Helped by its novel coffee subscription service and overseas expansion, Pret a Manger continued its profitable run in the first half of the year.
The privately owned sandwich and salads chain, ubiquitous on high streets of British cities and expanding to less central locations since the pandemic, posted half-year sales of £430mln, up 20% on the previous year. International sales accounted for 19% of revenue.
Pret, which is majority owned by Germany's family-owned JAB investment fund, also published annual results for last year, showing it broke back into the black with a £50.6mln profit, following four years of losses made worse during the lockdowns of the Covid pandemic.
Across 2022 its Club Pret subscription service, which was relaunched in April with five hot drinks a day available for a pricier £30 a month but with 10% off all food, was said to have generated 57.9m 'redemptions', up two-thirds on the year before.
Costs have increased though, with three wage hikes over 12 months to lift average base pay for shop staff 19% in the year to April.
Adapting to new hybrid working trends, the chain has started opening more outlets outside London, with 55% of new shops since January 2022 outside the UK capital, with an 85% increase in the number of its shops opening at weekends.
International expansion has seen Pret bestride 15 countries currently, with an aim to have 700 shops overseas by the end of the year, up from 600 at present.
“We’re focused on continuing to grow, while constantly innovating to bring Pret’s freshly made food and organic coffee to brand new places, from Bishop’s Stortford to Bradford and from Italy to India,” said chief executive Pano Christou.
Since the pandemic lows, he said Pret has “evolved into a truly global, multichannel brand".