Panera net earnings up 24%27 July 2012
Panera Bread Co has reported a 24% boost in net income in the second quarter and an 18% rise in sales.
Panera’s revenue increased to $530.6 million in the quarter ending 28 June – a result largely attributable to price increases. Net income was up to $44.1 million.
For the 26 weeks to 26 June, net income reached $85 million, or $2.90 per diluted share. These results compare to net income of $68 million, or $2.27 per diluted share during the same period last year - a 28% year-on-year increase in diluted earnings per share.
“We are pleased to deliver 27% earnings growth in the second quarter, the ninth out of the last ten quarters where earnings growth has exceeded 20%,” said Bill Moreton, Panera’s chief executive.
“Our strong comparable sales growth in the quarter of 7.1% is the direct result of our past and current investments in the quality of our food, marketing, operations, and customer experience.
“We believe that our disciplined approach to continued investment in the bakery-cafes has resonated with our customers and has resulted in true concept differentiation as we strive to be the best competitive alternative in the businesses we serve."
The results beat the analysts’ expectations and prompted shares in Panera to jump 6%.
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