News

Panera reports Q4 earnings

February 19, 2014

Panera Bread Company reported Tuesday a net income of $54 million, or $1.96 per diluted share, for the 14 weeks ended Dec. 31. The fourth quarter fiscal 2013 results compare to net income of $52 million, or $1.75 per diluted share, for nearly the same period in 2012, representing a 12 percent year-over-year increase in diluted earnings per share, according to a company press release.

Q4 2013 highlights included:

• Revenues increased 16 percent to $662 million.
• Company-owned comparable net bakery-cafe sales up 1.7 percent.
• FY 2013 System-wide bakery-cafe AWS record $47,403 (sixth consecutive annual increase).
• During FY 2013, 133 new bakery-cafes opened system-wide.
• Deployed $139 million of capital for share repurchases in Q4.
• Deployed $332 million of capital for share repurchases in FY 2013.
• And Q1 2014 EPS target of $1.49 to $1.55.

Full Year Fiscal 2014 Outlook

Panera is targeting full year fiscal 2014 diluted earnings per share of $6.80 to $7.05, representing an increase of 5 to 8 percent over fiscal 2013, according to the release.

First Quarter Fiscal 2014 Outlook

The company is targeting diluted earnings per share of $1.49 to $1.55 in the first quarter fiscal 2014 versus the comparable period in fiscal 2013, said Ron Shaich, chairman and CEO.

"We are executing on our strategic plan to enhance our customers' experience. We are convinced that these investments will enable us to better meet our customers' ever-evolving needs. While we expect these investments will result in modest earnings growth in the near term, we believe they will lead to expanded transactions, comparable store sales, and ultimately earnings growth, well into the future."