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Panera reports 1Q earnings
April 25, 2007
ST. LOUIS—Panera Bread Company reported April 24 that same-store sales remained flat for the first quarter ended March 27, 2007. Comps at company-owned stores for 1Q '07 decreased 0.6 percent, while comps at franchise-owned locations stood at 0.2 percent.
Revenues for the period increased 24 percent to $240 million for the quarter, up from $194 million in the first quarter of 2006.
Bakery-cafe sales accounted for $197 million of consolidated revenues while franchise royalties and fees and fresh dough sales to franchisees accounted for $43 million of consolidated revenues for the first quarter of 2007.
During the first quarter of 2007, 31 new bakery-cafes were opened (14 Company-owned and 17 franchise-operated), 4 bakery-cafes were acquired by the company from a franchisee, and one company-owned bakery-cafe was closed. Additionally, on February 1, 2007, the company purchased 51 percent of the outstanding stock of Paradise Bakery and Café, resulting in the acquisition of 23 company-owned locations including 22 bakery-cafes and one commissary, and 23 franchise-operated locations including 22 bakery-cafes and one commissary.
Panera estimates that its comparable bakery-cafe sales in the first quarter were lower than expected by approximately 1.0 percent due to extreme weather experienced in its core markets.
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