A strong fourth quarter in which income rose 23 per cent and sales increased 17 per cent helped drive full-year fiscal 2010 earnings at Panera Bread Company.

Net income in the year ended December 28, 2010, totaled $111,866,000, equal to $3.65 per share on the common stock, up 30 per cent from $86,050,000, or $2.81 per share, in fiscal 2009.

Net sales for the full year rose 14 per cent to $1,542,489,000 from $1,353,494,000.

For the fourth quarter ended December 28, 2010, net income was $36,520,000, or $1.22 per share, up from $29,696,000, or 96c per share. Sales totaled $428,161,000, up from $366,972,000.

In line with the solid financials for the year and quarter, Panera raised its 2011 profit target above the average estimate of Wall Street analysts, to $4.40 to $4.45 per share from $4.30 to $4.35 per share.