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Panera, Chipotle And Buffalo Wild Wings On The Move

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Three major fast food chains reported first quarter financial results after the market closed on Tuesday. Let’s take a look into the numbers.

Panera’s Comps Outperform The Industry

Panera Bread Co PNRA 1.5% posted first quarter earnings of $1.56 per share, $0.06 above the Street’s consensus. Revenue of $685.15 million, up 5.7 percent year-over-year beat estimates by $11.03 million.

Shares were up about 2 percent in after-hours trading. Management also raised its full-year EPS guidance to $6.50-$6.70, up from $6.33-$6.52; consensus stands at $6.55. The team also boosted its same-store sales outlook for company-owned stores to 4-5 percent, up from 3.5-4.5 percent.

Also helping the stock was a 6.2 percent rise in comps for company-operated stores, which situates the company’s growth well above its industry’s average of 0.4 percent this quarter.

Chipotle Pays The Price Of E. Coli

Chipotle Mexican Grill, Inc. CMG 0.64% seems to have disappointed investors, as th stock was trading down more than 1.75 percent in after-hours. While EPS of $0.88 came in $0.07 ahead of the Street’s consensus, revenue of $834.5 million, down 23.4 percent year-over-year, missed expectations by $45.71 million..

Investors were also dissatisfied with the announcement that comparable restaurant sales dropped 29.7 percent over the first quarter – worse than the expected 28 percent. Restaurant-level operating margin fell to 6.8 percent, down from 27.5 percent a year ago.

Chipotle didn't issue specific guidance for the ongoing quarter of the full year.

Buffalo’s Had Its Wings Cut

A company that saw its stock post even larger losses was Buffalo Wild Wings BWLD 0.13%, down 11.6 percent after-hours on a top and bottom line miss. EPS of $1.73 and revenue of $508.3 million both fell short of expectations, by $0.04 and $21.99 million, respectively.

Comparable-store sales turned negative over the first quarter, falling 1.7 percent in company-owned restaurants and 2.4 percent in franchised restaurants. Guidance was also discouraging: The company expects full year EPS of $5.65-$5.85, well below the $6.10 consensus.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.

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