Shares of Panera Bread Co. rose nearly 2% late Tuesday after the fast-casual restaurant chain reported adjusted fourth-quarter earnings above expectations and revenue that met expectations. Panera said it earned $44 million, or $1.92 a share, in the quarter, compared with $1.74 a share on net income of $43 million in the year-ago quarter. Adjusted for one-time items, Panera earned $2.05 a share, compared with $1.88 a share a year ago. Sales rose to $727 million, up from $692 million in the fourth quarter of 2015. Analysts polled by FactSet had expected adjusted earnings of $2 a share on sales of $727 million. Panera stock ended the regular trading day down 0.6%.
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