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
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