Panera Bread (NASDAQ: PNRA) reported Q3 EPS of $1.32, $0.01 better than the analyst estimate of $1.31. Revenue for the quarter came in at $665 million versus the consensus estimate of $666.98 million.

Q3 2015 Company-owned comparable net bakery-cafe sales growth continued to accelerate, up 3.8% on a one-year basis and 5.9% on a two-year basis

Full Year Fiscal 2015 Outlook

Comparable Net Bakery-Cafe Sales Growth

The Company today is reiterating its Company-owned comparable net bakery-cafe sales growth target for fiscal 2015 at 2.0% to 3.5%.

Panera 2.0 Conversions

The Company continues to target the conversion of approximately 300 Company-owned bakery-cafes to Panera 2.0 during fiscal 2015, two-thirds of which are occurring in the second half of the fiscal year.

Operating Margin

For fiscal 2015, the Company continues to target 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

The Company continues to target 105 to 115 system-wide new bakery-cafe openings in fiscal 2015. The average weekly net sales performance for new Company-owned bakery-cafes is now expected to be at the high-end of the previously provided targeted range of $43,000 to $45,000 for fiscal 2015.

Diluted EPS

The Company today is reiterating 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.

Fiscal Q4 2015 Outlook

Comparable Net Bakery-Cafe Sales Growth

The Company is today setting a target for fiscal Q4 2015 Company-owned comparable net bakery-cafe sales growth towards the midpoint of the full-year range of 2.0% to 3.5%. The Company announced today that Company-owned comparable net bakery-cafe sales in the first 27 days of fiscal Q4 2015 were up 3.4% and were up 6.7% on a two-year basis.

Panera 2.0 Conversions

The Company expects the conversion of approximately 100 Company-owned bakery-cafes to Panera 2.0 during fiscal Q4 2015, on top of the 108 conversions completed during fiscal Q3 2015.

Diluted EPS

The Company is today setting a target for fiscal Q4 2015 diluted earnings per share growth of down mid-single digits when compared to fiscal Q4 2014, excluding charges in fiscal Q4 2015 for the Company's refranchising initiative and certain items for fiscal Q4 2014, as disclosed in our fiscal Q4 2014 earnings release.

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