Contact: Steve West, Vice President of Investor Relations
Panera Bread Company Reports Q3 2015 Diluted EPS of $1.32, Excluding One-Time Items
St. Louis, MO, October 27, 2015 - Panera Bread Company (NASDAQ: PNRA) today reported financial results for fiscal Q3 2015.
- Q3 2015 Revenue increased 7% to $665 million
- Q3 2015 Company-owned comparable net bakery-cafe sales growth continued to accelerate, up 3.8% on a one-year basis and 5.9% on a two-year basis
- Q4 2015 (first 27 days) Company-owned comparable net bakery-cafe sales up 3.4% on a one-year basis and 6.7% on a two-year basis
- 108 bakery-cafes converted to Panera 2.0 during Q3 2015
- Company reaffirms full-year targets
Ron Shaich, Chairman and CEO, noted, "Our strategic plan to generate increased shareholder value by making Panera a better competitive alternative with runways for expanded growth is working. Leading sales indicators are showing just that. Company comp-store sales growth continues to accelerate, rising 3.8% in Q3 and 3.4% for the first 27 days of Q4."
Shaich continued, "We are particularly pleased with these results in light of the slowing sales reported across the industry in October. Q3 represented our best performance in nine quarters. Panera’s Q3 comps outperformed the industry by 229 bps when measured against the Black Box all-industry composite, the largest differential we’ve seen in 2 years."
Shaich concluded, "Our initiatives to expand into several $1 billion-plus adjacent businesses, including catering, delivery and consumer-packaged goods, are also gaining traction. Despite the high level of pressure on our near-term earnings related to the startup and transition costs associated with our strategic initiatives, the progress we see gives us increased confidence in our strategic plan and its ability to drive expanded earnings growth well into the future."
Fiscal Q3 2015 Results and Business Review
Net income was $32 million, or $1.27 per diluted share, for fiscal Q3 2015. Diluted EPS for fiscal Q3 2015 was $1.32 or down 4%, excluding charges recorded in fiscal Q3 2015 related to the Company's previously announced refranchising initiative of $0.05 per diluted share, and excluding the $0.08 per diluted share benefit in fiscal Q3 2014 from favorable tax adjustments. The fiscal Q3 2015 results compare to reported net income of $39 million, or $1.46 per diluted share, for fiscal Q3 2014. A reconciliation of GAAP and non-GAAP information is attached to this release as Schedule IV. The Company's fiscal Q3 2015 consolidated statements of income and margin analyses are attached to this release as Schedule I. The following table sets forth, for the periods indicated, certain items included in the Company's consolidated statements of income (in thousands, except per share data and percentages), including net income and diluted EPS, excluding charges related
The following information was filed by Panera Bread Co (PNRA) on Tuesday, October 27, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.