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ST LOUIS — Panera Bread surpassed analyst expectations for the first quarter ended March 28, 2006.  The company said system-wide comparable bakery-cafe sales increased 9 percent (8.9 percent company-owned and 9.1 percent franchise-operated) in the first quarter. Net income for the quarter was $15 million compared to $12.2 last year.  
 
William Blair analyst Sharon Zackfia said Panera is a "clear leader in the fast-casual sandwich segment" with "good sales productivity." The restaurant opened 22 bakery cafes during the quarter with 897 open in total.      

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