Pret sales swell to £776m as it nears 500th store opening

Pret A Manger shop exterior

Pret A Manger has unveiled record financial results as it grows closer to smashing the 500-store barrier.

The company increased sales by 15% to £776m last year, while EBITDA surged 11% to £93m.

The addition of 50 new stores helped swell revenues, but like-for like sales still grew an impressive 5%.

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Pret continues to innovate at a rapid pace, adapting its menu to evolving customer tastes in each of its markets. During 2016, it opened its first vegetarian-only pop up in London’s Soho, with 45 new meat-free recipes on its menu, and later made it a permanent site.

The best sellers from Veggie Pret have launched in Pret shops across the UK and internationally, and a second Veggie Pret opened earlier this month in Shoreditch.

Pret introduced a number of dairy-free products in 2016, including a new soup range that is entirely dairy-free, gluten-free, and under 250 calories.Pret A Manger 2016 sales

The new offering increased UK soup sales by 16% like-for-like. A continued focus on hot food innovation saw the launch of Breakfast Brioches, Power Pots made with soft poached eggs, and a dairy-free Coconut Porridge.

Internationally, Pret’s operations now span six countries. It opened 50 new shops during 2016, including 31 in the UK, 9 in the US, 5 in France, 3 in Hong Kong, one in Shanghai, China, and a first in Dubai.

Net shop openings represented growth of over 11%, with net UK shop growth of 9% and net shop growth of 20% across all other markets. The total number of shops at the end of 2016 was 444.

Pret’s US sales increased by 14% to become a $200m (£155m) business, with strong growth from breakfast, driven by an increase in coffee sales and menu innovation, including hot brioche sandwiches and additions to the Pret Pot range.

CEO Clive Schlee said the company was positive about its future prospects. “We look forward to opening our 500th Pret shop in the next 12 months and furthering our measured expansion in both existing and new markets. We will of course continue to focus on the essentials: menu innovation and the quality of our ingredients, opening new shops in top class locations around the world, and above all, recruiting and engaging our wonderful teams.”

Tags : Clive SchleefinancialskitchensPret A Manger
Andrew Seymour

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