Panera profit matches view, shares tumble

LOS ANGELES (Reuters) - Panera Bread Co (PNRA.O) first quarter earnings rose 40 percent, matching expectations, and the company forecast second-quarter earnings would increase 19 percent to 27 percent.

Stock of the sandwich shop and bakery company fell 7 percent in after-hours trading.

The results landed after other restaurant chains, including P.F. Chang's (PFCB.O), Cheesecake Factory (CAKE.O), Chili's owner Brinker International (EAT.N) and Applebee's parent DineEquity Inc (DIN.N), saw shares jump after their results topped analysts' estimates, helped in part by cost cuts.

St. Louis-based Panera, which owns or franchises 1,335 bakery-cafes under the Panera Bread and Saint Louis Bread Co names, said first-quarter net income rose to $17.4 million, or 57 cents per share, from $12.4 million, or 41 cents per share a year ago.

Analysts, on average, were expecting a profit of 57 cents per share, according to Reuters Estimates.

Total revenue rose 5 percent to $320.7 million.

System-wide sales at restaurants open at least 18 months rose 0.7 percent. Same-store sales rose 0.3 percent at company owned bakery-cafes and were up 1 percent at franchise-operated outlets.

The company forecast second-quarter earnings of 62 cents to 66 cents, representing a year-on-year increase of 19 percent to 27 percent, and repeated its call for 2009 earnings of $2.55 to $2.71 per share.

The company will hold a conference call with analysts on Wednesday morning.

Shares of Panera fell to $58.25 in extended trade from their Nasdaq close of $62.93.

(Reporting by Lisa Baertlein; editing by Carol Bishopric)