Key Developments For Panera Bread Co
Panera Bread Co (PNRA.O) (Nasdaq)
Panera Bread Company Reaffirms FY 2010 Earnings Outlook-Conference Call
Panera Bread Company announced that it is not changing its earnings targets for fiscal 2010. According to Reuters Estimates, analysts on an average are expecting the Company to report earnings per share (EPS) of $3.18 for the same period.
Panera Bread Company Announces Evolution In Leadership; Also Announces Share Repurchase Program
Panera Bread Company announced that Chief Executive Officer (CEO) Ron Shaich will become Executive Chairman of the Board at the adjournment of the Company's next annual meeting (expected to occur on May 13, 2010). The Company announced that Bill Moreton, the Company's Executive Vice President and co-Chief Operating Officer, will become President and CEO and a member of the Board of Directors effective at the adjournment of the Company's next annual meeting (expected to occur on May 13, 2010). The Company also announced that its Board of Directors had approved a three year share repurchase program of up to $600 million. The repurchases may commence as soon as November 20, 2009, and will be effected from time to time on the open market or in privately negotiated transactions and may make such repurchases under a Rule 10b5-1 Plan. The share repurchase program and the Board's authorization of the program may be modified, suspended, or discontinued at any time.
Panera Bread Company Issues Q4 2009 EPS Outlook In Line With Analysts' Estimates; Issues FY 2010 EPS Outlook Above Analysts' Estimates; Comments On Q4 2009 And FY 2010 Comparable Sales Outlook
Panera Bread Company announced that for the fourth quarter of 2009, it expects earnings per diluted share (EPS) of $0.85 to $0.87, net of $0.05 per diluted share of nonrecurring charges for expected asset retirement expenses during the fourth quarter. Fourth quarter 2009 Company-owned comparable bakery-cafe sales growth, when measured on a calendar basis, is targeted at 5.0% to 6.0%. Company-owned comparable bakery-cafe sales growth on a fiscal basis for the fourth quarter of 2009, when targeted utilizing the same assumptions underlying the comparable bakery-cafe sales growth on a calendar basis, are 3.5% to 4.5%. For fiscal 2010, the Company expects EPS of $3.05 to $3.15. The Company's fiscal 2010 target assumes Company-owned comparable bakery-cafe sales growth of 3.0% to 5.0%. According to Reuters Estimates, analysts on an average were expecting the Company to report EPS of $0.85 for the fourth quarter of 2009; EPS of $3.03 for fiscal 2010.
Panera Bread Company Issues Q3 2009 EPS Outlook In Line With Estimates; Narrows FY 2009 EPS Outlook To A Range In Line With Estimates; Comments On Q3, FY 2009 Comparable Bakery-Cafe Sales Outlook
Panera Bread Company announced that for the third quarter of 2009, it expects earnings per diluted share (EPS) of $0.55 to $0.59. The third quarter 2009 diluted EPS target includes the assumption of third quarter 2009 Company-owned comparable bakery-cafe sales growth of 2.5% to 3.5%, consisting of transaction growth of 1.5% to 2.5% and average check growth of approximately 1.0% (which in turn consists of an approximately 2.25% year-over-year price increase and negative mix impact of approximately (1.25)%). The Company tightened its EPS target for fiscal 2009 to $2.60 to $2.68 per diluted share. The sequentially improving Company-owned comparable bakery-cafe sales growth has provided management with the confidence to raise the bottom end of its previously disclosed fiscal 2009 diluted EPS target to $2.60 from $2.55 per diluted share while modestly raising the midpoint of its previously communicated full year diluted EPS target to $2.64. The fiscal 2009 diluted EPS target includes the following updated assumption of fiscal 2009 target for Company-owned comparable bakery-cafe sales has been updated to a range of 1.25% to 2.0% growth to reflect the continued trend of stronger than expected transactions while absorbing year-over-year softness in the catering business. According to Reuters Estimates, analysts on an average were expecting the Company to report EPS of $2.63 for fiscal 2009; and EPS of $0.57 for the third quarter of 2009.
Panera Bread Company Reaffirms FY 2009 EPS Guidance; Issues Q2 2009 EPS Guidance In Line With Analysts' Estimates; Comments On Q2, FY 2009 Comparable Sales Guidance
Panera Bread Company reaffirmed earnings per diluted share (EPS) target for fiscal 2009 at $2.55 to $2.71 per diluted share, compared to earnings per diluted share of $2.22 in fiscal 2008. If the Company meets its target, it would generate diluted earnings per share growth of 15% to 22% in fiscal 2009. The Company's fiscal 2009 target for comparable Company-owned bakery-cafe sales growth is reaffirmed at 0.5% to 2.5%. however, the Company adjusted its view regarding the components that make up this target. Consistent with the trend the Company saw in the first quarter of 2009 (significantly better transaction loss and weaker average check growth than targeted), the Company is revising its outlook for the components of its fiscal 2009 comparable bakery-cafe sales growth target to transaction decline of negative (1.5)% to (0.5)% and average check growth of 2.0% to 3.0%, with average check consisting of a year-over-year price target of approximately 3.0% (unchanged from prior targets) and a mix impact target of negative (1.0)% to 0.0%. For second quarter of 2009, the Company is targeting earnings per diluted share of $0.62 to $0.66. The second quarter of 2009 target assumes comparable Company-owned bakery-cafe sales decline of negative (1.0)% to 0.0%. According to Reuters Estimates, analysts were expecting the Company to report EPS of $2.64 for fiscal 2009; EPS of $0.65 for second quarter of 2009.
