Panera Same-Store Sales Fall

Bakery chain Panera Bread ( PNRA) said comparable-store sales were down in May, blaming the late timing of Easter this year.

Same-store sales fell 3.9% in the four weeks ended May 17. According to analysts, Easter is typically a bad sales period for Panera, since many people eat at home. In April, Panera credited a 1.9% increase in sales to the Easter shift.

The drop in May sales was in line with expectations. Nevertheless, shares of Panera fell 99 cents, or 2.82%, to $34.13 on the news. Like many of the specialty food chains, Panera has a rich valuation. The stock trades at a price-to-earnings multiple of 34, using 2003 earnings estimates, compared to 18 for the S&P 500.

More from Stocks

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

3 Great Stock Market Sectors Millennials Should Invest In

3 Great Stock Market Sectors Millennials Should Invest In

Why Millennials Are Ditching Stocks for ETFs

Why Millennials Are Ditching Stocks for ETFs

Trump's 'Space Force' Could Launch a $1 Trillion Industry, Morgan Stanley Says

Trump's 'Space Force' Could Launch a $1 Trillion Industry, Morgan Stanley Says

Abiomed Stock Should Rise Some 12% From Here, Piper Jaffray Analyst Says

Abiomed Stock Should Rise Some 12% From Here, Piper Jaffray Analyst Says