Exhibit 99.1
Exhibit 99.1
Contact: Michele Harrison
Vice President, Investor Relations (314-984-4966)
Panera Bread Company Reports Q1 2011 diluted EPS of $1.09, up 33% over Q1 2010
HIGHLIGHTS
Q1 2011 Company-owned comparable net bakery-cafe sales up 3.3%
Two year Company-owned comparable net bakery-cafe sales up 13.3%
April 2011 (27 days to date) Company-owned comparable net bakery-cafe sales up 5.3%
Q2 2011 EPS target of $1.15 to $1.17 (up 35% to 38% versus Q2 2010)
FY 2011 EPS target increased to $4.47 to $4.51 (up 23% to 25% versus FY 2010)
St. Louis, MO, April 26, 2011 Panera Bread Company (Nasdaq: PNRA) today reported
net income of $33 million, or $1.09 per diluted share, for the first quarter ended March 29, 2011.
The first quarter of fiscal 2011 results compare to net income of $26 million, or $0.82 per diluted
share, for the first quarter ended March 30, 2010, and represent a 33% year-over-year increase in
diluted earnings per share.
The Companys first quarter of fiscal 2011 consolidated statements of operations and margin
analyses are attached as Schedule I. The following tables set forth, for the periods indicated,
certain items included in the Companys consolidated statements of operations (in thousands, except
per share data and percentages):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 13 Weeks Ended |
|
|
Percentage |
|
|
|
March 29, 2011 |
|
|
March 30, 2010 |
|
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
$ |
422,100 |
|
|
$ |
364,210 |
|
|
|
16 |
% |
Net income |
|
$ |
32,774 |
|
|
$ |
25,845 |
|
|
|
27 |
% |
Diluted earnings per share |
|
$ |
1.09 |
|
|
$ |
0.82 |
|
|
|
33 |
% |
Shares used in diluted EPS |
|
|
30,160 |
|
|
|
31,521 |
|
|
|
|
|
First Quarter Fiscal 2011 Results and Business Review
Comparable Net Bakery-Cafe Sales Growth
In the first quarter of fiscal 2011, system-wide comparable net bakery-cafe sales increased 3.3%
compared to the same period in fiscal 2010. Company-owned comparable net bakery-cafe sales
increased 3.3%, and franchise-operated comparable net bakery-cafe sales increased 3.4% versus the
comparable period in fiscal 2010. Two year system-wide comparable net bakery-cafe sales increased
12.8%, two year Company-owned comparable net bakery-cafe sales increased 13.3%, and two year
franchise-operated comparable net bakery-cafe sales increased 12.6%.
The Company-owned comparable net bakery-cafe sales increase of 3.3% in the first quarter of fiscal
2011 was comprised of year-over-year transaction growth of 1.7% and average check growth of 1.6%.
The Company estimates that the impact of severe winter weather in the first quarter reduced both
its transaction growth and comparable net bakery-cafe sales growth by approximately 150 basis
points. A schedule of comparable net bakery-cafe sales information is attached as Schedule III.
New Unit Development and AWS
During the first quarter of fiscal 2011, the Company opened 8 new bakery-cafes and its franchisees
opened 11 new bakery-cafes. As a result, there were 1,467 bakery-cafes open system-wide as of
March 29, 2011. Additionally, during the first quarter of fiscal 2011, the Company sold
substantially all the assets of two bakery-cafes to an existing franchisee.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-owned |
|
|
Franchise-operated |
|
|
Total System |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bakery-cafes as of December 28, 2010 |
|
|
662 |
|
|
|
791 |
|
|
|
1,453 |
|
Bakery-cafes opened |
|
|
8 |
|
|
|
11 |
|
|
|
19 |
|
Bakery-cafes closed |
|
|
(3 |
) |
|
|
(2 |
) |
|
|
(5 |
) |
Bakery-cafes acquired |
|
|
(2 |
) |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bakery-cafes as of March 29, 2011 |
|
|
665 |
|
|
|
802 |
|
|
|
1,467 |
|
|
|
|
|
|
|
|
|
|
|
Average weekly net sales (AWS) for Company-owned new units for the first quarter of fiscal 2011
was $49,551 compared to $56,113 in the same period of fiscal 2010. AWS for franchise-operated new
units for the first quarter of fiscal 2011 was $45,532 compared to $44,220 in the same period of
fiscal 2010. A schedule of the first quarter of fiscal 2011 AWS is attached as Schedule II.
