Why Panera Bread’s profit was down 17% last quarter

Executives at Panera Bread (NASDAQ: PNRA) say labor and food costs, in addition to company investments and industry volatility, led to a 17 percent decline in profit for the Sunset Hills-based bakery and restaurant company.

Net income slid to $32.4 million in the third quarter, with earnings per share dropping 13 percent to $1.27.

Over the last year, food costs grew $13.3 million and labor costs increased by $20.5 million. The company’s total costs for the third quarter were $612.6 million, compared to $561.9 million the same quarter of 2014.

The company also reported $664.7 million in sales - a 7 percent increase over the third quarter in 2014.

Read more from the St. Louis Business Journal.