Word: shaich
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...return. Profits rose 38% in the third quarter, and sales in company owned stores rose almost 7% during the first 27 days of the third quarter (sales in franchise stores rose 6.3%). "For us, the recession has been the best of times," says Panera founder, chairman and CEO Ron Shaich. In an environment where even McDonald's, once a recession superstar, is reporting negative same-store sales (down 0.6% in November), Panera's continued growth stands out. "I've never seem restaurants this competitive," says Bob Derrington, an analyst at Morgan Keegan and a 30-year veteran of the industry...
...Shaich's recession-fighting philosophy is simple. "We understood that the fundamentals of the marketplace really haven't changed," says Shaich. "Unemployment went from 5% to 10%. There's 90% of society that is still employed. I couldn't capture all those people that are unemployed. They weren't eating out at all. All I could do was stay focused on who my target customer was, and not be reactive...
...Panera's credit, the company didn't sit completely still in 2009. While the restaurant world cut staffs and shuttered stores, Panera continued to invest. "We've been basically opening up a new store every five days," says Shaich. "This is the time to grow. Real estate costs are down, development costs are down, volumes are up - these are the highest-return investment stores we'll ever generate." Panera has hired 20,000 new workers, rolled out new menu items, and improved the lettuce quality in its salads. Salad sales are up 30%. (Read a brief history of peanut butter...
...company has to do is repeat the sterling performance in 2010. Panera might not be able to stay out of the price wars forever. "I've never seen so many deals being offered," says Derrington. "They have to stay sharp." And they'll have to do it without Shaich, a highly respected CEO who will relinquish his day-to-day role this spring, though he will stay on as chairman. A transition is in place - company co-COO Bill Moreton will step into the CEO role. "I worry about keeping the concept special," says Shaich. "Is it worth walking across...
...carb bakery down the street from Great Harvest. Upscale-sandwich chain Panera Bread, which is based in Richmond Heights, Mo., will soon debut six low-carb products. "Other people are rushing into it. We want to make sure the quality is consistent with who we are," says CEO Ron Shaich. Canadian flour company Hayhoe Mills is combatting slack demand by marketing its new low-carb wheat-bran flour to commercial bakers and consumers. Cost...