Pret A Manger has returned to profitability for the first time since 2018, as the coffee and sandwich chain continues its post-Covid push beyond London and overseas.
New Pret stores have opened in parts of the UK such as Bishop’s Stortford and Bradford, while Italy and India are among the international markets into which it’s expanded.
Pret reported an operating profit of £50.6 million ($66 million) for 2022, compared with a loss of £225.9 million in 2021, as the business searches for alternative revenue streams while many City workers spend part of the week working from home. Sales in the first half of this year are up 20.2% against the same period in 2022, reaching £429.9 million.
Pret, with 446 shops in the UK and more than 600 internationally, has pushed up prices as the cost of raw materials, energy and staff has risen. It employs 8,000 people in the UK and 9,900 internationally and gave staff a 19% pay rise in the 12 months to April this year.
Pano Christou, chief executive officer, said the company had become a global brand.
Founded in 1986, Pret was bought by Germany’s JAB Holdings in 2018 for £1.5 billion.
