Panera Bread Co. (PNRA: Quote) reported first-quarter net income of $41.18 million, or $1.40 per share, up from $32.77 million, or $1.09 per share in the year ago quarter.
Total revenue for the quarter increased to $498.58 million from $422.10 million in the same quarter last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.35 per share on revenues of $500.76 million for the quarter. Analysts' estimates typically exclude special items.
In the first quarter of fiscal 2012, Company-owned comparable net bakery-cafe sales increased 7.5%, franchise-operated comparable net bakery-cafe sales increased 5.2%, and system-wide comparable net bakery-cafe sales increased 6.3% compared to the comparable period in fiscal 2011.
For the second quarter of fiscal 2012, the Company targets earnings per share of $1.40 to $1.43 versus $1.18 per share in the second quarter of fiscal 2011. Analysts expect the company to report earnings of $1.40 per share for the second-quarter.
The range for the Company's second quarter of fiscal 2012 Company-owned comparable net bakery-cafe sales growth over the comparable period in fiscal 2011 is targeted at 4.5% to 5.5%.
The company now expects fiscal 2012 earnings per share of $5.58 to $5.63, compared to prior outlook of $5.50 to $5.55 per share. Analysts expect the company to report earnings of $5.61 per share for fiscal 2012.
The Company now expects to be at the high-end of its previously targeted comparable net bakery-cafe sales growth range of 4.5% to 5.5% for fiscal 2012.
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by RTT Staff Writer
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