Panera Bread (PNRA) Tops Q1 EPS by 6c; Raises Outlook

Panera Bread (NASDAQ: PNRA) reported Q1 EPS of $1.56, $0.06 better than the analyst estimate of $1.50. Revenue for the quarter came in at $685.1 million versus the consensus estimate of $674.12 million. Q1 2016 Company-owned comparable net bakery-cafe sales up 6.2%

GUIDANCE:

Panera Bread sees FY2016 EPS of $6.50-$6.70, versus the consensus of $6.55. Company raises FY 2016 comparable net bakery-cafe sales target to 4.0% to 5.0%

Ron Shaich, Chairman and CEO, commented, "By any measure, we are pleased with our first quarter results. Our growth in same-store sales and transactions was the best we generated in four years and we outperformed the Black Box all-industry composite by the widest margin we have ever recorded. In addition, in the quarter, our earnings per share grew by 21% and, when excluding one-time items, earnings per share grew by 11%. These results make us ever-more confident in our strategy. As a result, today, we are raising our full-year 2016 targets for same-store sales growth and earnings per share. More importantly, as our initiatives roll out and mature, we can clearly see the potential that they represent for sustained earnings expansion at Panera."

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

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