Sandwich peddler Pret a Manger increased global sales above £1 billion for the first time in its 30-year history in 2023, driven by escalating growth on foreign shores.
Sales hit £1.1 billion, the group revealed, marking a 15% year-on-year incline, with a quarter of these sales generated outside of its core UK market.
Pret has nearly 700 stores globally, with nearly a third outside of the UK. It currently has 65 locations in the US and a growing presence across Europe, India and South Africa.
The fact that £1 in every £4 is now spent outside the UK is both an achievement and an opportunity for our business,” said Pret boss Pano Christou.
The chain, which has been owned by Germany's JAB Holdings since 2018, saw sales growth slow to 10% in the first half of 2024, with £569 million generated.
Analysts at Shore Capital suggested that today’s unannounced update from an unlisted company “is no doubt seeking to raise awareness that the firm is alive and kicking, possibly ahead of a wider capital event or organisational change”.
"All in, Pret is expanding its mid-to-upper food-to-go assortment across a wide geography, including areas outside London in the UK,” they said.
Pret added that it has raised another £250 million from existing shareholders.