Panera Bread, which has 15 Long Island stores and 55 shops in all of New York, is feeling the heat – and it’s not from the oven full of artisan breads.
The high cost of gas and the slowing economy has led to lower sales at the sandwich chain, and Wall Street’s not impressed. Shares of Panera tumbled to $31.52 and are now trading at a 5-year low.
Panera’s not alone: P.F. Chang and Cracker Barrel also reported lower results. And Wendy’s said sales fell at company-owned stores for the first time in seven quarters.
Analysts are expecting more of the same as other companies in the food sector release fourth-quarter results. Jason West of Deutsche Bank said in a report:
“Given the weather issues and consumer pressures, soft fourth quarter sales is likely to be a common theme throughout the upcoming reporting season.”
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