Contact: Steve West, Vice President of Investor Relations
Panera Bread Company Reports Q1 2016 Results; Company-owned Comparable Net Bakery-Cafe Sales Increased 6.2%
St. Louis, MO, April 26, 2016 - Panera Bread Company (NASDAQ: PNRA) today reported financial results for fiscal Q1 2016.
- Q1 2016 Company-owned comparable net bakery-cafe sales up 6.2%
- Q1 2016 EPS growth of 21% on a reported basis; 11%, excluding one-time items
- Company raises FY 2016 comparable net bakery-cafe sales target to 4.0% to 5.0%
- Company raises FY 2016 EPS target, excluding one-time items, to $6.50 to $6.70, up 5% to 8%
Ron Shaich, Chairman and CEO, commented, "By any measure, we are pleased with our first quarter results. Our growth in same-store sales and transactions was the best we generated in four years and we outperformed the Black Box all-industry composite by the widest margin we have ever recorded. In addition, in the quarter, our earnings per share grew by 21% and, when excluding one-time items, earnings per share grew by 11%. These results make us ever-more confident in our strategy. As a result, today, we are raising our full-year 2016 targets for same-store sales growth and earnings per share. More importantly, as our initiatives roll out and mature, we can clearly see the potential that they represent for sustained earnings expansion at Panera."
Fiscal Q1 2016 Results and Business Review
Reported net income for fiscal Q1 2016 was $35 million, or $1.45 per diluted share, or up 21% when compared to reported net income for fiscal Q1 2015 of $32 million, or $1.20 per diluted share. Excluding one-time items in both quarters (see table below), diluted EPS was $1.56 for fiscal Q1 2016 and $1.41 for fiscal Q1 2015, or up 11%. A reconciliation of GAAP and non-GAAP information is attached to this release as Schedule IV.
The Company's fiscal Q1 2016 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 to the Company's refranchising initiative and an amount reserved for a legal matter, and net income and diluted EPS, as reported:
The following information was filed by Panera Bread Co (PNRA) on Tuesday, April 26, 2016 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.
View differences made from one quarter to another to evaluate Panera Bread Co's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Panera Bread Co.