Panera Bread has reported a net income of$44.14m for the second quarter,up 27%from$35.71m in the prior-year quarter,due to sales growth at the company-owned bakery-cafes.
Revenue for the quarter increased 18%to$530.59m,compared to$451.08m the previous year.
Panera Bread president and Co-CEO Bill Moreton said the 27%earnings growth in the second quarter is the ninth out of the last ten quarters where earnings growth has exceeded 20%.
"Our strong comparable sales growth in the quarter of 7.1%is the direct result of our past and current investments in the quality of our food,marketing,operations,and customer experience,"Moreton added.
System-wide comparable net bakery-cafe sales increased 5.9%.While the company-owned comparable net bakery-cafe sales rose 7.1%,franchise-operated comparable net bakery-cafe sales increased 4.8%.
Bakery-cafe sales increased 18%to$469m,which represents 88.3%of total revenues.Franchise royalties and fees rose 7.6%to$25m.Fresh dough and other product sales to franchisees grew 11%to$37m.
Panera Bread Company owns and franchises 1,591 bakery-cafes under the Panera Bread,Saint Louis Bread Co,and Paradise Bakery&Cafenames.
