Panera Bread Co. reported a 4-percent decline in net income for the second quarter and downgraded its outlook for the year. Ron Shaich, Panera’s chair and chief executive, said the chain is making progress toward its goal of increasing transactions. During the quarter, transactions rose 0.4 percent at company-owned bakery-cafes. “This gives us confidence in the potency of our plan,” Shaich said in a statement. “While our average check declined modestly in the second ...

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