Panera Bread Falls After Cutting 2013 Same-Store Sales Forecast
Panera Bread Co. (PNRA) fell in extended trading after the operator of bakery cafes cut its 2013 forecast for same-store sales and said founder Ron Shaich would become sole chief executive officer effective Aug. 1.
The shares fell as much as 8 percent to $166, after closing at $180.44 in regular trading in New York. The stock had gained 14 percent this year through today’s close, compared with an 11 percent advance for the Standard & Poor’s 500 Index. (SPX)
Panera, which has more than 1,670 bakery-cafes, now expects same-store sales at company-owned bakeries this year to increase from 4 percent to 5 percent, compared with a prior forecast of 4.5 percent to 5.5 percent, after “severe weather” in the first quarter, according to a statement today.
Founder Schaich will become sole-CEO Aug. 1, as co-CEO Bill Moreton transitions to executive vice chairman to spend more time on a family matter, the company said. Schaich served as sole CEO from 1994 to 2010, the company said.
Earnings per share for the quarter ended March 26 were $1.64, from $1.40 a year earlier. That compared to an average estimate of $1.65. Total revenue rose 13 percent to $561.8 million, trailing estimates of $566 million.
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