Panera Bread Co. on Monday said Roger C. Matthews Jr., its chief financial officer for a little more than a year, resigned.
The St. Louis, Mo.-based bakery-café operator said William W. Moreton, the company’s executive vice chairman, would assume the role of interim chief financial officer.
“To assist in the transition, Mr. Matthews will remain employed with the company until Aug. 31,” the company said in a Securities and Exchange Commission 8-K filing. His resignation is effective on Wednesday.
Matthews became Panera’s CFO March 18, 2013. He succeeded Patrick Kelly, who had been named interim CFO in April 2012, to replace Jeff Kip, who left in March 2012.
Moreton has served as the company’s executive vice chairman since August 2013 and as a board member since May 2010. Previously, he was Panera’s president and co-chief executive with Ron Shaich and served in a number of other executive roles since 1998.
Last week, Panera reported a 4-percent decline in net income for the July 1-ended second quarter, dipping to $49.2 million, or $1.82 a share, from $51 million, or $1.74 in the prior-year quarter. Revenue was up 7 percent, to $631 million from $589 million a year ago.
Same-store sales at domestic units in the quarter were flat systemwide.
Citing higher input costs and lower-than-expected increases in average check, Panera said restaurant same-store sales will likely be flat to an increase of 1.5 percent for the year — though company officials say initiatives underway, called “Panera 2.0,” are expected to grow transactions. Previous projections included a range of increases between 2 percent and 3.5 percent.
As of end of the second quarter, the company had 1,818 bakery-cafes in 45 states and Canada operating under the Panera Bread, Saint Louis Bread Co. or Paradise Bakery & Café names.
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