Pret A Manger has achieved significant growth, reaching £1.1 billion in sales for 2023.
- Sales rose by an impressive 22% last year, indicating strong performance.
- International markets have played a crucial role, contributing £1 in every £4 spent at Pret.
- Franchising now represents a third of Pret A Manger’s sales.
- The company has big plans for expansion, especially in the US and UK regions.
Pret A Manger has reported a remarkable increase in sales, culminating in £1.1 billion for the year 2023. This represents a 22% surge compared to previous figures. The first half of 2024 has continued this trend with a 10% rise in sales, amounting to £569 million. Notably, same-store sales have seen a modest increase of 3%, reflecting the brand’s growing appeal.
International expansion has been pivotal to this growth. The company now operates in 18 markets worldwide. A significant portion of Pret A Manger’s revenue now comes from outside the UK, with £1 out of every £4 spent overseas. New York has emerged as the largest market outside the UK, propelled by a joint venture with franchise partner Dallas International. The company has ambitious plans to further increase its presence on the US East Coast, with over ten new stores expected by 2026, as part of a strategy to triple its footprint in five years.
Franchising constitutes a crucial element of Pret A Manger’s strategy, accounting for a third of its sales. This business model not only facilitates rapid expansion but also leverages local expertise to cater to regional demands. Meanwhile, within the UK, Pret has accelerated its expansion beyond the capital city, with the majority of new openings occurring outside London. This includes new partnerships aimed at establishing a presence in Scotland and Ireland.
The company continues to innovate in its culinary offerings, having introduced over 300 unique recipes globally and launching its most extensive product range in five years with the 2024 autumn menu. January 2024 saw the introduction of Pret’s first children’s menu, Little Pret Stars. These innovations are part of a broader strategy to maintain customer interest and respond to changing consumer preferences.
In a bid to counterbalance rising commodity costs, Pret A Manger has implemented price reductions on popular items, alongside modifications to its Club Pret subscription to enhance affordability. Chief Executive Pano Christou remains optimistic, stating, “Looking to the future, our recipe for success is to focus on doing what Pret does best: creating delicious, freshly made food for our customers, only using the high-quality ingredients that we’re proud to have in our kitchens.”
Pret A Manger’s strategic expansion and innovation are key drivers of its record-breaking growth.
