April 23 (Reuters) - Panera Bread Co on Tuesday reported a higher first quarter profit, but earnings missed Wall Street’s estimate, and its shares fell 6.1 percent.
Shares of one of the restaurant industry’s top performers dropped $10.94 to $169.50 in extended trading. Earlier this month, the stock hit an all-time high above $184.
Panera also said that Chairman and Co-Chief Executive Officer Ron Shaich will once again serve as the company’s sole CEO starting on Aug. 1, as President and Co-CEO Bill Moreton plans to transition to an executive vice chairman role in order to spend more time on a family matter.
Panera’s net income rose to $48.1 million, or $1.64 per share, in the first quarter, which ended March 26, from $41.2 million, or $1.40 per share, a year earlier.
Excluding a 5-cent per share benefit from the resolution of legal and tax matters, the company earned $1.59 per share, missing analysts’ average forecast for a profit of $1.65 per share, according to Thomson Reuters I/B/E/S.
Revenue rose 12.7 percent in the quarter to $561.8 million, missing analysts’ average forecast of $566.1 million.
Same-restaurant sales for both company and franchised Panera units were up 3.3 percent, below the 4.2 percent increase expected by 25 analysts polled by Consensus Metrix.
Panera said sales at its owned established restaurants were up 5 percent so far in April.