Pret A Manger has announced a record-breaking achievement, surpassing £1bn in global sales for the first time in its history. The UK sandwich chain, known for its organic coffee and fresh food, credits this success to its significant international expansion. In 2023, the company opened 81 new shops, with over half of them in overseas markets including the US, Canada, India, Greece, and Spain.
The move to broaden its international footprint has paid off, with £1 out of every £4 spent at Pret now coming from outside the UK. The chain saw a 22% rise in worldwide system sales to £1.1bn, which helped drive a 12% increase in underlying profits to £166m. This success enabled Pret to meet its goal of doubling the size of its business three years ahead of schedule.
The US market, in particular, saw substantial growth, with Pret expanding its presence on the East Coast, contributing to the brand's global success. Pret’s CEO, Pano Christou, expressed pride in the achievement, stating, "We set ourselves some tough targets to get Pret going again after the pandemic, and we have delivered. The fact that £1 in every £4 is now spent outside the UK is both an achievement and an opportunity for our business."
However, Pret's journey hasn’t been without challenges. In July 2023, the company sparked customer frustration by discontinuing its popular "Club Pret" subscription service. Initially launched in the UK, the £360-a-year subscription offered 20% off its food range. It was replaced with a new offer of 50% off up to five coffees a day for £10 a month. Alongside this, Pret reduced the price of its 100% organic arabica filter coffee to 99p and cut the price of its all-butter croissant to £1.99, moves that saw coffee sales jump by 60% in August compared to June.
Despite the impressive £1bn milestone, Pret reported that sales growth slowed to 10% in the first half of 2024, down from the previous year’s 22% rise. Comparable same-store sales growth also dipped to 3% in the first six months of 2024, compared to 15% in 2023.
