? Annual profits up 37% to �46m
? Like-for-like sales up almost 10%
? Pret to open at least 30 new shops this year
Pret a Manger, the coffee and sandwich chain, has posted a 37% rise in 2010 core earnings, helped by the introduction of hot foods such as porridge.
The group, majority owned by private equity firm Bridgepoint, said on Tuesday it expected to open more than 30 shops this year, creating over 700 jobs, mainly in Britain.
Earnings before interest, tax, depreciation and amortisation jumped to �46.1m last year on a 17% rise in turnover to �327.5m.
Pret a Manger, which runs 265 outlets in Britain, the United States and Hong Kong, said sales at shops open over a year rose 9.8%.
"We are still seeing good momentum globally in our business in the early part of the new financial year," it said, adding it was selling around 50,000 bowls of porridge a week.
Many British retailers have reported a sharp slowdown in sales in recent weeks, with shoppers worrying about rising prices and job insecurity as the government implements austerity measures aimed at slashing its deficit.
Source: http://www.guardian.co.uk/business/2011/mar/29/pret-a-manger-profits-up-porridge
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