Panera Bread Q1 Profit Decreases - Quick Facts

(RTTNews) - Panera Bread Company (PNRA) reported first-quarter net income of $31.9 million or $1.20 per share, compared to $42.4 million or $1.55 per share, prior year. Net income, excluding refranchising loss, was $37.4 million or $1.41 per share, for the quarter.

On average, 26 analysts polled by Thomson Reuters expected the company to report profit per share of $1.44 for the quarter. Analysts' estimates typically exclude special items.

Revenue increased to $640.50 million from $605.34 million last year. Analysts expected revenue of $658.62 million for the quarter.

Company-owned comparable net bakery-cafe sales increased 1.5%, franchise-operated comparable net bakery-cafe sales decreased 0.1%, and system-wide comparable net bakery-cafe sales increased 0.7%.

Panera Bread announced that company-owned comparable net bakery-cafe sales in the first 27 days of fiscal second quarter were up 2.0%.

The company reiterated its full year fiscal 2015 earnings per share growth target of flat to down mid- to high-single digits when compared to full year fiscal 2014, excluding charges in fiscal 2015 for the company's refranchising initiative and certain items for full year fiscal 2014. The company reiterated its targeted range for fiscal 2015 company-owned comparable net bakery-cafe sales growth of 2.0% to 3.5%.