Panera Bread fka PNRA

[MiamiGent]

PNRA Panera 1Q Net Up 26% On Same-Store Sales Growth, Margins
PROVIDED BY Dow Jones & Company, Inc. - 4:20 PM 04/24/2012
DOW JONES NEWSWIRES

http://stockcharts.com/h-sc/ui?s=PNRA

Panera Bread Co.'s (PNRA) first-quarter earnings rose a better-than-expected 26%, as same-store sales continued to grow at the bakery-cafe chain.

The company raised its full-year earnings guidance by 8 cents from its February view, now forecasting $5.58 to $5.63 a share. For the second-quarter, Panera sees earnings of $1.40 to $1.43, mostly topping estimates of $1.40 from analysts polled by Thomson Reuters.

Panera, which hasn't reported a bottom-line decline since the beginning of 2008, has been fueling its recent growth with new products, a rebound in catering and price increases.

Lately, Panera has been tinkering with its business model with an aim to open more locations in urban areas, a departure from its stronghold in U.S. suburbs. It has also raised the possibility of expanding overseas, such as China, where other U.S. companies have tapped huge demand. Nearly all Panera's locations are in the U.S.

The company has seen significant changes in its top management this year. Last month, Panera shifted to a co-chief executive model, with founder and Chairman Ron Shaich sharing the top office with Bill Moreton, previously the sole CEO. Additionally, Chief Operating Officer John Maguire recently left to become chief executive of Friendly's Ice Cream LLC, and Chief Financial Officer Jeff Kip left to become the finance chief for IAC/InterActiveCorp. (IACI), owner of Ask.com and dating site Match.com.

In the latest quarter, Panera posted a profit of $41.2 million, or $1.40 a share, up from $32.8 million, or $1.09 a share, a year earlier. In February, the company predicted earnings of $1.33 to $1.35.

Revenue increased 18% to $498.6 million. Analysts most recently predicted $501 million.

Operating margin widened to 13.5% from 12.6%.

Comparable bakery-cafe sales grew 7.5% at company-owned restaurants and rose 5.2% at franchise-operated locations.

Shares closed Tuesday at $148.25 and were up 1.2% after hours. The stock was hitting all-time highs through March but has scaled back some in recent weeks. Since Tuesday's close, shares were up 4.8% so far this year.

-By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; [e-mail]

(END) Dow Jones Newswires
04-24-12 1620ET