International stores now generate a quarter of Pret’s revenues as the UK-based coffee and food-to-go chain posts £1bn annual sales for the first time
A Pret A Manger store in Delhi, India | Photo credit: Pret A Manger
UK-based Pret A Manger has reported that 25% of total sales now come from international markets.
The coffee and food-to-go chain achieved 10% year-on-year group sales growth in the first six months of 2024 to reach £569m ($752m), driven by outlet expansion and new franchise partnerships across its 17 international markets.
In a press release, Pret A Manger highlighted its franchise partnership with Dallas International as driving strong sales growth in the US. The business said New York has become the overseas capital for Pret customers outside the UK, with the city generating the highest sales after London.
Franchised stores now generate approximately one third of Pret’s sales globally, with 87% of new stores opened outside of London since January 2023.
Of the 81 net new stores Pret opened last year, more than half were outside the UK – with growth in India hailed as the ‘fastest market expansion’ in Pret’s history.
The premium to-go brand currently operates 690 stores globally – 480 of which are in the UK.
“I am so proud of the progress we have made over the last three years. We set ourselves some tough targets to get Pret going again after the pandemic, and we have delivered. 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 and our unique range of ingredients and recipes,” said Pano Christou, CEO, Pret A Manger.
Pret A Manger achieved 22% year-on-year sales growth in 2023 to reach £1.1bn ($1.4bn), according to its recently filed accounts with Companies House. Adjusted EBITDA increased 12% during the period to £166m ($219m).
The JAB Holding Company-backed coffee and food-to-go chain said it has achieved its 2021 goal of doubling the size of its business within five years, three years ahead of schedule. Pret A Manger posted £512m ($676m) in revenue in 2021 and £899m ($1.2bn) in 2022.
Pret A Manger shareholders raised £250m ($330m) of new capital in September 2024 in a bid to reduce debt amassed during the pandemic.