St. Louis, Mo. — Panera Bread Co. has reported systemwide comparable same-sales rose 2.7 percent during the company's fourth quarter ended Dec. 30.
Same-store sales at company-owned locations grew 1.9 percent in the quarter and reflect year-over-year retail price increases of 6.1 percent, a transaction decline of 3.2 percent and mix impact of negative 1 percent, according to the company. The results also were impacted by severe winter weather in the company's core Midwest and eastern markets. Comps at franchise locations increased 3.3 percent for the quarter.
For the year, systemwide comps rose 3.4 percent — 3.6 percent for company-owned locations and 3.4 percent for franchise-operated stores.
The components of full-year company-owned comp growth include year-over-year retail price increases of 5.3 percent, transaction decline of 1.5 percent and mix impact of negative 0.2 percent.
Revenues for the quarter grew 19 percent to $357.8 million, up from $300.8 million reported for the same period last year. For the year, revenue increased 21 percent to $1.29 billion, up from $1.06 billion reported in 2007.
The company also reported net income of $26 million, or $0.84 per diluted share, for the fourth quarter. The results compare to net income of $18 million, or $0.56 per diluted share, for the fourth quarter ended Dec. 25, 2007.
For the year, net income was $67 million, or $2.22 per diluted share. The results compare to net income of $57 million, or $1.79 per diluted share, for the fiscal year ended Dec. 25, 2007, and represent a 24 percent year-on-year growth rate.
During the fourth quarter of 2008, the company opened 32 new bakery/cafes systemwide — including its first two Canadian locations — for a total of 1,325 bakery-cafes open as of December 30. Of those stores, 562 are company owned while 763 are franchise locations.
Future outlook
The first quarter of 2009 target assumes a company-owned same-store sales growth of negative 0.5 percent to positive 0.5 percent.
Comps at company-owned locations declined 2 percent in the first fiscal period of 2009 (first 28 days of the fiscal year) and grew to positive 0.9 percent in the first fifteen days of the second fiscal period of 2009. The results were impacted by severe winter weather in the company's core Midwest and eastern markets.
