Pret A Manger returns to profit on the verge of expansion in Spain and Portugal
The numbers are back on track at Pret A Manger. For the first time since 2018, the British coffee shop chain returned to profit in 2022 after reporting operating profits of €59.2m (£50.6m).
As the group recently reported, the good news of the first black numbers in four financial years was bolstered by a 20 per cent rise in first-half sales to €500m (£429m).
Pret A Manger attributes these good results to the success of its Club Pret coffee subscription service, which in June increased its price from 25 to 30 pounds, and to a very ambitious international expansion. Within the latter, Pret A Manger’s commitment to Spain and Portugal in alliance with Grupo ibersol stands out. The first openings in our country are planned for Barajas, although the agreement envisages the opening of 70 of the brand’s restaurants over the next decade.
Beyond the Iberian Peninsula, the chain is working from 2021 to double the size of its business in Ireland, Kuwait, Canada, Belgium, Luxembourg and India, in addition to growing via franchises in Israel.
International sales currently represent 18.9% of its activity and it expects to have more than 700 shops operating worldwide by the end of 2023.
