Panera Bread Company (NASDAQ:PNRA) today reported revenue increased 35% to $276 million for the third quarter ended September 25, 2007 from $205 million in the third quarter of 2006. Bakery-cafe sales accounted for $232 million of consolidated revenues while franchise royalties and fees and fresh dough sales to franchisees accounted for $44 million of consolidated revenues for the third quarter of 2007.
System-wide comparable bakery-cafe sales increased 0.8% for the four weeks ended September 25, 2007. The breakdown between Company-owned and franchise-operated bakery-cafes is as follows for the periods indicated:
weeks ended weeks ended through
September 25, September 25, September 25,
2007 2007 2007
Company-owned 1.5 % 3.4 % 1.6 %
Franchise-operate 0.3 % 2.1 % 1.6 %
Total System 0.8 % 2.6 % 1.6 %
Company-owned comparable bakery-cafe sales percentages are based on sales from bakery-cafes that have been in operation and Company-owned for at least 18 months. Franchise-operated comparable bakery-cafe sales percentages are based on sales from franchised bakery-cafes that have been in operation and franchise-operated for at least 18 months. Both Company-owned and franchise-operated comparable bakery-cafe sales exclude closed locations. Supplemental sales and bakery-cafe information is included in Schedule I.
During the third quarter of 2007, 35 new bakery-cafes were opened (19 Company-owned and 16 franchise-operated) and two bakery-cafes were closed (one Company-owned and one franchise-operated).
As a result of progress on its margin improvement initiatives and the strength of its Company-owned comparable bakery-cafe sales, the Company today is adjusting its third quarter 2007 earnings per diluted share target to $0.35 to $0.37 from the previous target of $0.32 to $0.38 per share.
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