Pret a Manger has recorded soaring sales, beating its ambitions to double the business over the next five years.
Sales at the coffee chain jumped 230% year-on-year to £357.8m in the first half, up 260% compared to 2020.
In May, Pret recorded revenues surpassing pre-pandemic levels in 2019, driven by regional growth.
The retailer said that sales in regional locations outsrtripped those in London as it focused on diversifying its store portfolio.
Exactly two-thirds of Pret’s store portfolio is now located outside the square mile of London, with 36% in regional towns. New store openings this year include Harrogate, York and Leeds.
Pret is now tracking ahead of its targets to double its business in the next five years, and has almost reached its goal to launch in five new markets by the end of 2023.
The chain has announced franchise agreements with partners in Canada, Ireland, Spain, Portugal and India, and so is therefore expected to reach this goal one year ahead of schedule.
In response to the cost-of-living crisis, Pret also announced that it will launch a new affordable menu range.
The news comes as Pret files its 2021 accounts: revenues for the full year were up 17% to £461.5m, while Pret’s operating loss for the year was £225.9m, down from £343m in 2020.
Pret chief executive Pano Christou said: “Two years ago, we said we wanted to bring Pret to more people. During the first half of this year, we not only delivered on that pledge, but we also grew fastest in some of the places where we only had a handful of Pret shops before. That’s a fantastic result and shows how big the appetite is for freshly-prepared food and organic coffee in towns and cities across the UK.
“The opportunity now is for us to take that growth and apply it internationally. Since the start of this year, we’ve signed four new partnership agreements to take Pret into new global markets. The second half of this year will be about taking that a step further, while continuing to run our business with the fast, friendly, joyful service which has made Pret what it is today.”
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