Tallahassee, FL 10/26/2011 (PennyPayDay) --Last month, Panera Bread Company (NASDAQ: PNRA) was named one of the favorites among consumers in an annual survey of quick-service restaurants. On Tuesday, it became the latest quick service restaurant to report healthy revenue and comparable sales gains this earnings season. Panera, better known locally as St. Louis Bread Co., reported a profit of $28.8 million in the third quarter, up 27 percent from $22.8 million a year earlier, as the restaurant chain continued to perform better than other eateries. Total revenue for the quarter ended Sept. 27 rose 22 percent to $453.1 million, compared with $372 million in the prior-year third quarter. Comparable bakery-cafe sales increased 4 percent in the third quarter compared to the same period in fiscal 2010. The company’s margins also got a solid boost from price increases that were not enough to deter customers from the company’s fresh baked menu offerings.
CEO Bill Moreton commented, “We are very pleased with both our strong 6.0% comparable store sales growth and our 29% earnings growth in the third quarter. We have now been able to grow our earnings per share at a rate of 20% plus for 13 out of the last 14 quarters. We continue to believe that our consistent performance has been driven by the investments that we have made in the quality of our food, people and customer experience to drive competitive differentiation. We have also been able to deploy a meaningful amount of our excess cash to drive earnings growth and shareholder returns through high ROI acquisitions and share repurchases. We look forward to another strong year in 2012 with our earnings target falling within our long-term target range of 15-20% annual earnings growth."
The company opened eight new bakery-cafes and its franchisees opened 17 new bakery-cafes in the most recent quarter. As a result, there were 1,504 bakery-cafes open system-wide as of Sept. 27. In 2012, it plans to open about 110 new bakery cafes, on par with 2011's growth figures. The stock is up 15%, year-to-date.
Panera Bread’s stock is up 15% year-to-date. The bakery/coffee chop chain topped third-quarter analyst earnings and revenue forecasts. It lifted fourth-quarter and full-year 2012 guidance above expectations. It is currently trading up 15.5% at $133.67 per share, near its 52 week high of $138.58.
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