Pret A Manger is back in the black as it recovers from the Covid-19 pandemic.
The coffee and sandwich chain reported profits of £50.6million for 2022 having racked up losses of £225.9million in 2021. It was the first profit since 2018.
The company also said sales in the first six months of this year rose 20 per cent to £429.9million as it continues to look beyond London for revenue streams in the wake of the pandemic.
Many office workers in the UK and beyond continue to spend part of the week at home, which is hitting demand in Pret’s city and town centre outlets.
Pret, which has 446 shops in the UK and 600 internationally and is owned by Germany conglomerate JAB Holdings, announced in 2021 it wanted to double in size within five years.
Recovery: Pret A Manger reported profits of £50.6m for 2022 having racked up losses 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 backdrop, Pret remains well positioned to continue to grow,’ a company spokesman said.
High inflation is one of those economic challenges, and in Britain Pret has raised staff wages three times in 12 months, meaning average base pay for shop staff is up 19 per cent.
Pret chief executive Pano Christou said: ‘It’s been three years of transformation at Pret, in which we’ve evolved into a truly global, multi-channel brand, and emerged as a stronger business than we were in 2019.’
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