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Panera 4Q net income falls 10.6%

Panera 4Q net income falls 10.6%

Company attributes decline to higher food costs, Panera 2.0 makeover

Panera Bread Co.’s net income fell 10.6 percent in the fourth quarter ended Dec. 31, as it spent more on food and its Panera 2.0 makeover, the company said Wednesday.

The St. Louis-based bakery-café operator said same-store sales rose 3 percent systemwide compared with the same period last year.

Panera chairman and CEO Ron Shaich said the transaction growth of 1.3 percent at company-owned units in the fourth quarter reflected its “sharpened focus on operations, food innovation and marketing innovation.”

“We also are beginning to see initial results from the structural enhancements we have been rolling out throughout 2014,” Shaich said in a statement. “These enhancements, including Panera 2.0, operational integrity and delivery hubs, are intended to upgrade our guest experience, improve throughput and accuracy, and allow us to grow, especially in the large-order delivery business.”

As of Dec. 30, the company owned and franchised 1,880 locations in 45 states, the District of Columbia and Ontario, Canada, under the Panera Bread, Saint Louis Bread Co. and Paradise Bakery & Café brands.
 

4Q NET INCOME

Result: $48.5 million, $1.82 per share
% Decrease: 10.6% (from $54.2 million, or $1.96 per share)

4Q REVENUE

Result: $672.5 million
% Increase: 1.7% (from $661.7 million)

4Q SAME-STORE SALES

% Increase systemwide: 3%


% Increase corporate: 3.3%


% Increase franchised: 2.7%


Source: Company report



FULL YEAR NET INCOME

Result: $179.3 million, $6.64 per share
% Decrease: 8.6% (from $196.2 million, or $6.81 per share)

FULL YEAR REVENUE

Result: $2.5 billion
% Increase: 6% (from $2.4 billion)

FULL YEAR SAME-STORE SALES

% Increase systemwide: 1.1%


% Increase corporate: 1.4%


% Increase franchised: 0.9%


Source: Company report



RELATED:
Panera 3Q net income falls 8.3%
Panera downgrades outlook after 2Q net income falls
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Contact Ron Ruggless at [email protected].
Follow him on Twitter: @RonRuggless

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