Panera Bread 2010 Annual Report Download - page 30

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December 28,
2010
December 29,
2009
December 30,
2008
December 25,
2007
December 26,
2006
For the Fiscal Year Ended(1)
(In thousands, except per share and percentage information)
Consolidated balance sheet data:
Cash and cash equivalents ......... $ 229,299 $ 246,400 $ 74,710 $ 68,242 $ 52,097
Short-term investments . . . ......... 152 — 2,400 23,198 20,025
Total assets . ................... 924,581 837,165 673,917 698,752 542,609
Long-term liabilities .............. 117,457 97,870 61,217 122,807 35,333
Stockholders’ equity.............. 595,608 597,036 495,162 446,164 397,666
Franchisee revenues(2) . . . ......... $1,802,116 $1,640,309 $1,542,791 $1,376,430 $1,245,472
Comparable net bakery-cafe sales
percentage for(2)(3):
Company-owned bakery-cafes . . . . . 7.5% 2.4% 3.8% 1.7% 3.2%
Franchise-operated bakery-cafes . . . 8.2% 2.0% 3.5% 1.5% 4.3%
Bakery-cafe data:
Company-owned bakery-cafes open . . . 662 585 562 532 391
Franchise-operated bakery-cafes
open ....................... 791 795 763 698 636
Total bakery-cafes open ......... 1,453 1,380 1,325 1,230 1,027
(1) Fiscal 2008 was a 53 week year consisting of 371 days. All other fiscal years presented contained 52 weeks
consisting of 364 days.
(2) 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 in the United States., or GAAP, and may not be equivalent to
comparable net bakery-cafe sales as defined or used by other companies. We do 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. We use franchise-operated and system-wide sales
information internally in connection with store development decisions, planning, and budgeting analyses. We
believe franchise-operated and system-wide sales information is useful in assessing consumer acceptance of
our brand, facilitates an understanding of financial performance and the overall direction and trends of sales and
operating income, helps us appreciate the effectiveness of our advertising and marketing initiatives to which our
franchisees also contribute based on a percentage of their sales, and provides information that is relevant for
comparison within the industry.
(3) Comparable net bakery-cafe sales for fiscal 2010 and 2009 contained 52 weeks of sales while fiscal 2008
contained 53 weeks of sales, with an impact of approximately $14.4 million and $21.4 million of sales in the
additional week of fiscal 2008 for Company-owned and franchise-operated bakery-cafes, respectively.
Adjusted to reflect a comparative 52 week period in fiscal 2008 (the first 52 weeks in fiscal 2008),
Company-owned and franchise-operated comparable net bakery-cafe sales for the fiscal year ended Decem-
ber 29, 2009, or fiscal 2009, would have been approximately 2.2 percent and 2.0 percent, respectively. Adjusted
to reflect a comparative 53 week period in the fiscal year ended December 25, 2007, or fiscal 2007 (52 weeks in
fiscal 2007 plus one week of fiscal 2008), Company-owned and franchise-operated comparable bakery-cafe
sales for fiscal 2008 would have been approximately 3.5 percent and 3.3 percent, respectively. Adjusted on a
calendar basis to match the specific weeks in fiscal 2009 to the same specific weeks in fiscal 2008, Company-
owned and franchise-operated comparable net bakery-cafe sales for fiscal 2009 would have been 2.4 percent
and 2.0 percent, respectively. For further information regarding comparable net bakery-cafe sales and the
modification to the method by which we determine bakery-cafes included in our comparable net bakery-cafe
sales, see Item 7. Management’s Discussion and Analysis of Consolidated Financial Condition and Results of
Operations.
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