Panera Bread Earnings: Double-Digit Profit and Revenue Growth
Panera Bread Co. (NASDAQ:PNRA) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. Shares are up 3.09%.
Panera Bread Co. Earnings Cheat Sheet
Results: Net income increased 33.61% to $51.6 million ($1.75 per diluted share) in the quarter versus a net gain of $38.62 million in the year-earlier quarter.
Revenue: Rose 15.28% to $571.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Panera Bread Co. reported adjusted net income of $1.75 per share. By that measure, the company beat the mean analyst estimate of $1.74. It missed the average revenue estimate of $574.84 million.
Quoting Management: Ron Shaich, Chairman and Co-CEO, commented, “We believe that our consistent financial performance is the outgrowth of our long-term strategy of driving competitive advantage through the quality, craftsmanship, and innovation of our menu offerings; the comfort and warmth of our bakery-cafe environments; and the dedication and passion of our associates…