already been the fastest market expansion in Pret’s history, with 15 shops opened across Mumbai and Delhi within 12 months.

Pret’s shareholders raised £250m of new capital in September 2024 to reduce certain banking facilities and improve liquidity. This move follows the recent changes to Pret’s Board, reaffirming its mission to put the customer first while also reducing debt built up during the pandemic.

Updated menu

Following 18 months of rising commodity costs, Pret began reducing prices on its most popular products and best-selling items earlier this year, including reducing its Posh Cheddar and Tuna & Cucumber Baguettes to £3.99, and has not increased these prices since.

In July 2024, the business announced changes to its popular Club Pret subscription to allow for further price reductions for all customers, including bringing back its 99p Filter Coffee price. UK sales of Filter Coffee during August have since increased by 60% compared to June.

Pret’s 2024 Autumn menu launch marked the company’s biggest range of new products in five years, with over 20 new products coming onto the menu.

The brand continues to be passionate about one of its core values, “Doing the Right Thing”. Pret donates 5 million food items a year through the Pret Foundation, and during 2023, the Foundation supported a record 104 people facing homelessness into employment at Pret, while also pledging to support another 500 people by 2028, in partnership with The Royal Foundation and their new programme to tackle homelessness, Homewards.

Foundation for success

Speaking on the H1 figures, Pret A Manger chief executive, Pano Christou, said: “I am so proud of the progress we have made over the last three years. 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. Ever since I started at Pret more than two decades ago, the foundation for all our success has been about doing what’s best for the customer, and we are only as good as the service we give to our customers every day.

“The fact that £1 in every £4 is now spent outside the UK is both an achievement and an opportunity for our business. It shows how big the appetite is from customers all over the world for Pret’s menu and our unique range of ingredients and recipes.

“I want to thank all our team members for everything they do to help bring the joy of Pret to our customers, and look forward to taking Pret to even more people, in more places, next year.”

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