P
ret A Manger mentioned sturdy demand for its subscription service has helped drive half-year revenues up by greater than a fifth regardless of a current transfer to hike the worth of the deal.
The sandwich chain reported revenues of £429.9 million for the primary six months of 2023, up 20.2% on a yr in the past.
It mentioned it achieved document weekly revenues in May and June as its Club Pret subscription service proved fashionable with clients after increasing to incorporate meals in addition to espresso.
Digital transactions additionally jumped 42% within the half yr, up from 40% in December, the group mentioned.
Pret elevated the price of the subscription service by 20% from June to £30 a month within the second worth rise for the reason that service launched in 2020.
It’s been three years of transformation at Pret, by which we’ve developed into a really international, multi-channel model, and emerged as a stronger enterprise than we have been in 2019
It additionally widened the scheme, rebranded in April as Club Pret, to incorporate a ten% low cost on meals and chilly drinks, having initially launched in 2020 as a coffee-only subscription.
In figures for 2022 made obtainable for the primary time, Pret additionally revealed it posted an annual working revenue of £50.6 million – returning to profitability for the primary time since 2018.
The group cheered international enlargement for serving to enhance its outcomes, with the agency now working greater than 600 retailers internationally throughout 15 international locations and abroad gross sales now accounting for 18.9% of revenues.
It is aiming to increase this to greater than 700 shops globally by the tip of this yr.
The group mentioned it was working forward of development targets introduced in September 2021 to double the scale of its enterprise inside 5 years, having entered seven new worldwide markets since 2021.
We’re centered on persevering with to develop, whereas consistently innovating to carry Pret’s freshly made meals and natural espresso to model new locations, from Bishop’s Stortford to Bradford and from Italy to India
Originally it had aimed for 5 new abroad market launches by the tip of 2023.
Pano Christou, Pret chief government, mentioned: “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.”
The group, which has 446 retailers within the UK, has not too long ago opened new websites in Bishop’s Stortford and Worthing and mentioned greater than half (55%) of openings since January 2022 have been outdoors London.
This has seen a lift in Pret’s weekend commerce, with gross sales on weekends rising by 271% since 2021.
More than 70% of Pret retailers are actually open on the weekends, up 85% on 2021.