Operating Margin
In the first quarter of fiscal 2011, the Company generated operating margin improvement of
approximately 100 basis points compared to the first quarter of fiscal 2010. This operating margin
improvement was primarily driven by sales leverage from comparable net bakery-cafe sales increases,
structural improvements in labor expense, and favorability based on timing in benefits expense, the
latter of which is expected to reverse later in this fiscal year.
Use of Capital
In April 2011, the Company completed the purchase of substantially all the assets and certain
liabilities of 25 bakery-cafes owned by its Milwaukee franchisee. The Companys results for the
first quarter of fiscal 2011 were not impacted by the purchase as the acquisition was completed
following the close of the quarter. The Company expects the acquisition to be $0.01 to $0.02
accretive in fiscal 2011 after integration costs and $0.04 to $0.06 accretive in fiscal 2012 ($0.03
to $0.04 incremental accretion versus fiscal 2011).
Second Quarter of Fiscal 2011 Outlook
Second Quarter of Fiscal 2011 Targets
Diluted EPS Target
For the second quarter of fiscal 2011, the Company is targeting earnings per diluted share of $1.15
to $1.17 versus $0.85 per diluted share in the second quarter of fiscal 2010. If the Company meets
this target, diluted earnings per share will grow 35% to 38% in the second quarter of fiscal 2011
versus the comparable period in fiscal 2010.
2
This second quarter of fiscal 2011 diluted earnings per share target includes the following key
assumptions:
Comparable Net Bakery-Cafe Sales Growth
The range for the Companys second quarter of fiscal 2011 Company-owned comparable bakery-cafe
sales growth is targeted at 5.0% to 6.0% over the comparable period in fiscal 2010. The two year
Company-owned comparable bakery-cafe sales target is 14.6% to 15.6%, in line with the Companys
first quarter two year comparable bakery-cafe sales growth after adding back the estimated impact
of weather in the quarter. The second quarter of fiscal 2011 Company-owned target assumes
transaction growth between 2.5% and 3.5% and average check growth of approximately 2.5%. The
Company is projecting a year-over-year price increase of approximately 2.5%.
New Unit Development and AWS
The Company is targeting approximately 27 to 29 system-wide new unit openings in the second quarter
of fiscal 2011 with average weekly net sales for Company-owned new units consistent with its full
year target of $37,000 to $39,000.
Operating Margin Improvement
In the second quarter of fiscal 2011, the Company is targeting 0 to 50 basis points of improvement
in operating margin.
Updated Full Year Fiscal 2011 Outlook
Raising Full Year Fiscal 2011 Targets
Diluted EPS Target
The Company is raising its targeted earnings per diluted share to $4.47 to $4.51. If the Company
meets its target, it would generate diluted earnings per share growth of 23% to 25% in fiscal 2011.
This increased earnings per diluted share target is based on the acquisition of the Milwaukee
market and a modestly improved outlook on operating performance.
This full year fiscal 2011 diluted earnings per share target is based on the following key
assumptions:
Comparable Net Bakery-Cafe Sales Growth
The Company is narrowing its fiscal 2011 target for Company-owned comparable bakery-cafe sales
growth to 5.0% to 6.0% from 4.0% to 6.0%. This target assumes transaction growth of 2.5% to 3.5%
and average check growth of approximately 2.5%. The increased average check growth target is
primarily a result of an incremental 1.0% price increase the Company intends to take to offset
increased inflation in the latter part of 2011. The incremental price increase and
increased inflation are expected to offset each other at the operating margin line and have no
impact on the Companys earnings per diluted share target.
3
New Unit Development and AWS
The Company continues to expect approximately 95 to 105 new unit system-wide openings in fiscal
2011. The average weekly net sales target for new Company-owned units remains at $37,000 to
$39,000 in fiscal 2011.
