Panera Bread Dips Following Q4 Earnings Release, CFO Departure

Shares of Panera Bread

are trading lower in the after-hours following the release of the company's Q4 earnings results. Currently, shares are lower by 2.07%, trading at $156.70; they ended the regular session higher by 1.81%, at $160.02. Panera Bread reported Q4 EPS of $1.42 on revenues of $495.8 million; the Street was looking for $1.42 per share. Q4 2011 company-owned comparable net bakery-cafe sales were up 5.9%, while franchise-operated comparable net bakery-cafe sales increased 3.2%, and system-wide comparable net bakery-cafe sales increased 4.4% year over year. The company raised its FY 2012 EPS target to $5.50-5.55, from $5.38-5.48. If the Company meets its target, it would generate diluted earnings per share growth of 18% to 19% versus adjusted fiscal 2011 diluted earnings per share. The Company is also announcing today that Jeff Kip, Executive Vice President and Chief Financial Officer, is leaving the Company on March 15th to join IAC/InterActiveCorp as its Executive Vice President and Chief Financial Officer. The Company has initiated a search for Mr. Kip's replacement. Bill Moreton, commented, "Jeff has been a key strategic partner to Ron and myself over the six years that he has served as our Chief Financial Officer and nine years that he has been with Panera. Jeff has been instrumental in helping think through our long-term capital deployment model and has brought financial discipline and rigor to our organization. We are very grateful for all of Jeff's contributions to Panera and we wish him all the best in his new role at IAC." Panera Bread Company is a national bakery-cafe company. Panera and its subsidiaries operate a retail bakery-cafe business and franchising business under the names Panera Bread, Saint Louis Bread Co., and Paradise Bakery & Cafe.