Panera Bread Co. (NASDAQ: PNRA)
Panera Bread News & Technicals
On Wednesday morning before the market opened, Panera Bread Co. (PNRA) announced that they will remove all remaining artificial flavors, sweeteners, preservatives and colors from their Panera at Home products, which is expected to have around 50 items on the “free of additives” list by the end of the year. This is great news as the company is continuing to position themselves as healthier restaurant that prides itself on its ingredients and customer experience. Currently analysts have an average price target of $234.26.
Looking at the chart you will see that shares have been on a strong uptrend dating back to November of last year but on the daily chart you will see that there is an ascending wedge forming, generally a bearish setup where it will break below the bottom wedge channel. This is something we will definitely want to keep an eye on going forward but we should see some support at the bottom of the channel around $210.75 followed by $208 while resistance will be met at $220, $221.41 and the the upper part of the wedge around $226.50.
CEO & Executive Comments
“We’ve spent years building trust with our guests through transparency and investments in the quality of the food we serve,” said Ron Shaich, Panera’s founder and CEO. “Panera at Home is an extension of that work – another way we are offering food as it should be beyond the walls of our bakery-cafes.”
“Much of the work that we’ve done to simplify recipes in our bakery-cafes has set a standard for Panera at Home products. However, the challenges in the consumer packaged goods space are unique, where artificial additives have long been used to preserve taste and appearance,” said Sara Burnett, Director of Wellness and Food Policy. “For us, the answer was often simple. For instance, we decided early on to use refrigeration to help extend shelf life for products like our soups and salad dressings. Where necessary, we’ve relied on natural preservatives – such as rosemary extract – to do the job.”
“We all want to feel good about the food we feed ourselves and our families, and many of us would like to prepare those meals at home. But it’s hard to find the time,” said Stephanie Crimmins, SVP of Panera at Home. “Panera at Home products bring the flavors you love and quality you expect from Panera to your kitchen, for meals in minutes. We want to give our customers new ways to prepare food that is both good and good for them.”
Panera Bread Company, together with its subsidiaries, owns, operates, and franchises retail bakery-cafes. The company operates through three segments: Company Bakery-Cafe Operations, Franchise Operations, and Fresh Dough and Other Product Operations. It operates bakery-cafes under the Panera Bread, Saint Louis Bread Co., and Paradise Bakery & Café names that offer daily baked goods, including freshly baked bagels, breads, muffins, scones, rolls, and sweet goods; made-to-order sandwiches on freshly baked breads; soups; freshly prepared and hand-tossed salads; pasta dishes; and custom roasted coffees and cafe beverages, such as hot or cold espresso and cappuccino drinks and smoothies through on-premise sales, as well as provides catering services. The company also supplies fresh dough, produce, tuna, cream cheese, and proprietary sweet goods items. As of April 26, 2016, it operated 916 company-owned bakery-cafes and 1,081 franchise-operated bakery-cafes in the United States, the District of Columbia, and Ontario. The company was formerly known as Au Bon Pain Co., Inc. and changed its name to Panera Bread Company in August 1998. Panera Bread Company was founded in 1981 and is based in St. Louis, Missouri. –YahooFinance