Panera Bread Company (Nasdaq: PNRA - News) today reported that system-wide comparable bakery-cafe sales decreased 1.9% for the four weeks ended February 22, 2003.
The company said the negative results were expected as previously indicated. First quarter sales are being impacted by more difficult winter weather in 2003 compared to 2002 as well as some cannibalization in Panera’s most deeply penetrated markets.
Panera maintains its first quarter EPS target of $0.24 and 2003 target of $0.99.
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