Panera Bread Co. (NASDAQ: PNRA) reported Thursday that the company’s fourth-quarter profit rose 16 percent, citing growth in sales and a higher profit margin, according to Associated Press.
The company also raised its full-year earnings estimate, but it fell short of Wall Street expectations.
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Panera, the operator of bakery-cafes, reported net income of $29.7 million, or 95 cents per share, for the three months ended Dec. 29, up from a profit of $25.5 million, or 84 cents per share, a year ago. Panera's latest quarter was 13 weeks, one week less than the year-ago period.
The latest quarter's profit matched the consensus forecast of analysts surveyed by Thomson Reuters, after Panera on Jan. 20 raised its expectations to a profit of 94 cents to 95 cents per share.
Panera also raised its full-year target, citing "greater confidence" in sales growth at company-owned bakery-cafes open at least a year. The company now expects a per-share profit of $3.26 to $3.34, up from its earlier guidance of $3.05 to $3.15. The new range would represent an increase of 17 percent to 20 percent over earnings in 2009.
However, analysts are expecting a full-year profit of $3.38 per share, on average.
Panera recorded a 3 percent increase in revenue in the latest quarter, to nearly $367 million.
On a calendar basis, sales at company-owned locations open at least a year rose 7.4 percent compared with the year-ago period. The rise was 5.9 percent on a fiscal basis. Sales at franchise-operated locations rose 6.4 percent on a calendar basis, and 5.1 percent on a fiscal basis.
Panera also said its profit margin improved in the latest quarter.
After Panera shares gained 54 cents, or nearly 0.8 percent, to close the regular session at $72.91, the stock fell $2.26, or 3.1 percent, to $71 after-hours.
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