Panera Bread (PNRA) Misses Q1 EPS by 3c; Comps Rose 0.7%

Panera Bread (NASDAQ: PNRA) reported Q1 EPS of $1.41, $0.03 worse than the analyst estimate of $1.44. Revenue for the quarter came in at $649 million versus the consensus estimate of $659.33 million.

In fiscal Q1 2015, 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% compared to the same period in fiscal 2014.

The Company-owned comparable net bakery-cafe sales increase of 1.5% in fiscal Q1 2015 was comprised of year-over-year transaction growth of 0.1% and average check growth of 1.4%. A schedule of comparable net bakery-cafe sales information is attached to this release as Schedule III.

Q2 Outlook:

The Company announced today that Company-owned comparable net bakery-cafe sales in the first 27 days of fiscal Q2 2015 were up 2.0%.

Full Year Fiscal 2015 Outlook

Diluted EPS

The Company today reiterated its full year fiscal 2015 diluted 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 as disclosed in our fiscal Q4 2014 earnings release.

Comparable Net Bakery-Cafe Sales Growth

The Company reiterated its targeted range for fiscal 2015 Company-owned comparable net bakery-cafe sales growth of 2.0% to 3.5%.

Operating Margin

For fiscal 2015, the Company continues to expect operating margin will be down 100 to 175 basis points when compared to fiscal 2014, excluding the impact of charges related to the Company's refranchising initiative.

New Bakery-Cafe Development and Panera 2.0 Conversions

The Company continues to expect 105 to 115 system-wide new bakery-cafe openings in fiscal 2015 and is maintaining its average weekly net sales performance target for new Company-owned bakery-cafes of $43,000 to $45,000. The Company also continues to expect the conversion of approximately 300 Company-owned bakery-cafes to Panera 2.0 during fiscal 2015.

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

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