Panera Bread Reports Q1 EPS of $0.82, Up 44% Over Q1 2009, on a 10.0% Company-Owned Comparable Bakery-Cafe Sales Increase
Panera Bread Company (NASDAQ: PNRA) today reported net income of $26 million, or $0.82 per diluted share, for the 13 weeks of the first quarter ended March 30, 2010.
HIGHLIGHTS
-- March 2010 Company-owned comparable bakery-cafe sales up 12.7%
-- April 2010 (27 days to date) Company-owned comparable bakery-cafe
sales up 10.3%
-- April 2010 (27 days to date) Franchise-operated comparable bakery-cafe
sales up 10.4%
-- Q1 2010 operating margin up 260 bps over Q1 2009
-- Q2 2010 EPS target at $0.81 to $0.83 (up 25% to 28% versus Q2 2009)
-- FY 2010 EPS target at $3.40 to $3.44 (up 22% to 24% versus FY 2009)
These results include no impact from share repurchases under the Company's $600 million share repurchase approval because the Company did not repurchase shares during the first quarter of fiscal 2010. The first quarter of fiscal 2010 results compare to net income of $17 million, or $0.57 per diluted share, for the 13 weeks of the first quarter ended March 31, 2009, and represent a 44% year-over-year increase in diluted earnings per share. This 44% year-over-year increase in the first quarter of fiscal 2010 diluted EPS comes on top of a 39% increase in year-over-year diluted EPS in the first quarter of fiscal 2009.
The Company's fiscal first quarter consolidated statements of operations and margin analysis are attached as Schedule I. The following tables set forth, for the periods indicated, certain items included in the Company's consolidated statements of operations (in thousands, except per share data and percentages):
