Pret A Manger Full-Year Revenue Rises on New Outlets, Porridge

Pret A Manger, a closely held U.K. sandwich retailer, said sales last year rose 17 percent as it opened new shops and sold more breakfast items such as hot porridge.

Sales for the year ended December 2010 rose to 327.5 million pounds ($523.8 million) from 279.2 million pounds a year earlier, the company said in an e-mailed statement. Earnings before interest, tax, depreciation and amortization rose 37 percent to 46.1 million pounds. Sales at outlets open at least a year grew 9.8 percent, compared with 2.6 percent growth the year before.

Last year, Pret opened 33 new shops, of which seven were in the U.S. and two in Hong Kong, the retailer said. Pret is selling more than 50,000 bowls of porridge a week after introducing the item in the spring last year.

“We are still seeing good momentum globally in our business in the early part of the new financial year and we intend to create over 700 new jobs in over 30 new shops around the world this year,” Chief Executive Officer Clive Schlee said in the statement.

To contact the reporter on this story: Renee Lawrence in London at rlawrence7@bloomberg.net

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net

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