Panera Bread Earnings Beat Estimates, Raises Outlook

Panera Bread Co. shares are up 1.8% in after-hours trading Tuesday, after the company reported first-quarter earnings that beat estimates and raised its full-year earnings outlook. The fast-casual chain said it had net income of $35 million, or $1.45 per share, up 21% from $32 million, or $1.20 per share for the same period last year. Adjusted earnings were $1.56 per share, exceeding the FactSet consensus of $1.51. Sales for the quarter totaled $685.2 million, up from $648.5 million and above the $674 million FactSet consensus. Same-store sales for all Panera restaurants was up 4.7%, while same-store sales for company-owned restaurants was up 6.2%. Franchise-operated restaurants saw same-store sales increase 3.3%. Panera raised its full-year earnings outlook to between $6.50 and $6.70 per share from between $6.33 and $6.52. It also raised the same-store sales outlook for its company-owned stores to between 4% and 5% from between 3.5% and 4.5%. Panera Bread shares are up 15.3% for the past year while the S&P 500 is down 1.2% for the same period.