Operating Margin Improvement
For fiscal 2011, the Company is expecting operating margin expansion of 0 to 50 basis points versus
the prior year.
Concluding Comment
Bill Moreton, CEO, commented, We are pleased to deliver 33% earnings growth in the first quarter,
marking the eleventh out of the last twelve quarters of 20% plus growth. We believe the consistency
of our results has been driven by the investments that we have made in the quality of our food, our
people and the overall customer experience. We are now targeting 23% to 25% EPS growth for the full
year 2011. At the same time we expect to deliver these results, we are making significant
investments designed to set ourselves up to deliver 15% to 20% earnings growth for the next several
years.
Notes:
The Company will host a conference call that will be broadcast on the Internet at 8:30 A.M.
Eastern Time on Wednesday, April 27, 2011 to discuss the first quarter of fiscal 2011 results,
preliminary comparable net bakery-cafe sales results for the first 27 days of the second quarter of
fiscal 2011, and second quarter and full year targets and business outlook for fiscal 2011. To
access the call or view a copy of this release, go to http://www.panerabread.com/investor. Access
to the call will be made available for 14 days after the call, and the release will be archived for
one year.
We include in this release information on Company-owned, franchise-operated, and system-wide
comparable net bakery-cafe sales percentages. Company-owned comparable net bakery-cafe sales
percentages are based on net sales from Company-owned bakery-cafes included in our base store
bakery-cafes. Franchise-operated comparable net bakery-cafe sales percentages are based on net
sales from franchised bakery-cafes, as reported by franchisees, that are included in our base store
bakery-cafes. Acquired Company-owned and franchise-operated bakery-cafes and other restaurant or
bakery-cafe concepts are included in the Companys comparable net bakery-cafe sales percentages
after it has acquired a 100 percent ownership interest and if such acquisition occurred prior to
the first day of our prior fiscal year. Comparable net bakery-cafe sales exclude closed locations.
4
Comparable net bakery-cafe sales percentages are non-GAAP financial measures, which should not be
considered in isolation or as a substitute for other measures of performance prepared in accordance
with Generally Accepted Accounting Principles, or GAAP, and may not
be equivalent to comparable net bakery-cafe sales as defined or used by other companies. The
Company does not record franchise-operated net bakery-cafe sales as revenues. However, royalty
revenues are calculated based on a percentage of franchise-operated net bakery-cafe sales, as
reported by franchisees. The Company uses franchise-operated and net system-wide sales information
internally in connection with store development decisions, planning, and budgeting analyses. The
Company believes franchise-operated and net system-wide sales information is useful in assessing
consumer acceptance of its brand; facilitates an understanding of its financial performance and the
overall direction and trends of sales and operating income; helps it appreciate the effectiveness
of our advertising and marketing initiatives which its franchisees also contribute based on a
percentage of their net sales; and provides information that is relevant for comparison within the
industry.
About Panera Bread Company
Panera Bread Company owns and franchises 1,467 bakery-cafes as of March 29, 2011 under the Panera
Bread®, Saint Louis Bread Co.®, and Paradise Bakery & Café® names. Our bakery-cafes are
principally located in suburban, strip mall and regional mall locations. We feature high quality,
reasonably priced food in a warm, inviting, and comfortable environment. With our identity rooted
in handcrafted, fresh-baked, artisan bread, we are committed to providing great tasting, quality
food that people can trust. Nearly all of our bakery-cafes have a menu highlighted by
antibiotic-free chicken, whole grain bread, and select organic and all-natural ingredients, with
zero grams of artificial trans fat per serving, which provide flavorful, wholesome offerings. Our
menu includes a wide variety of year-round favorites complemented by new items introduced
seasonally with the goal of creating new standards in everyday food choices. In neighborhoods
across the United States and in Ontario, Canada, our customers enjoy our warm and welcoming
environment featuring comfortable gathering areas, relaxing decor, and free internet access. Our
bakery-cafes routinely donate bread and baked goods to community organizations in need. Additional
information is available on our website, http://www.panerabread.com.
