Pret A Manger to trial meal deals in Q4 after £552.9m impairment
This is despite sales having climbed by 10% in 2024.
Pret A Manger has announced plans to test meal deals in Q4, following its reported non-cash goodwill impairment of £552.9m, the first since JAB acquired control of the business in 2018.
The adjustment, which reduces the £912m of goodwill created at the time of acquisition by around a third, reflects the uncertain global macroeconomic environment, higher UK costs following the 2024 National Autumn Budget, and updated forecasts based on consistent post-COVID trading data, according to the group.
Despite the write-down, Pret reported £1.2b in worldwide sales for the year ended 2 January 2025, up 10% from £1.1b the previous year. Pre-IFRS16 adjusted EBITDA rose 36% to £98m, while like-for-like sales increased 2.8%. The chain also expanded to 717 shops globally, an 11% net increase year-on-year.
The group said it will focus on delivering sustainable growth by strengthening its UK market share and accelerating its US business, particularly in travel hubs and city centres.
Delivering value for money will remain central to Pret’s strategy. The repositioned Club Pret subscription, which offers members up to five barista-prepared drinks daily at 50% off for £5 a month, has helped retain loyal coffee customers whilst offsetting around £25m in inflationary costs.
