Panera Bread announces £600m share repurchase programme24 August 2012
US bakery-cafe chain Panera Bread Company's Board of Directors has approved a new three year share repurchase programme of up to $600 million.
The new programme will come into effect on 28 August and replace an existing scheme which expires on 16 August.
"We continue to look for opportunities to deploy our capital to drive earnings growth and shareholder returns," said Bill Moreton, Panera's president and co-chief executive.
"Investing in our core business remains our number one priority, and the Board's willingness to extend and refresh the repurchase programme is a vote of confidence on the growth potential of Panera and its ability to continue to generate cash flow and deploy that cash to generate appropriate returns for our shareholders."
Panera has 1,591 bakery-cafes under the Panera Bread, Saint Louis Bread Co. and Paradise Bakery brands.
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