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European coffee and sandwich shop chain Pret A Manger reports 10 per cent sales rise in H1 2024 compared to the same period in 2023.
The German-owned and British-founded group attributes its rapid growth in the first half of 2024 to continued international expansion and the undertaking of new franchise partnership opportunities.
“I am so proud of the progress we have made over the last three years,” says Pano Christou, Pret A Manger CEO.
“We set ourselves some tough targets to get Pret going again after the pandemic, and we have delivered.”
Pret A Manger now operates in 18 different markets, with the business from the company’s franchises now reportedly representing one third of Pret’s total sales around the world. BGP £1 in every £4 spent by Pret customers is now spent outside of the United Kingdom (UK).
“The fact that £1 in every £4 is now spent outside the UK is both an achievement and an opportunity for our business,” Christou says.
“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.”
New York has become Pret A Manger’s overseas capital, reporting the highest sales after the company’s London outlets. It is driven by a new joint venture with franchise partner Dallas International.
The partnership, completed in February 2024, is helping to accelerate growth across the United States (US). The company says it is upgrading existing shops and expanding Pret’s presence in the country, with more than 10 new shops planned to open on the East Coast by 2026.
In the United Kingdom (UK), Pret has entered a partnership to open six new shops across Scotland and now has 10 shops across Ireland. Since January 2023, 87 per cent of new location openings have been outside of London.
In addition to the company’s rapid expansion, Pret A Manger also notably cut prices for some of its most popular items due to rising commodity costs this year. In July 2024, the business announced changes to its popular Club Pret subscription to allow for further price reductions for customers.
Pret’s 2024 Autumn menu launch marked the company’s biggest range of new products in five years, with more than 20 new additions joining the menu.
The post Pret A Manger reports 10 per cent sales growth in H1 2024 appeared first on Global Coffee Report.
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