The British sandwich chain Pret A Manger reported a revenue surge of over 1.1 billion pounds for 2023, driven by aggressive expansion in international markets. Global franchise and store sales increased by 20 percent compared to the previous year. Adjusted operating profit (EBITDA) rose by 12 percent to 166 million pounds.

Pret currently operates over 690 stores, 30 percent of which are located outside the United Kingdom. In the first half of 2024, revenue increased by another 10 percent to 569 million pounds.

Especially successful, Pret expanded in India, where 15 new branches were opened in Mumbai and Delhi within 12 months. In addition, Pret expanded its business in Spain, Cyprus, and South Africa. A new franchise deal with Dallas International also strengthens the company's presence in the USA.

Pret achieved its goal of doubling the business by 2026, three years earlier than planned. "We set ambitious targets to get Pret back on track after the pandemic, and we delivered," said CEO Pano Christou. Notably, a quarter of the revenue is now generated outside of the UK.

Nevertheless, 2023 was not without challenges. Ongoing strikes in Britain and Europe, as well as increased food costs, impacted the business. Pret had to raise prices but also lowered prices for certain products to mitigate the price pressure on customers.

The pandemic increased Pret's debt burden, which stood at £740 million by the end of 2023. To reduce the debt, the company recently raised £250 million in fresh capital.

In addition to these changes, Pret appointed Konrad Meyer as Chairman of the Board in April. Former chairman Larry Billett and co-founder Sinclair Beecham also returned in advisory roles.