US bakery café chain Panera Bread has reported a 13% rise in second-quarter net income, but lowered its full-year earnings guidance.
The company said net income was US$6.4m, or 21 cents per share, for the 12 weeks to 10 July, compared to net income of $5.7m, or 19 cents per share, in the year-ago period.
Second-quarter revenues from company stores rose 31% to $105.3m, while those from franchisees rose 24% to $194.3m. System-wide comparable store sales rose 1.9% in the quarter. Comparable store sales at company outlets rose 2.3%, while those at franchised outlets rose 1.8%.
Panera Bread opened 32 new bakery-cafés in the second quarter, bringing the number of outlets in the chain to 669 as of 10 July.
The company revised downward its 2004 earnings per share guidance to between $1.24 and $1.28 due to higher start-up costs of new outlets and increased costs of fuel, roast beef and ham.