Panera Bread Inc. (NASDAQ: PNRA) has topped the expectations in the second quarter, causing its shares to jump up 5%, a $10 increase. It logged another quarter of sale growth, which shows that its efforts are working.
The food chain had a strong second quarter in both earnings and revenue. The company had earnings of $1.78 per diluted share, beating analysts’ estimates of $1.72. Its revenue hit $698.9 million, a 3% increase from the company’s last quarter, also beating out analyst’s estimate of $696.5 million.
Panera Bread Inc. has been trying to create a more efficient environment by closing some shops and improving systems to speed up lunchtime services.
The second quarter results “reinforce the fact that our strategy is working and our initiatives are performing,” said Ron Shaich, CEO of Panera Bread. "At a time when other restaurant companies are feeling the impact of a slowing consumer environment, we are maintaining our momentum."
Panera Bread Inc. has raised the low end of its earning forecast for the year. It sees earnings between $6.60 to $6.70 per share, compared to its pervious guidance of $6.50 to $6.70, for 2016.