Panera Bread Co (NASDAQ:PNRA) saw its stock go up on Wednesday after the release of its earnings report for the third quarter of 2016.
Panera Bread Co reported earnings per share of $1.37 for the third quarter of the year. This is an 4% increase over the $1.32 that the company reported during the same time last year. It also beat out the $1.34 estimate that Wall Street was looking for.
Revenue reported by Panera Bread Co in the third quarter of 2016 was $684.2 million. PNRA reported revenue of $664.6 million in the third quarter of 2016. Analysts were expecting the company to report revenue of $680.5 million for the quarter.
PNRA also reported a net income of $31.9 million for the third quarter of 2016. This is a 1% drop from the net income of $32.3 million that it reported during the same time of last year.
For the third quarter of 2016, Panera Bread Co reported an increase in comparable net bakery-cafe sales. Company-owned comparable net bakery-cafe sales increased by 3.4% and franchise locations saw a 0.2% increase. This resulted in a combined increase of 1.7% from the third quarter of 2015.
Panera Bread Co also updated its guidance for the fourth quarter of 2016. The company is expecting comparable net bakery-cafe sales to be up between 3.5% and 4.0% during the quarter. It is also now expecting earnings per share to range from $1.96 to $2.01
during that time. Analysts are expecting earnings per share of $2.01 for the fourth quarter.
For the full year of 2016, Panera Bread Co is looking for comparable net bakery-cafe sales to increase by 4% to 5% from the year prior. It also expects earnings per share for the year to range from $6.67 to $6.72. Wall Street is looking for earnings per share of $6.68 for 2016.
PNRA stock was up 6% when the market opened on Wednesday, but is now closer to Tuesday’s closing price.
