Panera 3Q net income falls 8.3%

Panera 3Q net income falls 8.3%

Higher food costs, technology initiatives weighed down results

Panera Bread Co.’s net income fell 8.3 percent for the Sept. 30-ended third quarter, with higher costs offsetting same-store sales growth, the company reported Tuesday.

The St. Louis-based bakery-café operator cited higher-than-anticipated food costs and expenses for several initiatives, including enhancements to operations, delivery hubs and technological capabilities. The company said total costs and expenses rose 11 percent.

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