Contact: Steve West, Vice President of Investor Relations
Panera Bread Company Reports Q2 2016 Results; Company-owned Comparable Net Bakery-Cafe Sales Increased 4.2%; Raises Mid-Point of FY 2016 Non-GAAP EPS Target
St. Louis, MO, July 26, 2016 - Panera Bread Company (NASDAQ: PNRA) today reported financial results for fiscal Q2 2016.
- Q2 2016 Company-owned comparable net bakery-cafe sales up 4.2%, up 6.6% on a two-year basis
- Q3 2016 (first 27 days) Company-owned comparable net bakery-cafe sales up 3.1%, up 7.8% on a two-year basis
- Q2 2016 GAAP Diluted EPS of $1.46, down 9%
- Q2 2016 Non-GAAP Diluted EPS (excluding refranchising charges) of $1.78, up 11%
- Company raises mid-point of FY 2016 Non-GAAP EPS target; full year Non-GAAP Diluted EPS target range is now $6.60 to $6.70, up 6% to 8%
- Company agrees to sell and refranchise Company-owned bakery-cafes in Canada
Ron Shaich, Chairman and CEO, commented, “Our strong Q2 results reinforce the fact that our strategy is working and our initiatives are performing. Panera is becoming a better competitive alternative with expanded runways for growth. At a time when other restaurant companies are feeling the impact of a slowing consumer environment, we are maintaining our momentum. One-year comps of 4.2% and two-year comps of 6.6% speak to the traction at Panera. As well, that momentum can be seen in the year-over-year growth in Q2 non-GAAP EPS, which excludes refranchising charges, which was up 11%. Most importantly, as our initiatives rollout, we can, with the benefit of significantly more robust and mature data, now more clearly see the potential that those initiatives represent for sustained earnings growth at Panera."
Fiscal Q2 2016 Results and Business Review
GAAP net income for fiscal Q2 2016 was $35 million, or $1.46 per diluted share, or down 9% when compared to GAAP net income for fiscal Q2 2015 of $42 million, or $1.60 per diluted share.
Excluding refranchising charges in both quarters (see table below), non-GAAP diluted EPS was $1.78 for fiscal Q2 2016 and $1.61 for fiscal Q2 2015, up 11%. A reconciliation of GAAP and non-GAAP information and the reasons why the Company uses non-GAAP financial measures is attached to this release as Schedule IV. The Company's fiscal Q2 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
The following information was filed by Panera Bread Co (PNRA) on Tuesday, July 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.