Panera Bread (PNRA) Posts Q3 EPS of $1.46; Cuts FY14 EPS Outlook

Panera Bread (NASDAQ: PNRA) reported Q3 EPS of $1.46, which may not compare with the analyst estimate of $1.42. Revenue for the quarter came in at $619.89 million versus the consensus estimate of $620.4 million.

The fiscal Q3 2014 results include favorable tax adjustments of $2.3 million, or $0.08 per diluted share, which were anticipated in the diluted EPS target for fiscal Q3 2014.

Comparable Net Bakery-Cafe Sales Growth

In fiscal Q3 2014, on a calendar basis, Company-owned comparable net bakery-cafe sales increased 2.1%, franchise-operated comparable net bakery-cafe sales increased 0.7%, and system-wide comparable net bakery-cafe sales increased 1.4% compared to the same period in fiscal 2013.

The Company-owned comparable net bakery-cafe sales increase of 2.1% on a calendar basis in fiscal Q3 2014 was comprised of year-over-year transaction growth of 1.4% and average check growth of 0.7%.

For the first 27 days of fiscal Q4 2014, Company-owned comparable net bakery-cafe sales growth on a calendar basis was approximately 3.3%.

The Company believes that the calendar basis comparison better reflects the performance of the business as it eliminates the impact of the extra week in fiscal 2013 and compares consistent calendar weeks. Note that on a fiscal basis, Company-owned comparable net bakery-cafe sales for fiscal Q3 2014 increased 2.4%. A schedule of comparable net bakery-cafe sales information is attached to this release as Schedule III.

Panera Bread sees FY2014 EPS of $6.60-$6.70, versus prior guidance of $6.65-$6.8 and the consensus of $6.7.

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

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