Pret A Manger posts first profit since 2018 as it recovers from the Covid pandemic
Pret A Manger is back in the black as it recovers from the Covid-19 pandemic.
The coffee and sandwich chain reported a profit of £50.6 million for 2022, after a loss of £225.9 million in 2021. It was its first profit since 2018.
The company also said sales rose 20 per cent to £429.9m in the first six months of this year as it looks beyond London for revenue streams after the pandemic.
Many office workers in the UK and abroad stay home for part of the week, which is high demand in Pret town and town center shops.
Pret, which has 446 stores in the UK and 600 internationally and is owned by German conglomerate JAB Holdings, announced in 2021 that it plans to double in size within five years.
Recovery: Pret A Manger reported a profit of £50.6m for 2022, after a loss of £225.9m in 2021. It was the first profit since 2018
In its latest update yesterday, it said the plan was progressing well, with openings outside London and in countries such as Italy and India.
“Despite a challenging economic situation, Pret remains well positioned to continue growing,” said a company spokesperson.
High inflation is one of those economic challenges, and in Britain, Pret has raised staff wages three times in 12 months, meaning the average base salary for retail workers has risen by 19 per cent.
Pret CEO Pano Christou said: “It has been three years of transformation at Pret, during which we have evolved into a truly global multi-channel brand and emerged as a stronger company than in 2019.”