Profits for the year jumped $13.4 million to $52 million, up $38.6 million from the previous year, while revenue increased to $640 million from $479 million for the same period in 2004. Fourth-quarter profits were slowed somewhat due to the rising cost of antibiotic-free chicken and soaring fuel expenses but showed a strong 14% increase from the same quarter in 2004. Profits rose $16 million, or 51 cents per share, for the quarter compared to $14 million, or 45 cents per share, earned for the same period in 2004. Analysts had expected average earnings to be 43 cents for the quarter.
The company said the higher numbers were helped by the opening of 139 new Panera bakery-cafes during the year, 53 of them in the fourth quarter, along with a 7.7% increase in sales at stores open at least a year.
The strong sales and earnings results prompted the company, which began in 1981 as Au Bon Pain Co., to raise its full-year earnings estimate for 2006 to between $1.91 and $1.95 per share, an increase of 26% to 28% over fiscal 2005 earnings. Panera also projected comparative store sales to grow between 4% and 6% for the year.
The St. Louis-based firm currently operates 825 bakery-cafes in 35 states and plans to open its 1,000th store this year.
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