ST. LOUIS, Mo. — Panera Bread Co. reported Feb. 8 net income of $19 million for the fourth quarter ended Dec. 26.
According to the company, Panera's fourth-quarter results aren't directly comparable to the prior year because the company adopted a new quarterly reporting calendar and began expensing stock options in 2006. Panera had reported a net income of $17.5 million for Q4 '05 under the previous accounting system.
Revenues for Q4 '06 were reported at $232.9 million.
Same-store sales, or sales at stores open at least a year, increased 1.6 percent at company-owed stores and 2.2 percent at franchised stores for a systemwide increase of 2 percent. Systemwide average weekly sales declined by 0.5 percent during the quarter.
For the year, Panera reported a net income of $58.8 million, up 13 percent from $52.2 million in 2005. Revenues for the year increased 29 percent to $829 million.
Systemwide comps increased 4.1 percent for the year.
As of the end of the year, there were 1,027 Panera Bread bakery-cafes open, including 636 company-owned restaurants and 391 franchised restaurants. The company is slated to open 27 new restaurants in 2007, compared with 22 in 2006.
