Panera Bread Co. reported a 3.9-percent increase in systemwide same-store sales that helped it post income growth of 34 percent, according to the company’s second-quarter earnings report Tuesday.
The St. Louis-based bakery-café chain said income in the second quarter, ended June 28, was $35.7 million, compared to $26.7 million in the same period last year. Revenues were up 19 percent, rising to $451.1 million in the second quarter from $378.1 million in the previous year’s quarter.
Net store sales were up 4.4 percent at company-owned units and 3.6 percent at franchise locations, Panera said in an earnings release. At the end of the quarter, Panera had 703 company-owned units and 790 franchised locations.
Bill Moreton, Panera’s chief executive, said in a statement that “based on strong operating trends,” the company was raising its earnings per share guidance for the full year from 25 percent to 26 percent, or from $4.54 to $4.58 per share.
“Our sales in the second quarter were driven by strong transaction growth, fueled by our past and current investments in the quality of our food, operations and customer experience,” Moreton said.
“Looking forward into 2012, we believe that these investments have set us up for another strong year," he added.
During the second quarter of fiscal 2011, the company opened 13 new stores and franchisees opened 15 new units. Panera also completed the purchase of assets and some liabilities of its Milwaukee franchisee, which had 25 units.
Panera Bread Co. has 1,493 restaurants.
Contact Ron Ruggless at [email protected].
Follow him on Twitter at: @RonRuggless