News
Panera Bread FY 2009 net up 28%
February 11, 2010
Panera Bread Company has reported its company-owned same-store sales increased 7.4 percent for the fourth quarter ended Dec. 30, 2009.
Company-owned same-store sales on a calendar basis increased in each of the fiscal months of the fourth quarter of 2009, compared to the corresponding fiscal months in 2008 (6.8%, 6.1%, and 9.6%, for October, November, and December, respectively).
Franchise-operated comps in the fourth quarter of fiscal 2009 increased 6.4 percent on a calendar basis versus the same period last year. As a result, systemwide same-store sales in the fourth quarter increased 6.8 percent.
According to the company's earnings release, the company-owned comps increase included the following year-over-year components: transaction growth of 3.2 percent and average check growth of 4.2 percent. Average check growth in turn was comprised of retail price increases of approximately 2.0 percent and mix impact of approximately 2.2 percent.
On a fiscal basis, company-owned Q4 2009 comps increased 5.9 percent while franchise-operated same-store sales increased 5.1 percent, resulting in a systemwide same-store sales increase of 5.4 percent.
Revenue for the quarter increased 3 percent to $366.9 million, up from $357.8 million reported in the same period last year.
The company also reported net income of $30 million, or $0.95 per diluted share for the 2009 quarter, compared to net income of $26 million, or $0.84 per diluted share, for the same period last year. The increase represents a 16 percent year-over-year rise in net income (with one less week in 2009).
During the fourth quarter of fiscal 2009, the company and its franchisees opened 22 new bakery-cafes systemwide, resulting in 1,380 bakery-cafes open as of the end of the 2009 fiscal year.
Year-end
For the 52 weeks of the fiscal year ended Dec. 29, 2009, revenue increased 4 percent to $1.35 billion, up from $1.29 billion reported in the same period last year.
Net income increased 28 percent to $86 million, or $2.78 per diluted share, up from $67 million ,or $2.22 per diluted share, reported in Fiscal Year 2008.
For the first quarter of fiscal 2010 company-owned same-store sales growth is targeted at 8.0 percent to 9.0 percent versus the comparable period in fiscal 2009.
The company also said its company-owned comps in the first six weeks of fiscal 2010 were up approximately 8.4 percent versus the comparable period in fiscal 2009, while franchise-operated same-store sales were up approximately 9.0 percent during the same period.
The company also is targeting approximately 80 to 90 new unit openings in fiscal 2010.
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