Panera profits fall on refranchising costs

Panera Bread Co. reported first-quarter net income of $32 million, down 25 percent from the same quarter a year ago, as the company recorded $8.9 million in charges related to its refranchising initiative.

Revenue rose to $648.5 million, a 7 percent boost, according to the St. Louis Business Journal.

Comprable sales as company-owned cafes increased 1.5 percent during the quarter.

Earlier this month, the company announced plans to refranchise 50 to 150 of its company-owned bakery-cafes this year. It has so far signed letters of intent to refranchise 73 locations.

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