Pret ramps up prices as gross profits climb 83%

(PA) (PA Archive)
(PA) (PA Archive)

Pret a Manger has ramped up food prices since 2020 across a range of products as the sandwich chain saw its gross profits climb 83% in a year.

The in-store price of an egg mayo sandwich is up 72% on August 2020 to £3.25, according to data supplied by the London-based firm, while the price of a pain au raisin has jumped 43% to £2.50 and a can of Coke Zero costs 54% more at £1.70.

Pret’s ham and greve baguette is up 38% to £4.75, while its humous & chipotle wrap has risen 42% to £4.25 and its tuna baguette is also up 42% to £4.25. Prices for online orders have increased at an even faster rate. UK CPI inflation stood at 20% over the same period.

Pret turned a gross profit of £279 million in 2022, according to accounts filed in late July, against revenues of £648 million. That represents an 83% rise on gross profits made in 2021.

A Pret spokesperson said: “Pret has significantly invested in lower prices for customers through our highly successful loyalty programme, Club Pret. From next week, all Club Pret members will get 20% off all food and drink products.”

In its annual report, the company said it had implemented “modest” price increases because “the high rates of inflation impacted the cost of food, packaging and energy for the business.”

“Pret has worked hard to mitigate the impact of cost inflation on customers [by] providing more value-driven options,” the firm said.

Pret added that its profitable business “is highly attractive to franchise partners” and it “expects to sustain or accelerate the pace of franchise growth into 2023.”

The London-based business one of a number of high street food and beverage brands to have ramped up prices as UK headline inflation rose to as high as 11.1% late last year.

Health drink chain Joe and the Juice has hiked the prices of some of its protein shakes to more than £10 in central London, the Standard reported in April, while certain coffees at Costa have risen to more than £6.

Pret has also put its coffee monthly subscriptions up by 20% to £30. The firm said its 8,600 staff were awarded an average 13% pay rise in 2022.

An earlier version of this story cited increases in Pret’s prices for online food and beverage orders, which have risen significantly faster than in-store prices. At Pret’s request, the Standard has replaced these figures with in-store prices, which have risen at a slower rate.