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Last Update: 06-Feb-13 07:49 ET
Panera Bread shares rise 3% following better than expected earnings
Panera Bread (PNRA $169.00 +6.03) reported fourth quarter earnings of $1.75 per share, $0.01 better than the Capital IQ consensus of $1.74, while revenues rose 15.3% year/year to $571.5 mln vs the $574.33 mln consensus. Company-owned comparable net bakery-cafe sales increased 5.1%, franchise-operated comparable net bakery-cafe sales increased 4.7%, and system-wide comparable net bakery-cafe sales increased 4.9% compared to the comparable period in fiscal 2011. Two year Company-owned comparable net bakery-cafe sales increased 11.0%, two year franchise-operated comparable net bakery-cafe sales increased 7.9%, and two year system-wide comparable net bakery-cafe sales increased 9.3%.Co issues in-line guidance for Q1, sees EPS of $1.62-1.66, excluding non-recurring items, vs. $1.63 Capital IQ Consensus Estimate. The range for the Company's first quarter fiscal 2013 Company-owned comparable bakery-cafe sales growth is targeted at 4.0% to 5.0% versus the comparable period in fiscal 2012. The Company announced today Company-owned comparable net bakery-cafe sales in the first 41 days of the first quarter fiscal 2013 were up approximately 3.9%. The comparable net bakery-cafe sales growth for the same period in fiscal 2012 was approximately 8.9%, which was aided by favorable weather in 2012. As a result, two year Company-owned comparable net bakery-cafe sales increased 12.8% in the first 41 days of the first quarter fiscal 2013. Operating Margin Target: In the first quarter fiscal 2013, the Company is targeting operating margin improvement of 25 to 75 basis points, primarily due to favorable bakery-cafe margins.
The company issued guidance for FY13, sees EPS growth in the range of 17-19% (of approximately $6.89-7.00) versus the $7.03 Capital IQ Consensus Estimate. The Company is maintaining its targeted full year fiscal 2013 diluted earnings per share growth rate of 17% to 19% even after higher than previously targeted fiscal 2012 diluted earnings per share. The diluted earnings per share growth target includes the favorable impact of the 53rd week in fiscal 2013 but does not assume additional share repurchases. The full year fiscal 2013 diluted earnings per share growth target is based on the following key assumptions: The Company is maintaining its target for Company-owned comparable bakery-cafe sales growth for fiscal 2013 of 4.5% to 5.5%. The Company's fiscal 2013 EPS growth target assumes its operating margin will be flat to up 50 basis points when compared to fiscal 2012. CFO Hire: As announced in a separate press release today, Roger Matthews will be joining the Company as Executive Vice President and Chief Financial Officer effective March 18, 2013. Pat Kelly, who has served as the Company's Interim CFO since April 2012, will remain in place until the end of March to ensure a smooth transition. Full Year Fiscal 2013 Targets Diluted EPS Target.
The company issued guidance for FY13, sees EPS growth in the range of 17-19% (of approximately $6.89-7.00) versus the $7.03 Capital IQ Consensus Estimate. The Company is maintaining its targeted full year fiscal 2013 diluted earnings per share growth rate of 17% to 19% even after higher than previously targeted fiscal 2012 diluted earnings per share. The diluted earnings per share growth target includes the favorable impact of the 53rd week in fiscal 2013 but does not assume additional share repurchases. The full year fiscal 2013 diluted earnings per share growth target is based on the following key assumptions: The Company is maintaining its target for Company-owned comparable bakery-cafe sales growth for fiscal 2013 of 4.5% to 5.5%. The Company's fiscal 2013 EPS growth target assumes its operating margin will be flat to up 50 basis points when compared to fiscal 2012. CFO Hire: As announced in a separate press release today, Roger Matthews will be joining the Company as Executive Vice President and Chief Financial Officer effective March 18, 2013. Pat Kelly, who has served as the Company's Interim CFO since April 2012, will remain in place until the end of March to ensure a smooth transition. Full Year Fiscal 2013 Targets Diluted EPS Target.
