Pret A Manger Writes Down Sandwich Chain’s Value as Costs Soar

Pret A Manger Ltd. swung to a loss after writing down the value of the British sandwich chain by more than half a billion pounds amid tough trading conditions and higher costs.

The brand, which is also known for its organic coffee and freshly-baked pastries, reported an operating loss of £452 million ($612 million) in 2024, according to a Companies House filing on Tuesday, compared with a profit of £28 million a year earlier. It included a non-cash goodwill impairment of £553 million for the first time, indicating a perceived drop in value since Pret was bought by investment firm JAB Holding Co. in 2018.