ST. LOUIS, Mo. — Panera Bread Company has reported financials for its first quarter ended March 31.
In the first quarter of fiscal 2009, comparable system-wide bakery-cafe sales increased 0.7 percent versus the same period last year.
These first quarter comparable sales results were impacted positively by approximately 0.5 percent from the shift of the Easter holiday from the first quarter of fiscal 2008 to the second quarter of fiscal 2009.
Comps increased 0.3 percent for company-owned locations and 1.0 percent for franchise-operated bakery-cafes.
The comparable company-owned bakery-cafe sales growth included a transaction decline of 1.6 percent and average check growth of 1.9 percent. Average check growth in turn was comprised of retail price increases of 4 percent and negative mix impact of 2.1 percent.
Revenues for the quarter increased 5 percent to $321 million, up from $305 million reported for the same period last year.
Net income increased 40 percent to $17 million for the first quarter, which included the impact of a 1 cent per diluted share charge for the write-off of smallwares related to the rollout of new china. The results compare to net income of $12 million reported for the first quarter ended March 25, 2008.
During the first quarter of fiscal 2009, the company and its franchisees opened 14 new bakery-cafes systemwide, resulting in 1,335 bakery-cafes open systemwide as of March 31.
Full year and Q2 outlook
The company's fiscal year 2009 target for comparable company-owned bakery-cafe sales growth is reaffirmed at 0.5 percent to 2.5 percent; however, the company has adjusted its view regarding the components that make up this target.
Consistent with the trend the company saw in the first quarter of fiscal 2009 the company is revising its outlook for the components of its fiscal 2009 comparable bakery-cafe sales growth target to transaction decline of negative 1.5 percent to 0.5 percent, and average check growth of 2 percent to 3 percent.
For the second quarter of fiscal 2009, the company expects a bakery-cafe sales decline of negative 1 percent to flat, consisting of transaction declines of between negative 2 percent to 1 percent, and average check growth of approximately 1 percent. Both the comparable bakery-cafe sales and the transaction targets assume 0.5 percent of negative impact from the Easter shift.
The company is targeting approximately 10 to 14 systemwide new unit openings in the second quarter of fiscal 2009.
