Panera earnings jump 28% in quarter

by Jeff Gelski
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ST. LOUIS – Panera Bread Co. had a net income of $41 million, or $1.40 per diluted share, in the first quarter ended March 27, a 28% increase from $33 million, or $1.09 per diluted share, during the previous year’s first quarter. Total revenue in the quarter increased 18% to $499 million from $422 million.

Company-owned comparable net bakery-café sales increased 7.5% in the first quarter when compared with the previous year’s first quarter. Franchise-operated sales increased 5.2%, and system-wide comparable net bakery café sales rose 6.3%. Panera Bread Co. opened seven new bakery-cafes in the quarter while franchisees opened 15. The company as a result had 1,562 bakery-cafes open system-wide on March 27.

Panera is targeting earnings per diluted share of $5.58 to $5.63 in fiscal year 2012.

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