Panera Falls After Missing Q2 Estimates; Slashes Full-Year Outlook (PNRA)
Panera Bread (NASDAQ: PNRA) released its fiscal second-quarter earnings results after the closing bell on Tuesday.
The St. Louis-based restaurant chain reported both earnings per share and revenue that came in below Wall Street expectations. Panera also cut its full-year earnings outlook and provided third-quarter EPS guidance that is below current consensus. In late trade, the shares were last down around six percent to $170.92.
Ron Shaich, Chairman and Co-CEO, commented, "In the second quarter of 2013, we delivered within the range of our diluted EPS guidance. Our two-year comparable same store sales growth for the quarter was strong at 10.9% and our new unit sales remain on track for another record year, reaffirming how strongly our brand resonates with consumers. However, our one-year comparable same store sales growth of 3.8% was below our expectations."
Shaich added, "While results in the next few quarters may be choppy as we invest in both sales-building initiatives and operational capabilities, we believe that our efforts will ultimately enable us to deliver an enhanced customer experience, grow sales and expand earnings."
Fiscal Q2 Financial Results
Panera reported net income of $51 million or $1.74 per share, compared to $44 million or $1.50 per share, in last year's corresponding period. This missed Wall Street consensus EPS estimates of $1.77.
Revenue in the quarter was up 11 percent to $589.01 million versus $530.59 million a year ago. This also came up short of consensus sales estimates of $596.02 million.
Looking ahead to the fiscal third-quarter, Panera guided for EPS of $1.32 to $1.36. This is below current consensus EPS estimates of $1.46.
For the fiscal fourth-quarter, the company sees EPS of $2.05 to $2.11.
For the full-year 2013, Panera lowered its projected earnings per share range to between $6.75 and $6.85.
Previously, the company had guided for EPS of $6.89 to $7.01 for the fiscal year. This is below analysts' current consensus EPS estimates of $7.05 for the full-year.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.