Panera launches three-year share repurchase program

St. Louis — The Panera Bread Company board of directors has approved a new three-year share repurchase program of up to $600 million. This new program will replace an existing program which was scheduled to expire on Aug. 23, 2015 and has been terminated by the board of directors in connection with approving the new program.



The repurchases will be effected from time to time. The share repurchase program and the board's authorization of the program may be modified, suspended, or discontinued at any time.



"We continue to look for opportunities to deploy our capital to drive shareholder returns,” said Ron Shaich, founder, chairman and CEO. “While investing in our core business remains our number one priority, the board's willingness to extend and refresh the repurchase program is a vote of confidence on the growth potential of Panera and its ability to generate long-term profit growth and appropriate returns for our shareholders."