Panera quarterly restaurant sales miss Wall Street target
July 23 (Reuters) - Panera Bread Co reported higher quarterly profits on Tuesday, but its shares fell almost 5 percent as sales at established company-owned restaurants rose less than expected.
Panera's net income grew to $51.0 million, or $1.74 per share, in the second quarter that ended June 25, from $44.1 million, or $1.50 per share, a year earlier.
Sales at company-owned bakery cafes open at least 18 months were up 3.8 percent, compared with analysts' estimate for a 4.5 percent rise, according to Consensus Metrix.
Shares in Panera were down $8.40 to $173.59 in after-hours trading.