Food-to-go chain Pret a Manger has reported a double-digit sales growth across its global company-owned and franchise shops.
Sales grew 10% from £1.1bn in 2023 to £1.2bn in the year ending January 2, 2025.
Like-for-like sales grew 2.8% in this period as the brand continued its international expansion, and pre-IFRS16 adjusted EBITDA grew 36% to £98m.
Pret’s global store portfolio totalled 717 in 2024, representing 11% net shop growth.
The chain said JAB’s acquisition in 2018 created £912m of transaction goodwill on its balance sheet that year. This year, the group is recording a non-cash goodwill impairment of £552.9m.
Pret said its management views 2024 as the first year since Covid-19 with consistent trading data on which to base its outlook.
The impairment considers the uncertain global macro-economic environment, additional bills from the previous autumn budget, and results in part from the use of a higher discount rate than was used in previous calculations.
The priority for Pret will now focus on “delivering sustainable growth” through added market share in the UK, and expanding in the US with a focus on travel hubs and city centres.
The update of its coffee subscription Club Pret offering 50% of up to five barista-prepared drinks each day for £5 a month has attracted Pret’s loyal customers.
It has also allowed it to take in around £25m of inflation in labour, food, and operational costs.
Pret will also test new meal deal formats in the fourth quarter of 2025 in a bid to tap into the demand from these deals and create more value for customers.
Food innovation is also a priority, as it has seen success from the new premium range of salads dubbed “Super Plates” in July in the UK.
Pret a Manger chief executive Pano Christou said: “2024 was another year of growth for Pret, where we took disciplined decisions to protect sales, despite intense strains on the hospitality industry.
“Going forward, our priority will be to drive transactions and sustainable growth by offering great value for money for Pret customers. Our focus will be on growing Pret’s market share in the UK and internationally, prioritising city centres and travel hubs, backed by the experience and expertise of additional world-class board members and a strengthened management team.”
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