Matters discussed in this news release and in our public disclosures, whether written or oral,
relating to future events or our future performance, including any discussion, express or implied,
on our anticipated growth, operating results, plans, objectives, and future earnings per share,
contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. These statements are often identified by
the words believe, positioned, estimate, project, target, plan, goal, assumption,
continue, intend, expect, future, anticipate, and other similar expressions, whether in
the negative or the affirmative, that are not statements of historical fact. These forward-looking
statements are not guarantees of future performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. Our actual results and timing of certain events could
differ materially from those anticipated in these forward-looking statements as a result of certain
factors, including, but not limited to, those discussed from time to time in our reports filed with
the Securities and Exchange Commission, including our Form 10-K for the fiscal year ended December
28, 2010 and our quarterly reports on Form 10-Q. All forward-looking statements and the internal
projections and beliefs upon which we base our expectations included in this release are made only
as of the date of this release and may change. While we may elect to update forward-looking
statements at some point in the future, we expressly disclaim any obligation to update any
forward-looking statements, whether as a result of new information, future events or otherwise.
5
Schedule I
PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
For the 13 Weeks Ended |
|
|
|
March 29, 2011 |
|
|
March 30, 2010 |
|
Revenues: |
|
|
|
|
|
|
|
|
Bakery-cafe sales, net |
|
$ |
365,579 |
|
|
$ |
312,500 |
|
Franchise royalties and fees |
|
|
22,582 |
|
|
|
20,863 |
|
Fresh dough and other product sales to franchisees |
|
|
33,939 |
|
|
|
30,847 |
|
|
|
|
|
|
|
|
Total revenue |
|
|
422,100 |
|
|
|
364,210 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
Bakery-cafe expenses: |
|
|
|
|
|
|
|
|
Cost of food and paper products |
|
$ |
106,209 |
|
|
$ |
90,311 |
|
Labor |
|
|
114,050 |
|
|
|
100,682 |
|
Occupancy |
|
|
26,773 |
|
|
|
24,389 |
|
Other operating expenses |
|
|
47,327 |
|
|
|
39,535 |
|
|
|
|
|
|
|
|
Total bakery-cafe expenses |
|
|
294,359 |
|
|
|
254,917 |
|
Fresh dough and other product cost of sales to franchisees |
|
|
28,024 |
|
|
|
24,835 |
|
Depreciation and amortization |
|
|
19,094 |
|
|
|
17,009 |
|
General and administrative expenses |
|
|
26,671 |
|
|
|
25,012 |
|
Pre-opening expenses |
|
|
978 |
|
|
|
276 |
|
|
|
|
|
|
|
|
Total costs and expenses |
|
|
369,126 |
|
|
|
322,049 |
|
|
|
|
|
|
|
|
Operating profit |
|
|
52,974 |
|
|
|
42,161 |
|
Interest expense |
|
|
225 |
|
|
|
168 |
|
Other (income) expense, net |
|
|
(804 |
) |
|
|
307 |
