Panera Bread 3Q Profit Up

St. Louis Panera Bread Co. said Tuesday its net income grew 15% in the third quarter on a bump in revenue as price increases offset a drop in the number of transactions.

The company earned $13.7 million in the three-month period ending Sept. 23, compared to $11.9 million in the same period last year.

Revenue rose 15% in the quarter to $315.2 million, up from $273.2 million in the same period last year.

Panera said same-store sales rose 3.3% in the quarter, helped by a 6.5% boost in prices compared to the same period last year. The increase helped buffer a 3.2% drop in transaction growth.