Panera Bread: 2Q/2008 profit up 24 percent

St. Louis / MO. (pbc) Panera Bread Company reported a 24 percent increase in its profit for the second quarter 2008, helped by a rise in comparable bakery-cafe sales and higher operating margins. On a per share basis, earnings for Q2/2008 surged 33 percent from a year ago. In addition, the company raised its earnings outlook for the second half of fiscal year 2008 and the full year. Highlights:

• Diluted EPS growth up 33 percent over the prior year in Q2/2008.
• Comparable company-owned bakery-cafe sales increased 6,5 percent in Q2/2008. *Company-owned new unit average weekly sales of 35’776 USD in Q2/2008.
• Second half 2008 diluted EPS target increased to 1,24 USD to 1,30 USD (from 1,14 USD to 1,26 USD), reflecting a 33 percent to 40 percent increase over second half 2007.

For the third quarter, Panera Bread now expects earnings between 0,42 USD per share and 0,44 USD per share; but warned that rising wheat costs will raise its cost of sales. The complete press release is available at
Info: https://www.panerabread.com/pdf/er-20080722.pdf