Pret A Manger has returned to profitability for the first time since 2018 driven by the success of its subscription service.
The group, which suffered during the pandemic lockdowns, reported an operating profit of £50.6m in the year to December 2022, up from a loss of £225.9m in the previous year, according to its latest annual accounts. It’s first shift to profitability since the £19.6m recorded in 2018.
It said the revival has continued into this year, with sales rocketing 20% to £429.9m in the six months to the end of June.
UK revenue jumped nearly 16% in the half year boosted by a 271% surge in weekend trade due to the majority of Pret shops now open on the weekends.
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Pret attributed the strong growth to the relaunch of its subscription service, which went up by a fifth to £30 a month and included a 10% discount on food and snacks as well as up to five hot drinks a day.
Club Pret subscriptions generated 57.9m redemptions globally in 2022, up two-thirds year-on-year.
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.
“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.
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