Panera 1Q profit drops 24.8% on refranchising charges

Panera 1Q profit drops 24.8% on refranchising charges

Company expects sale of bakery-cafés to boost earnings in long term

Panera Bread Co. reported Tuesday a 24.8-percent decrease in net income during the first quarter ended March 31, which included nearly $5.6 million in after-tax charges for its ongoing refranchising initiative.

The St. Louis-based bakery-café operator said net income was $31.9 million, or $1.20 per share, during the quarter, compared with $42.4 million, or $1.55 per share, the previous year. Excluding the refranchising charges, net income in the quarter was $37.4 million, or $1.

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