Panera Bread beats by $0.06, beats on revs; raises FY16 EPS and same store comp guidance :
- Reports Q1 (Mar) earnings of $1.56 per share, excluding non-recurring items, $0.06 better thanthe Capital IQ Consensus of $1.50; revenues rose 5.7% year/year to $685.15 mln vs the $673.73 mln Capital IQ Consensus.
- Co issues upside guidance for FY16, sees EPS of $6.50-6.70, excluding non-recurring items, vs. $6.55 Capital IQ Consensus Estimate and vs prior guidance of $6.33-6.52.
- Company-owned comparable net bakery-cafe sales increased +6.2%, franchise-operated comparable net bakery-cafe sales increased +3.3%, and system-wide comparable net bakery-cafe sales increased +4.7%.
- Co raises its targeted range for FY16 company-owned comparable net bakery-cafe sales growth to +4.0% to 5.0%, from +3.5% to 4.5%.
- "By any measure, we are pleased with our first quarter results. Our growth in same-store sales and transactions was the best we generated in four years and we outperformed the Black Box all-industry composite by the widest margin we have ever recorded."
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