Shares of Panera Bread Co. rose to a new year high Thursday, a day after the operator of bakery-cafes raised its fiscal fourth-quarter profit target.
The St. Louis company raised its expected per-share adjusted profit forecast for the fourth quarter to a range of 94 cents to 95 cents. Analysts polled by Thomson Reuters expected profit of 89 cents per share.
Shares rose $4.16, or 6.1 percent, to $72.55 in midday trading. The stock earlier hit $73.95, eclipsing a previous 52-week high of $69.55 set Wednesday.
Panera also said sales at bakery-cafes open at least a year rose 5.9 percent during the fourth quarter. The metric is considered an important performance indicator because it measures growth from existing locations rather than newly opened ones.
CEO Ron Shaich said the growth in sales at locations open at least a year demonstrates the company's strategy is working. He said comparable sales in December and so far in January rose more than 9 percent.
