ST. LOUIS, MO. — Net income of the Panera Bread Co. increased 48% during the first quarter of fiscal 2010. For the quarter ended March 30, net income was $25,845,000, equal to 83c per share on the common stock, up from $17,432,000, or 57c per share, in the same period of fiscal 2009.

Sales for the first quarter of 2010 were $364,210,000, a 14% increase over sales of $320,709,000 during the previous year.

System-wide comparable bakery-cafe sales, which include both company-owned stores as well as those owned by franchisees, in the first quarter of fiscal 2010 increased 10% versus the comparable period in fiscal 2009, according to the company.

The company also reaffirmed its target earning per diluted share of $3.40 to $3.44 that it announced in April 20.

On May 13, Bill Moreton, the current co-chief operating officer of the Panera Bread Co., will become chief executive officer. Ron Shaich, the current chairman and c.e.o., will become executive chairman of the company.