Itsu sales bounce back as workers return to office
Itsu sales bounce back as workers return to office
- Itsu’s restaurant division saw sales hit £101m in 2022, up 73% on 2021
- But sales remain below pre-pandemic levels
- Profits soared 42% to £6.5m; record number of restaurant openings in 2022
Business at Asian food chain Itsu remains below pre-pandemic levels despite a strong recovery last year as workers returned to the office.
The group’s restaurant division saw sales hit £101million in 2022 – below the £114.7million it took in 2019 but up 73 per cent on 2021. Profits reached £6.5million, up 42 per cent on 2021, as commuters flocked back to towns and cities.
Itsu, set up by Pret A Manger founder Julian Metcalfe in 1997, opened a record number of restaurants in 2022, including the first Itsu in France.
Determined: Itsu was set up by Pret A Manger founder Julian Metcalfe in 1997
Around 20 ‘mega’ restaurants will open by 2024, the chain said.
Itsu also plans to expand its range of food available in supermarkets, including chilled noodle soups, after bao and broth products helped lift grocery sales by 37 per cent in 2022. Chief executive Metcalfe said: ‘It’s time for change.
‘Healthier food should be a right for the many, not a privilege for the few – it’s what people want and need and Itsu is determined to provide.’
The 63-year-old restaurateur previously vowed to take on the ‘US giants of horrible fast food’ by using steamers at his restaurants to cook bao buns and dumplings healthily.
Metcalfe told The Mail earlier this year: ‘When you walk in, you are not bombarded by vast buckets of French fries and huge processed meat.’