Pret A Manger hits £1bn in global sales as it ramps up overseas expansion

Pret A Manger has announced that it achieved over £1bn in global sales for the first time last year, thanks to its aggressive overseas expansion.

However, the company also revealed a significant slowdown in sales growth so far in 2024. The sandwich chain reported that £1 in every £4 is now spent by Pret customers outside the UK, following the opening of a record 81 new shops in 2023, more than half of which were in overseas markets such as the US, Canada, India, Greece and Spain.

The company reported worldwide system sales of £1.1bn, a 22% increase in 2023, which contributed to a 12% rise in underlying earnings to £166m. This success allowed the group to meet its target of doubling the size of the business three years ahead of schedule.

However, more recent figures for the first half of 2024 show that system sales growth has more than halved to 10%. Comparable same-store sales growth also significantly decreased to 3% in the six months leading up to June 30, compared to the 15% recorded over the previous year.

Pret reported a 60% surge in filter coffee sales during August compared to June, following an overhaul of its Club Pret subscription service. In July, the company replaced its £360-a-year subscription perk and 20% off food offering with a new deal: 50% off up to five coffees a day for £10 a month. At the same time, Pret announced price reductions for its signature 100% organic arabica filter coffee, now priced at 99p, and its all butter croissant, now priced at £1.99.

Pret A Manger's chief executive Pano Christou has proudly announced: "We set ourselves some tough targets to get Pret going again after the pandemic, and we have delivered." He also highlighted the company's international success, saying: "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."