Panera Bread (PNRA) Tops Q3 EPS by 3c; Raises Outlook

October 25, 2016 4:04 PM EDT

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Panera Bread (NASDAQ: PNRA) reported Q3 EPS of $1.37, $0.03 better than the analyst estimate of $1.34. Revenue for the quarter came in at $684.2 million versus the consensus estimate of $680.5 million.

Q3 2016 Company-owned comparable net bakery-cafe sales up 3.4%, up 7.2% on a two-year basis

GUIDANCE:

Panera Bread sees FY2016 EPS of $6.67-$6.72, versus the consensus of $6.68.

Ron Shaich, Chairman and CEO, commented, “Many years ago we foresaw the forces reshaping the restaurant industry and conceived a strategic plan to capitalize on them. Recognizing the potential of digital, we built Panera 2.0, a comprehensive guest experience platform enabled by digital. Recognizing the increasingly omni-channel nature of commerce, we accelerated our growth of catering, delivery, Rapid Pick-Up and Panera at Home. Recognizing the changing nature of competition, we enabled innovation in food, marketing, operations and design. Consistent with that intent, we saw the growing importance of wellness and doubled down on our commitments to transparency, clean food and having a positive impact on the food system. Further, we recognized the power of loyalty and created a program that is now the industry’s largest and arguably most impactful. While others in the industry are just now recognizing and beginning to tap into these themes, I am pleased to say that Panera is years ahead in our efforts and we believe we are well-positioned for long-term success.”

Shaich continued, “The power of our multi-year strategic plan and the impact of our initiatives to transform Panera into a better competitive alternative with expanded runways for growth becomes clearer each quarter. Despite an industry slowdown, our Q3 comps rose 3.4% and our two-year comps were up 7.2%. What’s more, our year-over-year growth in GAAP EPS was up 8%. With peak investments and significant scale behind us, our pace is quickening as we focus on completing the rollout of these initiatives and reaping the benefits. That’s why we are confident our efforts will translate into industry-leading comps and sustainable double-digit earnings growth in 2017.”

For earnings history and earnings-related data on Panera Bread (PNRA) click here.



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