Panera Bread: reports strong Q1/2010

Richmond Heights / MO. (pbc) Panera Bread Company reported that in the first quarter of fiscal 2010 Company-owned comparable bakery-cafe sales increased ten percent. Franchise-operated comparable bakery-cafe sales increased nine percent for the same period. As a result, the Company is raising its fiscal 2010 Company-owned comparable bakery-cafe sales growth target to 6,5 percent to 7,5 percent from the 4,5 percent to 6,5 percent target range provided in February. Summary:

  • Q1/2010 Company-owned comparable bakery-cafe sales up ten percent
  • Q1/2010 EPS target raised to 0,81 USD to 0,82 USD (up 42 percent to 44 percent versus FY 2009)
  • FY 2010 EPS target raised to 3,40 USD to 3,44 USD (up 22 percent to 24 percent versus FY 2009) assuming Company-owned comparable bakery-cafe sales of 6,5 percent to 7,5 percent and assuming no share repurchase is executed

Based on the strength of its comparable bakery-cafe sales growth for the first quarter of fiscal 2010, the Company has raised its earnings per diluted share target to 0,81 USD to 0,82 USD for the first quarter ended March 30, 2010. These results represent EPS growth of 42 percent to 44 percent when compared to net income of 0,57 USD per diluted share for the first quarter ended March 31, 2009.

The Company is today increasing its full year 2010 EPS target to 3,40 USD to 3,44 USD from 3,26 USD to 3,34 USD and establishing an initial target range for its second quarter of fiscal 2010 of 0,81 USD to 0,83 USD. Today´s increases in targets are based on an increase in the fiscal year Company-owned comparable bakery-cafe sales target to 6,5 percent to 7,5 percent and do not assume any impact from potential shares repurchased under the existing share buyback authorization.

Chairman and Chief Executive Officer Ron Shaich concluded, «Our ten percent growth in comparable bakery-cafe sales in Q1 and our anticipated 42 percent to 44 percent increase in EPS in Q1/2010, on top of the 39 percent year-over-year growth in EPS we generated Q1/2009, validates our commitment to invest in our business to benefit the customer in the face of the recession. Simply put, our strategy is working and our customers are responding to Panera with enthusiasm».

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