In the past 18 or so months of COVID, Panera shifted to more off-premises business and innovated around offerings such as its coffee subscription program and Flatbread Pizza launch. In turn, Panera said, its business has recovered to above 2019 levels and is currently delivering “consistently positive” one- and two-year comparable restaurant sales throughout May, June, and July.
Panera has been under the JAB Holding Co. umbrella since the Luxembourg-based company took it private in July 2017 for $7.5 billion. Through investment entities, JAB also owns Caribou Coffee and Einstein Bros. Bagels, as well as Peet’s Coffee & Tea, Krispy Kreme (went public in early July), and Keurig Green Mountain brands.
Caribou Coffee was founded in 1992 and claims to be the No. 1 coffee brand in the upper Midwest. There are currently 713 stores in 10 countries. Einstein Bros. Bagels has 1,005 locations comprised of Einstein Bros. Bagels, Bruegger's Bagels, Noah's New York Bagels, and Manhattan Bagel.
“Caribou Coffee is proud to be closing out the first half of 2021 stronger than ever,” Butcher said in a statement. “Our purpose at Caribou Coffee is to create day-making experiences that spark a chain reaction of GOOD. The creation of Panera Brands enables us to work smarter together, and drive greater impact for our teams, guests and communities.”
Added Dueñas: “At Einstein Bros. Bagels, our relentless focus on delivering the most craveable breakfast experience for our guests and our efforts to transform the business during 2020 allowed us to come out of the pandemic as a stronger, more profitable, and more nimble company. I’m looking forward to seeing our powerful brand portfolio, executed with a simplified retail model and optimized for a great digital experience, continue to gain momentum.”