Pret a Manger back in black after pandemic massacre as sandwich giant eyes overseas expansion
Sandwich and coffee chain Pret a Manger has said it returned to profitability in March after suffering another year of hefty losses in 2021 amid lockdowns and Covid restrictions.
The group revealed it remained in the red with operating losses of £225.9m last year, in new filings on Companies House.
This was an improvement on the £343m loss seen in 2020 at the height of the pandemic thanks to a 17% rise in revenues to £461.5m last year as restrictions lifted and workers returned to offices.
It said its recovery has “continued and accelerated” in 2022, with half-year revenues up 230% to £357.8m, helping it return to profitability in March and becoming cash flow positive since May.
The figures come ahead of the launch of Pret’s new affordable menu range later this week in response to the cost of living crisis.
Pano Christou, Pret chief executive, said: “Two years ago, we said we wanted to bring Pret to more people.
“During the first half of this year, we not only delivered on that pledge, but we also grew fastest in some of the places where we only had a handful of Pret shops before.
“That’s a fantastic result and shows how big the appetite is for freshly prepared food and organic coffee in towns and cities across the UK.
“The opportunity now is for us to take that growth and apply it internationally.”
“Since the start of this year, we’ve signed four new partnership agreements to take Pret into new global markets.
“The second half of this year will be about taking that a step further, while continuing to run our business with the fast, friendly, joyful service which has made Pret what it is today.”