Panera Bread Down 6% On Back Of Food Inflation

Panera Bread PNRA is down 6 percent today over expectations of food inflation of 4.5% in Q3 and 5% for Q4. In addition, Panera Will Raise Menu Prices in Q4. PNRA recently posted second quarter 2011 earnings of $1.18 per share. Reported earnings also outpaced the prior-year quarter earnings of 85 cents per share. But shares were also lower ahead of the opening bell after the company reported weaker-than-expected same-store sales figures for its recent quarter late Tuesday. Its profit of $1.18 a share topped analysts' consensus call by a penny. For the twenty-six weeks ended June 28, 2011, net income was $68 million, or $2.27 per diluted share. These results compare to net income of $53 million, or $1.67 per diluted share, for the twenty-six weeks ended June 29, 2010, and represent a 36% year-over-year increase in diluted earnings per share.