US bakery-cafe chain Panera Bread has reaffirmed its previously issued earnings target for the full year 2004 of $1.24-$1.26.
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The company also corrected its implied fourth quarter earnings per diluted share target to $0.44-$0.46. It had previously issued an earnings per fully diluted share target of $1.24-$1.26 for 2004 with an implied range of $0.42-$0.44 for the fourth fiscal quarter.
“The company determined it had made a computational error in calculating the implied fourth quarter target and is issuing this correction to clarify its targets for the fourth quarter,” Panera Bread said.
Panera Bread plans to develop 16 new company and 27 new franchise bakery-cafes in the fourth quarter, resulting in full-year development of 145 bakery-cafes (55 company-owned and 90 franchised units).
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