July 29 Panera Bread Co on Tuesday
reported a 4 percent decline in quarterly profit as it works to
speed up service at its popular bakery cafes.
Net income fell to $49.2 million, or $1.82 per share, for
the second quarter that ended on July 1. Panera earned $51.0
million, or $1.74 per share, in the year-ago quarter, when the
company had more shares outstanding.
Sales at company-owned bakery cafes open at least 18 months
inched up 0.1 percent in the latest quarter, missing the 1.6
percent rise analysts had expected, according to Consensus
Panera said those sales were up about 2 percent for the
first 27 days of the current third quarter.
The fast-growing chain until recently was an investor
favorite for its ability to keep increasing restaurant sales
despite the sluggish U.S. economic recovery. That run ended last
autumn, when Panera said that it was experiencing "operational
friction" that limited its ability to squeeze more sales from
(Reporting by Lisa Baertlein in Los Angeles; Editing by James