Pret A Manger, the Bridgepoint-backed chain, reported a 6.5% increase in like-for-like sales growth for the year to 29 December 2011, in what it described as “challenging consumer market”.
During the 12 months the group opened 30 stores in total, including 22 in the UK and 8 in the US to leave it with 286 sites worldwide.
At the end of the year, Larry Billett stepped down as chairman of the chain and was succeeded by William Jackson, managing partner of Bridgepoint, Pret’s majority backer.
Sales across its international operations in the US and Hong Kong reached £48.5m and £11.9m respectively, while sales in the UK increased by 12.6% to £316.9m.
Revenue for the year increased 15.2% to £77.3m, while EBITDA climbed 14% to £52.4m. Operating profit increased from £12.1m to £17.1m. Pre-tax losses narrowed during the year from £35.6m in 2010 to £30.2m.
Net debt increased to £456m from £431m.
The company said due to the challenging consumer market it remained “cautious about the economic outlook”. Despite this uncertain economic backdrop, it said that it had a strong year and was confident about the prospects for the year ahead.
The company plans to open a further 44 sites in 2012. The group said it planned to create 550 jobs in UK this year with the opening of 24 new stores in the country. The reminder of the openings will be overseas, including the group’s first in Boston, another two sites in France and further units in Hong Kong.
The company said that the two stores it opened in Paris earlier this year were doing well. A third site is set to come on line in the French capital at the start of June.
During the year, the group, which is led by Clive Schlee raised £791,000 to fund work supporting the homeless. It also increased the number of apprenticeships offered to young, previously homeless people, with 45 finding permanent employment.
It intends to offer a further 70 apprenticeships this year and to expand the scheme outside London.
