News

Panera net up 15 percent in Q3

October 21, 2008

ST. LOUIS — Comparable-store sales at Panera Bread increased 3 percent in company-owned stores and 3.5 percent in franchised stores for the quarter ended Sept. 23, the company announced. For the year to date, comps are up 4.3 percent for company-owned stores and 3.4 percent for franchised stores.

Revenues for the quarter were $315.2 million, up 15 percent compared with revenues of $273.2 million for the 2007 third quarter. Year-to-date revenues were $941 million, up 23 percent compared with revenues of $765.8 million for the same period in 2007.

Net income for the quarter was $13.7 million, up 15 percent compared with net income of $11.9 million for the 2007 third quarter. Year-to-date net income was $41.9 million, up 6 percent compared with net income of $39.6 million for the first nine months of 2007.

So far this year, Panera has opened 70 restaurants, consisting of 27 company owned and 43 franchised stores.

Panera is now projecting fourth-quarter comps for company-owned stores to be between 1 and 3 percent, lower than previous estimates. The company continues to forecast new unit average weekly sales in the range of $36,000 to $38,000 for the fourth quarter and expects to finish the year having opened approximately 100 new restaurants.