ST. LOUIS, MO
Panera Bread has released its Q3 2013 earnings report, announcing a net income of $43 million, or $1.48 per diluted share, for the fiscal third quarter which ended September 24, 2013. Total revenue rose 8% to $572.5 million from $529.3 million last year.
Some of the highlights from the report include favorable tax-related adjustments of $0.13 per diluted share and diluted EPS of $1.35, net of favorable tax-related adjustments during Q3 2013. Consequently, the company lowered its forecast for fourth-quarter earnings to a range of $1.91 to $1.97 per share, versus $2.05 to $2.11 per share previously. For FY 2013, EPS target range narrowed to $6.77 to $6.83, up 15% to 16% versus FY 2012.
Although Reuters reports that this is a smaller-than-expected gain in quarterly sales, Panera’s new restaurants are generating sales volumes that are highest in company history. Chief Executive Ron Shaich said the chain is experiencing “operational friction” that is limiting its ability to squeeze out higher sales. “We are taking a number of deliberate steps to improve our operational capabilities and our competitive position,” said Shaich in a statement.
