Pret has reported half year sales were up 20.2% to £429.9m compared to 2022.
The growth was boosted by the launch of digital loyalty scheme Club Pret, with digital transactions accounting for 42% of transactions during H1 2023.
Filing accounts to Companies House, the group returned to profitability in 2022, reporting an annual operating profit of £50.6m, its first shift to profitability since 2018 (£19.6m).
Pret said the results reflect the success of its transformation strategy, with an ambition expand both regionally in the UK and around the world.
The company said it is tracking ahead of its mid-term growth target announced in September 2021 to double the size of its business within five years.
It has entered seven new international markets since 2021, surpassing its target of five new entries by end-2023, with international sales now accounting for 18.9% of revenue.
Pret now operates in 15 markets on three continents and expects to have over 700 shops worldwide by the end of 2023.
Over 20% of its shop estate is operated by franchise partners, including more than a third (34%) of its international shops. International revenue from franchise shops have increased to 5.5% of international revenue, up from 1.5% in 2021.
Despite a challenging economic backdrop, Pret said it remains well-positioned to continue to grow through the opening of company-operated and franchised shops, working with like-minded, capable partners, while increasing sales at existing shops, supported by new revenue channels.
In the UK, Pret has opened shops in new locations, such as Bishop’s Stortford and Worthing.
More than half (55%) of new Pret shops that opened since January 2022 have been outside of London.
This shift is reflected in Pret’s growing weekend trade. Sales on weekends have increased by 271% since 2021, with over 70% of Pret shops now open on the weekends, up 85% on 2021.
The company said business growth has also been supported by the ongoing popularity of Pret’s subscription offer, Club Pret.
The subscription generated 57.9 million redemptions globally in 2022, up from 34.7m redemptions in 2021, and sales per Club Pret transaction are close to 30% higher than those without a subscription.
Digital transactions accounted for 42% of transactions during H1 2023, up from 40% as of December 2022 and 35% in 2021, while the Pret App has been downloaded over 650,000 times in the UK and has been rolled out in three markets.
Pret staff were given their third pay rise in 12 months in April, meaning average base pay for shop staff increased by 19% in the year to April, above the UK rate of inflation.
It has also introduced the value-driven Made Simple range, offering sandwiches at a lower price point.
Pano Christou, Pret chief executive, 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. We’re focused on continuing to grow, while constantly innovating to bring Pret’s freshly made food and organic coffee to brand new places, from Bishop’s Stortford to Bradford and from Italy to India.
“We’re now bringing Pret to even more people thanks to our excellent franchise partners in the UK and around the world. This type of sustainable growth has also given us the confidence to keep investing where it really matters - in our people, with well-deserved pay rises, in our most loyal customers, by expanding our Club Pret subscription, and in helping our local communities via the Pret Foundation. Above all, it’s our hard-working team members who deserve the biggest thanks, without whom none of this growth would be possible.”