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
53,553 |
|
|
|
41,686 |
|
Income taxes |
|
|
20,779 |
|
|
|
15,841 |
|
|
|
|
|
|
|
|
Net income |
|
$ |
32,774 |
|
|
$ |
25,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.10 |
|
|
$ |
0.83 |
|
|
|
|
|
|
|
|
Diluted |
|
$ |
1.09 |
|
|
$ |
0.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares of common and common equivalent shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
29,845 |
|
|
|
31,170 |
|
|
|
|
|
|
|
|
Diluted |
|
|
30,160 |
|
|
|
31,521 |
|
|
|
|
|
|
|
|
6
Schedule I (continued)
PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
MARGIN ANALYSIS
(unaudited)
The following table sets forth the percentage relationship to total revenues, except where
otherwise indicated, of certain items included in the Companys consolidated statements of
operations for the period indicated. Percentages may not add due to rounding:
|
|
|
|
|
|
|
|
|
|
|
For the 13 Weeks Ended |
|
|
|
March 29, 2011 |
|
|
March 30, 2010 |
|
Revenues: |
|
|
|
|
|
|
|
|
Bakery-cafe sales, net |
|
|
86.6 |
% |
|
|
85.8 |
% |
Franchise royalties and fees |
|
|
5.3 |
|
|
|
5.7 |
|
Fresh dough and other product sales to franchisees |
|
|
8.0 |
|
|
|
8.5 |
|
|
|
|
|
|
|
|
Total revenue |
|
|
100.0 |
% |
|
|
100.0 |
% |
Costs and expenses: |
|
|
|
|
|
|
|
|
Bakery-cafe expenses (1): |
|
|
|
|
|
|
|
|
Cost of food and paper products |
|
|
29.1 |
% |
|
|
28.9 |
% |
Labor |
|
|
31.2 |
|
|
|
32.2 |
|
Occupancy |
|
|
7.3 |
|
|
|
7.8 |
|
Other operating expenses |
|
|
12.9 |
|
|
|
12.7 |
|
|
|
|
|
|
|
|
Total bakery-cafe expenses |
|
|
80.5 |
|
|
|
81.6 |
|
Fresh dough and other product cost of sales to franchisees (2) |
|
|
82.6 |
|
|
|
80.5 |
|
Depreciation and amortization |
|
|
4.5 |
|
|
|
4.7 |
|
General and administrative expenses |
|
|
6.3 |
|
|
|
6.9 |
|
Pre-opening expenses |
|
|
0.2 |
|
|
|
0.1 |
|
|
|
|
|
|
|
|
Total costs and expenses |
|
|
87.4 |
|
|
|
88.4 |
|
|
|
|
|
|
|
|
Operating profit |
|
|
12.6 |
|
|
|
11.6 |
|
Interest expense |
|
|
0.1 |
|
|
|
|
|
Other (income) expense, net |
|
|
(0.2 |
) |
|
|
0.1 |
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
12.7 |
|
|
|
11.4 |
|
Income taxes |
|
|
4.9 |
|
|
|
4.3 |
|
|
|
|
|
|
|
|
Net income |
|
|
7.8 |
% |
|
|
7.1 |
% |
|
|
|
|
|
|
|
|
|
|
(1) |
|
As a percentage of Company net bakery-cafe sales. |
|
(2) |
|
As a percentage of fresh dough and other product sales to franchisees. |
7
PANERA BREAD COMPANY
Schedule II Supplemental Sales and Bakery-Cafe Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
System-Wide AWS |
|
|
|
2011 [a] |
|
|
2010 |
|
|
2009 |
|
|
2008 |
|
|
2007 |
|
|
2006 |
|
AWS |
|
$ |
43,096 |
|
|
$ |
42,852 |
|
|
$ |
39,926 |
|
|
$ |
39,239 |
|
|
$ |
38,668 |
|
|
$ |
39,150 |
|
|
|
|
[a] |
|
Represents System-Wide AWS at the end of the fiscal first quarter of 2011. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 Company-Owned AWS By Year Opened |
