Panera Launches Plan To Restore Quality And Reverse Years Of Shrinking Portions And Falling Traffic

Benzinga

Panera will reverse years of cost-cutting after reduced portions and downgraded ingredients drove traffic losses and a 5% sales drop. CEO Paul Carbone launched the “Panera RISE” strategy—improving menu quality, value, staffing, and store design—while IPO plans remain on hold.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Panera said it will reverse years of cost-cutting after shrinking portions

00:06and downgrading ingredients drove traffic declines and a 5% sales drop to $6.1 billion.

00:12CEO Paul Carbone outlined the Panera Rise strategy, focused on menu quality,

00:18value offerings, staffing, kiosk upgrades, and store remodels as the chain works to

00:23regain customers and stabilize performance.

00:25J.B. Holding, the investment arm of the Ryman family that owns the company,

00:29has been preparing to take Panera brands public, even as Panera's performance has weakened.

00:34A 2021 SPAC merger plan was abandoned due to market conditions,

00:38and a confidential 2023 IPO filing has yet to move forward.

00:42Carbone said management is prioritizing traffic growth

00:45and executing the Panera Rise strategy rather than focusing on IPO plans.

00:50For all things money, visit Benzinga.com.

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