Panera Bread: first quarter profit falls 17 percent

St. Louis / MO. (wib) Panera Bread Company reported that first quarter net income fell 17 percent reflecting a charge related to the reduction of company-owned new store openings and the rapid rise of wheat costs. The quick-casual restaurant chain said net income fell to 12,4 million USD or 0,41 USD per share from 15 million USD or 0,47 USD a share. Revenue rose to 305 million USD from 239,7 million USD. The company reaffirmed its earning per share expectation of 2,00 USD to 2,11 USD for fiscal 2008, a growth rate of twelve percent to 18 percent. It also increased and narrowed its earning per share target for the second quarter from a range of 0,37 USD to 0,43 USD to a range to 0,40 USD to 0,44 USD. This would be an increase of three percent to 13 percent from second quarter 2007 results of 0,39 USD per share (press release).