On Tuesday, Panera Bread (PNRA) posted weaker first-quarter earnings and slightly trimmed its outlook for the full year. Investors were unhappy, sending PNRA shares down more than 7% in Wednesday midday trading.
PNRA stock sank after the company posted a quarterly profit of $42.4 million, down from $48.1 million during the year-ago period. EPS came in at $1.55, beating analysts who had expected a profit of $1.52 per PNRA share, the Associated Press notes.
Quarterly revenue of $605.3 million also topped the $597.4 million that Wall Street was looking for. Same-store sales during the quarter rose just 0.1%, while customer traffic in Panera stores fell between 1.3% and 1.8%. PNRA attributed the results to “unusually severe weather” during the first three months of the year.
PNRA lowered its guidance for full year earnings and same-store sales. Panera said it anticipates a full-year profit of between $6.80 and $7 per share, down slightly from earlier guidance of between $6.80 and $7.05 a share. PNRA also said that same-store sales will increase between 2% and 3.5%. Panera had previously predicted sales growth between 2% and 4%.
Panera stock closed at $163.18 per share on Tuesday.
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