|
|
Year-Over-Year Change in Company-Owned AWS |
|
|
|
|
|
|
|
2010 Opens |
|
|
2009 Opens |
|
|
2011 |
|
|
2010 |
|
|
|
|
|
|
|
|
|
|
2009 Opens & |
|
|
|
|
|
|
2011 Opens [b] |
|
|
[b] |
|
|
& Prior |
|
|
Acquisitions |
|
|
Acquisitions |
|
|
Total |
|
|
2010 Opens [c] |
|
|
Prior |
|
|
AWS Total |
|
Bakery-Cafes |
|
|
8 |
|
|
|
42 |
|
|
|
575 |
|
|
|
|
|
|
|
40 |
|
|
|
665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 11 |
|
$ |
49,551 |
|
|
$ |
39,075 |
|
|
$ |
42,497 |
|
|
|
|
|
|
$ |
46,244 |
|
|
$ |
42,532 |
|
|
|
-30.4 |
% |
|
|
3.7 |
% |
|
|
3.6 |
% |
|
|
|
[b] |
|
2011 Company-owned AWS excludes 2011 and 2010 acquisition data.
|
|
[c] |
|
Change in Company-owned AWS in 2011 from 2010 compares 42 bakery-cafes in 2011 against
3 bakery-cafes at the end of the fiscal first quarter of 2010. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 Franchise-Operated AWS By Year Opened |
|
|
Year-Over-Year Change in Franchise-Operated AWS |
|
|
|
|
|
|
|
2010 Opens |
|
|
2009 Opens |
|
|
2011 |
|
|
2010 |
|
|
|
|
|
|
|
|
|
|
2009 Opens & |
|
|
|
|
|
|
2011 Opens [d] |
|
|
[d] |
|
|
& Prior |
|
|
Acquisitions [f] |
|
|
Acquisitions |
|
|
Total |
|
|
2010 Opens [e] |
|
|
Prior |
|
|
AWS Total |
|
Bakery-Cafes |
|
|
11 |
|
|
|
34 |
|
|
|
752 |
|
|
|
2 |
|
|
|
3 |
|
|
|
802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 11 |
|
$ |
45,532 |
|
|
$ |
38,246 |
|
|
$ |
43,862 |
|
|
$ |
20,157 |
|
|
$ |
35,525 |
|
|
$ |
43,568 |
|
|
|
-13.5 |
% |
|
|
2.9 |
% |
|
|
2.2 |
% |
|
|
|
[d] |
|
2011 Franchise-operated AWS excludes 2011 and 2010 acquisition data. |
|
[e] |
|
Change in Franchise-operated AWS in 2011 from 2010 compares 34 bakery-cafes in 2011
against 5 bakery-cafes at the end of the fiscal first quarter of 2010.
|
|
[f] |
|
Represents two Paradise bakery-cafes. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bakery-Cafe Openings (excluding acquisitions) |
|
|
|
Company |
|
|
Franchise |
|
|
Total |
|
|
|
|
|
|
Company |
|
|
Franchise |
|
|
Total |
|
Q1 11 |
|
|
8 |
|
|
|
11 |
|
|
|
19 |
|
|
|
Q1 10 |
|
|
|
3 |
|
|
|
5 |
|
|
|
8 |
|
Q2 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 10 |
|
|
|
8 |
|
|
|
5 |
|
|
|
13 |
|
Q3 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 10 |
|
|
|
10 |
|
|
|
12 |
|
|
|
22 |
|
Q4 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 10 |
|
|
|
21 |
|
|
|
12 |
|
|
|
33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 YTD |
|
|
8 |
|
|
|
11 |
|
|
|
19 |
|
|
2010 YTD |
|
|
|
42 |
|
|
|
34 |
|
|
|
76 |
|
AWS average weekly net sales for the time periods indicated.
8
PANERA BREAD COMPANY
Schedule III Comparable Net Bakery-Cafe Sales Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 4 weeks ended |
|
|
For the 5 weeks ended |
|
|
For the 4 weeks ended |
|
|
For the 13 weeks ended |
|
|
|
January 25, 2011 |
|
|
March 1, 2011 |
|
|
March 29, 2011 |
|
|
March 29, 2011 |
|
Company-owned |
|
|
3.4 |
% |
|
|
3.8 |
% |
|
|
2.5 |
% |
|
|
3.3 |
% |
Franchise-operated |
|
|
2.8 |
% |
|
|
4.5 |
% |
|
|
2.6 |
% |
|
|
3.4 |
% |
System-wide |
|
|
3.0 |
% |
|
|
4.2 |
% |
|
|
2.5 |
% |
|
|
3.3 |
% |
Company-owned comparable net bakery-cafe sales percentages are based on net sales from
Company-owned bakery-cafes included in our base store bakery-cafes. Franchise-operated comparable
net bakery-cafe sales percentages are based on net sales from franchised bakery-cafes, as reported
by franchisees, that are included in our base store bakery-cafes. Acquired Company-owned and
franchise-operated bakery-cafes and other restaurant or bakery-cafe concepts are included in our
comparable net bakery-cafe sales percentages after we have acquired a 100 percent ownership
interest and such acquisition date occurred prior to the first day of our prior fiscal year.
Comparable net bakery-cafe sales exclude closed locations.
9