Another Good Year For Pret

Sandwich chain Pret A Manger has reported another year of good growth, helped by new healthier food lines and growth overseas.

During the year to 29 December 2016, group sales rose 15% to £776.2m, boosted by new store openings. Like-for-like sales climbed 4.8%, whilst EBITDA increased 11% to £93.2m.

The group said its new vegetarian range was proving popular. Last year, Pret opened its first vegetarian store and the best-selling items from that outlet are now sold across the chain.

Meanwhile, Pret revealed that coconut had been its “most popular” new ingredient. It said that dairy-free coconut milk sales now exceed soya with dairy-free Coconut Porridge accounting for one in five porridge sales in the UK.

During the year, Pret took its total number of stores to 444 by opening 50 new outlets worldwide. This included 31 in the UK, 9 in the US, 5 in France, 3 in Hong Kong, 1 in Shanghai, China, and a first in Dubai.  Pret hopes to open its 500th shop this year.

Pret’s US sales increased by 14% to become a $200m business, driven largely by coffee sales and new menu items such as hot brioche sandwiches.

Clive Schlee, Chief Executive of Pret A Manger, commented: “This is another year of record results for Pret and our 12th consecutive year of revenue and EBITDA growth. Pret’s simple recipe of freshly made food and fast, friendly service allows us to flourish in diverse locations around the world – from Penn Station in New York to the campus of Exeter University and Dubai International Airport.”

He added: “We look forward to opening our 500th Pret shop in the next 12 months and furthering our measured expansion in both existing and new markets.”