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Last Update: 08-Feb-12 10:05 ET
Panera Down 4.6% Following Earnings/Guidance Results
Late yesterday, Panera (PNRA $152.77 -7.25) reported fourth quarter earnings of $1.42 per share, $0.01 better than the Capital IQ Consensus Estimate of $1.41; revenues rose 15.8% year/year to $495.8 mln vs the $498.94 mln consensus.
In the fourth quarter of fiscal 2011, Company-owned comparable net bakery-cafe sales increased 5.9%, franchise-operated comparable net bakery-cafe sales increased 3.2%, and system-wide comparable net bakery-cafe sales increased 4.4% compared to the comparable period in fiscal 2010. The Company-owned comparable net bakery-cafe sales increase of 5.9% in the fourth quarter of fiscal 2011 was comprised of year-over-year transaction growth of 0.2% and average check growth of 5.7%.
Average check growth was comprised of retail price increases of approximately 3.7% and positive mix impact of approximately 2.0%. A schedule of comparable net bakery-cafe sales information is attached as Schedule III.
For the first quarter, the company expects to see earnings of $1.33-1.35 vs. $1.28 Capital IQ Consensus Estimate. The range for the Company's first quarter of fiscal 2012 Company-owned comparable bakery-cafe sales growth is targeted at 7.0% to 7.5% versus the comparable period in 2011. In fiscal year 2012, the company expects earnings of $5.50-5.55 vs. $5.52 Capital IQ Consensus Estimate.
In the fourth quarter of fiscal 2011, Company-owned comparable net bakery-cafe sales increased 5.9%, franchise-operated comparable net bakery-cafe sales increased 3.2%, and system-wide comparable net bakery-cafe sales increased 4.4% compared to the comparable period in fiscal 2010. The Company-owned comparable net bakery-cafe sales increase of 5.9% in the fourth quarter of fiscal 2011 was comprised of year-over-year transaction growth of 0.2% and average check growth of 5.7%.
Average check growth was comprised of retail price increases of approximately 3.7% and positive mix impact of approximately 2.0%. A schedule of comparable net bakery-cafe sales information is attached as Schedule III.
For the first quarter, the company expects to see earnings of $1.33-1.35 vs. $1.28 Capital IQ Consensus Estimate. The range for the Company's first quarter of fiscal 2012 Company-owned comparable bakery-cafe sales growth is targeted at 7.0% to 7.5% versus the comparable period in 2011. In fiscal year 2012, the company expects earnings of $5.50-5.55 vs. $5.52 Capital IQ Consensus Estimate.
