Panera Bread 2010 Annual Report Download - page 35

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transaction growth and approximately 2.1 percent average check growth. Average check growth, in turn, was
comprised of retail price increases of approximately 2.6 percent and negative mix impact of approximately
0.5 percent in comparison to fiscal 2008.
Adjusted Fiscal Basis
We believe that presenting a comparison of adjusted fiscal 2008 sales results, which include only a 52 week
period (the first 52 weeks in fiscal 2008), to fiscal 2009 sales results provides a more meaningful explanation of
comparable net bakery-cafe sales over those periods. Comparable net bakery-cafe sales growth on an adjusted fiscal
basis for fiscal 2009 was 2.2 percent, 2.0 percent and 2.1 percent for Company-owned, franchise-operated, and
system-wide bakery-cafes, respectively. Comparable net bakery-cafe sales growth on an adjusted fiscal basis for
fiscal 2008 was 3.5 percent, 3.3 percent and 3.4 percent for Company-owned, franchise-operated, and system-wide
bakery-cafes, respectively. The fiscal 2009 comparable Company-owned net bakery-cafe sales growth on an
adjusted fiscal basis was driven by approximately 2.1 percent average check growth. Average check growth, in turn,
was comprised of retail price increases of approximately 2.6 percent and negative mix impact of approximately
0.5 percent in comparison to fiscal 2008.
Fiscal Basis
Comparable net bakery-cafe sales growth for the fiscal periods indicated were as follows:
December 28, 2010
(52 weeks)
December 29, 2009
(52 weeks)
December 30, 2008
(53 weeks)
For the Fiscal Year Ended
Company-owned .................... 7.5% 2.4% 3.8%
Franchise-operated .................. 8.2% 2.0% 3.5%
System-wide ....................... 7.9% 2.2% 3.6%
In fiscal 2010, we modified the method by which we determine bakery-cafes included in our comparable net
bakery-cafe sales percentages to include those bakery-cafes with an open date prior to the first day of our prior fiscal
year. Previously, comparable net bakery-cafe sales percentages were based on bakery-cafes that had been
100 percent owned and in operation for 18 months. While this methodology modification did not have a material
impact on previously reported amounts, prior periods have been updated to conform to current methodology.
The 7.5 percent growth in fiscal 2010 comparable Company-owned net bakery-cafe sales was driven by
approximately 2.1 percent of transaction growth and 5.4 percent average check growth. Average check growth, in
turn, was comprised of retail price increases of 2.0 percent and positive mix impact of 3.4 percent in comparison to
the prior fiscal year.
Results of Operations
Fiscal 2010 Compared to Fiscal 2009
Revenues
Total revenues in fiscal 2010 increased 14.0 percent to $1,542.5 million compared to $1,353.5 million in fiscal
2009. The growth in total revenues in fiscal 2010 compared to the prior year was primarily due to the opening of 76
new bakery-cafes system-wide in fiscal 2010 and to the 7.9 percent increase in system-wide comparable net bakery-
cafe sales in fiscal 2010, partially offset by the closure of three bakery-cafes system-wide in fiscal 2010.
The system-wide average weekly net sales per bakery-cafe for the periods indicated are as follows:
December 28,
2010
December 29,
2009
Percentage
Change
For the Fiscal Year Ended
System-wide average weekly net sales ................ $42,852 $39,926 7.3%
Net bakery-cafe sales in fiscal 2010 increased 14.6 percent to $1,321.2 million compared to $1,153.3 million in
fiscal 2009. The increase in net bakery-cafe sales in fiscal 2010 compared to the prior fiscal year was primarily due
28