Panera profit rises 34 percent as customers pay up

Revenue rose 15 percent to $571.6 million, beating expectations of analysts polled by FactSet of $567.4 million. Costs rose 13 percent to $488.2 million. Like other companies in the food industry, Panera has had to deal with higher costs for ingredients and materials.

For the current quarter, Panera expects profit of $1.62 to $1.66 per share. That depends on revenue in stores open at least a year growing 4 to 5 percent. So far in the quarter, that metric is up 3.9 percent.

Analysts expected profit of $1.62 per share in the first quarter.