Panera Bread Co (PNRA) Tops Q1 EPS by 3c, Updates Outlook

Panera Bread Co (NASDAQ: PNRA) reported Q1 EPS of $1.55, $0.03 better than the analyst estimate of $1.52. Revenue for the quarter came in at $605.34 million versus the consensus estimate of $598.07 million.

Panera Bread Co sees Q2 2014 EPS of $1.70-$1.76, versus the consensus of $1.86.

Panera Bread Co sees FY2014 EPS of $6.80-$7.00, versus prior guidance of $6.8-$7.05 and the consensus of $6.93.

Fiscal Q2 2014 Outlook

The Company is targeting fiscal Q2 2014 diluted earnings per share of $1.70 to $1.76, which would represent a range of a decrease of 2% to an increase of 1% in fiscal Q2 2014 versus the comparable period in fiscal 2013. The Company is announcing today that Company-owned comparable net bakery-cafe sales growth on a calendar basis in the first 27 days of fiscal Q2 2014 were approximately 0.4%. The Company estimates the shift of the Easter holiday from calendar Q1 2013 to calendar Q2 2014 negatively impacted the comparable sales results for the first 27 days by approximately 150 basis points.

Updated Fiscal Full Year 2014 Outlook

Diluted EPS

The Company is today narrowing its target range for fiscal 2014 earnings per diluted share to $6.80 to $7.00. This range assumes the Company will continue to make investments in key initiatives consistent with its strategic plan throughout fiscal 2014. This range also includes the Company's expectation that it will continue to repurchase shares consistently throughout the year but likely at lower targeted amounts compared to fiscal 2013.

This full year fiscal 2014 diluted earnings per share target range is based on the following key assumptions:

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

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