Business

Market Mover

Winter puts a chill on bakery chain’s results

CEO Ron Shaich said investors should focus on Panera’s long-term efforts.
Tom Gannam/AP/File 2002
CEO Ron Shaich said investors should focus on Panera’s long-term efforts.

Shares of bakery-cafe food chain Panera Bread Co. fell on a mixed bag of first-quarter earnings that saw profit and revenue beat Street estimates but offered a lowered 2014 forecast. Panera said revenue reached $605 million, an 8 percent increase over the $561.8 million in the same period in 2013. Net income fell 12 percent to $42.4 million. Comparable store sales inched up a meager 0.1 percent. St. Louis-based Panera said that number could have been higher if it weren’t such a bad winter. The chain also forecast earnings for the second quarter below analysts’ expectations.

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