Panera to hire 25,000, Chairman Shaich says
St. Louis Business Journal
July 29, 2010
Panera Bread Co. plans to hire 25,000 workers in the coming year, Chairman Ron Shaich told CNBC on Wednesday.
"I would say our growth is expanding. We're up 50 percent in terms of its rate of growth versus last year," Shaich said. "These are very good times for Panera."
The Richmond Heights-based bakery-café operator (NASDAQ: PNRA) said Tuesday that its profit soared 33 percent in the second quarter to $26.7 million as same-store sales increases, purchasing efficiencies and category management initiatives drove improved operating margins.
Revenue grew 14 percent in the recent quarter to $378.1 million, up from nearly $330.8 million a year earlier.
Panera's same-store sales rose 10 percent in the second quarter.
"This is the third quarter of near double-digit comp store sales," Shaich said on CNBC. "People are voting with their feet, voting with their wallets."
In May, Shaich reopened a Panera in Clayton (known locally as St. Louis Bread Co.) as a nonprofit where customers pay what they feel is fair. He'd like to expand the model to other locations, including possibly Detroit, Time magazine reports in its August issue.
