Panera Bread Shares Jump 5% As Earnings Top Views

By Claudia AssisMarketsMarketWatch Pulse

Shares of Panera Bread Co. rose more than 5% late Tuesday after the fast-casual restaurant chain reported third-quarter earnings above expectations and a rise in same-store sales. Panera said it earned $32 million, or $1.37 a share, in the quarter, compared with $32 million, or $1.27 a share, in the year-ago period. Adjusted for one-time items, Panera reported earnings of $1.37 a share, compared with $1.32 a year ago. Sales reached $684 million in the quarter, from $665 million a year ago. Analysts polled by Factset had expected adjusted earnings of $1.34 a share on sales of $680 million. Company-owned comparable-store sales were up 3.4% in the quarter, the company said. Panera also raised its expectations for full-year 2016 per-share profit to $6.67 to $6.72, up 7% to 8% from a previous estimate. Shares had ended the regular trading day down 2%.

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