Panera Bread 2011 Annual Report Download - page 32

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24
Bakery-cafe Composition
The following table sets forth certain bakery-cafe data relating to Company-owned and franchise-operated bakery-cafes for the
periods indicated:
Number of bakery-cafes:
Company-owned:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bakery-cafes opened . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bakery-cafes closed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bakery-cafes acquired from franchisees (1) . . . . . . . . . . . . . . . . . . . . . .
Bakery-cafe sold to a franchisee (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
End of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Franchise-operated:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bakery-cafes opened . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bakery-cafes closed (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bakery-cafes sold to Company (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bakery-cafe purchased from Company (2) . . . . . . . . . . . . . . . . . . . . . . .
End of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
System-wide:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bakery-cafes opened . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bakery-cafes closed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
End of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
For the fiscal year ended
December 27,
2011
662
53
(3)
30
(2)
740
791
59
(21)
(30)
2
801
1,453
112
(24)
1,541
December 28,
2010
585
42
(2)
40
(3)
662
795
34
(1)
(40)
3
791
1,380
76
(3)
1,453
December 29,
2009
562
30
(7)
—
—
585
763
39
(7)
—
—
795
1,325
69
(14)
1,380
(1) In July 2011, we acquired five bakery-cafes from an Indiana franchisee. In April 2011, we acquired 25 bakery-cafes from our
Milwaukee franchisee. Additionally, in September 2010, we acquired 37 bakery-cafes from our New Jersey franchisee. Also,
in March 2010, we acquired controlling interest in three bakery-cafes from our Canadian franchisee and subsequently
purchased the remaining noncontrolling interest on December 28, 2010.
(2) In February 2011, we sold two bakery-cafes in the Dallas, TX market to an existing franchisee. Additionally, in May 2010,
we sold three bakery-cafes in the Mobile, Alabama market to an existing franchisee.
(3) In June 2011, the franchise agreements for 13 franchise-operated Paradise bakery-cafes were mutually terminated and the
bakery-cafes de-identified from the Paradise brand.
Comparable Bakery-Cafe Sales, net
Fiscal 2011, 2010, and 2009 each contained 52 weeks of sales while fiscal 2008 contained 53 weeks of sales, with an impact of
$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. Accordingly, we believe it is appropriate to provide the following three separate measures of comparable net
bakery-cafe sales for fiscal 2009: calendar basis, adjusted fiscal basis, and fiscal basis.
Calendar Basis
We believe that comparable net bakery-cafe sales percentages presented on a calendar basis, which match the specific weeks in
a fiscal year to the same specific weeks in another, are useful in understanding our sales results because such comparisons are
generally not impacted by the shifting of seasonal holidays between fiscal periods from one year to another or by additional weeks
of sales in a particular fiscal period. Comparable net bakery-cafe sales growth on a calendar basis for the fiscal year ended
December 29, 2009 was 2.4 percent, 2.0 percent and 2.2 percent for Company-owned, franchise-operated, and system-wide
bakery-cafes, respectively. The comparable Company-owned net bakery-cafe sales growth on a calendar basis was driven by
approximately 0.3 percent 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.