Invest in Panera Bread $PNRA Bull of Year 2017
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Panera Bread (PNRA) is finally seeing results from its “Panera 2.0” initiative, which was launched a little less than three years ago to modernize its locations.
Shares of the company recently jumped more than 8 percent to an all-time high of $233.48 after Panera topped analysts’ earnings expectations on Tuesday and provided an optimistic outlook for 2017.
The company reported fourth-quarter earnings of $2.05 per share on $727.1 million in revenue. Wall Street had anticipated that the cafe chain would earn $2 per share on $727.7 million in revenue, according to Thomson Reuters.
Full-year 2016 adjusted earnings per share were $6.74, but Panera expects adjusted earnings to rise to between $7.45 and $7.70 a share in 2017.
“With peak investments and significant scale behind us, we are now focused on completing the rollout of our initiatives and reaping the benefits,” Ron Shaich, CEO of Panera, said in a statement Tuesday. “Because of the strength of our initiatives, we are confident our efforts will translate into market share gains and sustainable double-digit earnings growth.”