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Panera Bread sinking on disappointing outlook

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Shares of the bakery-café franchise restaurant Panera Bread Co (NASDAQ:PNRA) are currently down after the company reported a decline in first quarter earnings compared to a year ago. The company earned $42.4 million in the quarter or $1.55 per share. For the same period a year ago, the company had earnings of $48.1 million or $1.64 per share. The decline in earnings was led by lower same store growth as poor weather was a factor. As a result, the company lowered its earnings outlook for the second quarter and full year.