Panera Bread Company today reported that comparable net bakery-cafe sales were up 3 percent at company-owned restaurants for fiscal Q4 2016. They were up 6.6 percent on a two-year basis, according to a company press release.
“The power of our multiyear strategic plan and the impact of our initiatives to transform Panera into a better competitive alternative with expanded runways for growth becomes ever more clear with each passing quarter,” Ron Shaich, chairman and CEO, said in the release.
He also said that the chain notched a new record for average weekly sales at new cafes, at $49,745.
“Most importantly, our year-over-year growth in non-GAAP EPS was up 9 percent in 2016, which is further evidence that we have reached an inflection point in our transformation,” Shaich said. “With peak investments and significant scale behind us, we are now focused on completing the rollout of our initiatives and reaping the benefits. Because of the strength of our initiatives, we are confident our efforts will translate into market share gains and sustainable double-digit earnings growth.”
Operating highlights
- Panera 2.0 constructively completed in company-owned bakery-cafes
- Delivery now available in 15 percent of system-wide bakery-cafes
- Digital sales now at 24 percent of total sales in company-owned bakery-cafes
- U.S. food menu and portfolio of Panera at Home products now 100 percent clean
- MyPanera customer loyalty program reached 25 million users for fiscal year 2016
- Company-owned comp sales outperformed Black Box all-industry composite by 540 basis points
- Q4 2016 GAAP diluted EPS of $1.92, up 10 percent
- Q4 2016 non-GAAP diluted EPS of $2.05, up 9 percent
- Full-Year Fiscal 2016 GAAP diluted EPS of $6.18, up 7 percent
- Full-Year Fiscal 2016 non-GAAP diluted EPS of $6.74, up 9 percent
2017 Outlook
- FY 2017 non-GAAP diluted EPS target set at $7.45 to $7.70, growth up 11 percent to 14 percent
- FY 2017 company-owned comp net bakery-cafe sales growth target set at 3.5 percent to 4.5 percent
- Delivery targeted to be available in 30 percent to 40 percent of system-wide bakery-cafes in 2017
- Company secured 5-year, $200 million term loan