St. Louis / MO. (pbc) Panera Bread Company (external link) reported net income of 27 million USD or 0,85 USD per diluted share for the second quarter ended June 29, 2010. These results include the favourable impact of 0,01 USD per diluted share from the Company´s repurchase of 897'556 shares under its 600 million USD share repurchase authorization. This favourable impact was offset by the negative impact of 0,05 USD per diluted share related to an ongoing unclaimed property audit. The second quarter of fiscal 2010 results compare to net income of 20 million USD or 0,65 USD per diluted share for the second quarter ended June 30, 2009, and represent a 31 percent year-over-year increase in diluted earnings per share. Highlights:
  • Q2/2010 net income increased 33 percent versus Q2/2009 to 27 million USD
  • Operating margin increased 230 bps in Q2/2010 over Q2/2009
  • Repurchased 71 million USD of shares in Q2/2010
  • Full Year 2010 EPS target increased to 3,50 USD to 3,52 USD (up 26 percent to 27 percent versus FY 2009)
For the twenty-six weeks ended June 29, 2010, net income was 53 million USD, or 1,67 USD per diluted share. These results compare to net income of 37 million USD or 1,21 USD per diluted share for the twenty-six weeks ended June 30, 2009, and represent a 38 percent year-over-year increase in diluted earnings per share.

Comparable Bakery-Cafe Sales Growth

System-wide comparable bakery-cafe sales increased 9,9 percent in the second quarter of fiscal 2010 versus the comparable period in fiscal 2009. Company-owned comparable bakery-cafe sales increased 9,6 percent in the second quarter of fiscal 2010 versus the comparable period in fiscal 2009 and franchise-operated comparable bakery-cafe sales increased 10,1 percent in the second quarter of fiscal 2010 versus the comparable period in fiscal 2009.

The Company-owned comparable bakery-cafe sales increase of 9,6 percent in the second quarter of fiscal 2010 included the following year-over-year components: transaction growth of 1,9 percent and average check growth of 7,7 percent. Average check growth in turn was comprised of retail price increases of approximately 2,5 percent and mix impact of approximately 5,2 percent.

Info: Panera Bread Reports Q2/2010 diluted EPS of 0,85 USD; up 31 percent over Q2/2009, on 9,9 percent Growth in System-Wide Comparable Bakery-Cafe Sales (external link) (complete press release; PDF; 13 pages; 95 KB).