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Panera quarterly restaurant sales miss Wall Street target
July 23, 2013 / 8:18 PM / 4 years ago

Panera quarterly restaurant sales miss Wall Street target

July 23 (Reuters) - Panera Bread Co reported higher quarterly profits on Tuesday, but its shares fell almost 5 percent as sales at established company-owned restaurants rose less than expected.

Panera’s net income grew to $51.0 million, or $1.74 per share, in the second quarter that ended June 25, from $44.1 million, or $1.50 per share, a year earlier.

Sales at company-owned bakery cafes open at least 18 months were up 3.8 percent, compared with analysts’ estimate for a 4.5 percent rise, according to Consensus Metrix.

Shares in Panera were down $8.40 to $173.59 in after-hours trading.

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