The Pret a Manger restaurant chain is still owned by McDonald’s, according to the company’s latest SEC filings. Pret reported net income of $50.2 million in 2018, up from $41.
7 million in 2017. However, pret’s stock price is down about 15% since the company’s initial public offering in November 2018.
Pret has been trying to break away from its association with McDonald’s by expanding its menu to include items such as vegan and vegetarian options, as well as breakfast items. However, the company’s sales have not grown as fast as it had hoped.
Pret’s net income was down in both 2018 and 2017 compared to the same period the year before.
The McDonald’s connection may be a limiting factor for Pret. The company’s CEO, Clive Schlee, has spoken about wanting Pret to be “a much more independent company” and “not a subsidiary of McDonald’s.
” However, it is unclear if this goal is possible for Pret without substantially increasing its sales.
