Pret to trial new meal deal format amid strong FY24 sales

Pret A Manger has announced its plans to trial new meal deal formats later this year to capture demand for value-led food-to-go, as the company set out a new medium-term strategy to accelerate growth in its home market and internationally.

The news comes after Pret reported sales of £1.2bn for 2024, a 10% increase on the previous year. 

The chain, which operates 717 shops worldwide, recorded like-for-like sales growth of 2.8% and an 11% net increase in shop numbers. 

Its pre-IFRS16 adjusted EBITDA also rose 36% to £98m, up from £72m in 2023.

The company also booked a non-cash goodwill impairment of £552.9m relating to JAB’s 2018 acquisition of control of Pret. 

The group stated that the impairment reflected the use of a higher discount rate in its forecasts, together with ongoing macro-economic uncertainty and additional costs from the 2024 National Autumn Budget.

Its new medium-term strategy will be supported by a refreshed board, led by chairman José Cil, and a strengthened management team. 

In the US, where New York remains Pret’s strongest overseas market, Felipe Athayde has joined as president, bringing experience from Authentic Restaurant Brands and Restaurant Brands International.

Additionally, Pret said that value would remain central to its offer. The company’sClub Pret coffee subscription will offer 50% off up to five barista-prepared drinks per day for £5 a month, helping to attract loyal customers while offsetting around £25m in inflationary costs. 

Food innovation will also be a priority, with the recent launch of Pret’s Super Plates range of high-protein, nutrient-rich salads in the UK said to be driving incremental visits, particularly in London.

Pano Christou, chief executive, 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. I would like to take a moment to thank our team members for their continued commitment and energy as we write the coming next chapters of the Pret story.”