Panera 4Q net income falls 10.6%

Panera 4Q net income falls 10.6%

Company attributes decline to higher food costs, Panera 2.0 makeover

Panera Bread Co.’s net income fell 10.6 percent in the fourth quarter ended Dec. 31, as it spent more on food and its Panera 2.0 makeover, the company said Wednesday.

The St. Louis-based bakery-café operator said same-store sales rose 3 percent systemwide compared with the same period last year.

Panera chairman and CEO Ron Shaich said the transaction growth of 1.3 percent at company-owned units in the fourth quarter reflected its “sharpened

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