Panera Bread Co Reports Increased Same Store Sales in 2Q
On Tuesday, St. Louis, Missouri based Panera Bread Co, the American bakery-café fast casual restaurant chain operating in the United States and Canada reported its second quarter earnings reports that ended on June 28. The company said its same-store sales in the second quarter climbed 2.3 percent and that also surpassed the estimates of analysts.
It can be a hint that the softening in the U.S. demand trend is gradually coming to an end. Shares went up about four percent during the extended trading.
In a statement, Ron Shaich, CEO and Chairman of Panera said, "Our strong Q2 results reinforce the fact that our strategy is working and our initiatives are performing. Panera is becoming a better competitive alternative with expanded runways for growth."
Net income of the bakery-café chain in the quarter including refranchising charges dropped 17.7 percent or $1.46 a share at $34.5 million. That compares to last year's same quarter's $1.60 a share or $41.9 million.
The company's revenue climbed from last year same quarter's $676.7 million to $698.9 million or 3.3 percent.
On June 28, 2016 Panera had 2,007 bakery-cafés in Forty Six U.S States and in Canada which were operating under the names of Panera Bread, Saint Louis Bread Co. and Paradise Bakery & Cafe.
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