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Panera, Buffalo Wild: Earnings to Watch

(Updated with additional information and quote from Panera chairman.)

NEW YORK (TheStreet) -- Restaurant stocks were mostly lower Wednesday following the latest round of earnings announcement from Panera Bread (PNRA), Buffalo Wild Wings (BWLD), Brinker International (EAT), P.F. Chang's China Bistro (PFCB) and Kona Grill (KONA).

Panera Bread

Panera posted third-quarter earnings of $23 million, or 75 cents per share, in line with expectations, but top-line sales of $372 million came in just shy of analysts' consensus call for revenue of $373 million. Quarterly profits jumped 21.1% year-over-year.

>>Chipotle, Cheesecake Factory, BJ's Beat Expectations

Still, the sandwich and salad purveyor was optimistic. Panera raised its earnings guidance for the current quarter, saying it now expects to earn between $1.15 and $1.17 per share in the fourth quarter. That's as much as a nickel past Wall Street's expectations for fourth-quarter earnings of $1.13 per share.

"We're coming right through this recession as strong as ever," Executive Chairman Ronald M. Shaich told TheStreet.

>>Restaurant Stocks: Earnings to Watch

Panera reported that system-wide same-store sales, or sales at stores open at least one year -- a closely watched metric in the restaurant industry -- grew 6.9% in the recent quarter. The comps data included a 5.5% increase at company-owned stores and a 7.9% increase at franchise-operated locations.

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