Panera Bread 2012 Annual Report Download - page 36

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28
The following table summarizes occupancy cost for the periods indicated (dollars in thousands):
For the fiscal year ended
December 25,
2012 December 27,
2011 December 28,
2010 % Change
in 2012 % Change
in 2011
Occupancy cost . . . . . . . . . . . . . . . . . . . . . . . . $ 130,793 $ 115,290 $ 100,970 13.4% 14.2%
As a percent of bakery-cafe sales, net. . . . . . . 7.0% 7.2% 7.6%
The decrease in occupancy cost in fiscal 2012 as a percentage of net bakery-cafe sales was primarily a result of improved leverage
from higher comparable net bakery-cafe sales.
The decrease in occupancy cost in fiscal 2011 as a percentage of net bakery-cafe sales was primarily a result of common area
maintenance credits, as landlords spent less on common area maintenance than in prior years, improved leverage from higher
comparable net bakery-cafe sales, lower occupancy costs in new bakery-cafes, and favorably negotiated leases in existing bakery-
cafes.
The following table summarizes other operating expenses for the periods indicated (dollars in thousands):
For the fiscal year ended
December 25,
2012 December 27,
2011 December 28,
2010 % Change
in 2012 % Change
in 2011
Other operating expenses . . . . . . . . . . . . . . . . $ 256,029 $ 216,237 $ 177,059 18.4% 22.1%
As a percent of bakery-cafe sales, net. . . . . . . 13.6% 13.6% 13.4%
Other operating expenses remained consistent as a percentage of net bakery-cafe sales from fiscal 2011 to fiscal 2012 primarily
due to increased marketing expense, principally offset by leverage from higher comparable net bakery-cafe sales.
The increase in other operating expenses in fiscal 2011 as a percentage of net bakery-cafe sales was primarily a result of increase
marketing expense, partially offset by increased leverage from higher comparable net bakery-cafe sales.
The following table summarizes fresh dough and other product cost of sales to franchisees for the periods indicated (dollars in
thousands):
For the fiscal year ended
December 25,
2012 December 27,
2011 December 28,
2010 % Change
in 2012 % Change
in 2011
Fresh dough and other product cost of sales
to franchisees. . . . . . . . . . . . . . . . . . . . . . . . . . $ 131,006 $ 116,267 $ 110,986 12.7% 4.8%
As a percent of fresh dough and other
product sales to franchisees. . . . . . . . . . . . . . . 88.1% 85.3% 82.1%
The increase in the fresh dough and other product cost of sales to franchisees in fiscal 2012 as a percentage of fresh dough and
other product sales to franchisees was primarily the result of the year-over-year increase in ingredient costs and higher year-over-
year sales of zero margin fresh produce sales to franchisees, partially offset by improved leverage from new bakery-cafes and
higher comparable net bakery-cafe sales.
The increase in the fresh dough and other product cost of sales to franchisees in fiscal 2011 as a percentage of fresh dough and
other product sales to franchisees was primarily the result of the year-over-year increase in ingredient costs, partially offset by
improved leverage from new bakery-cafes and higher comparable net bakery-cafe sales.
The following table summarizes general and administrative expenses for the periods indicated (dollars in thousands):
For the fiscal year ended
December 25,
2012 December 27,
2011 December 28,
2010 % Change
in 2012 % Change
in 2011
General and administrative expenses . . . . . . . $ 117,932 $ 113,083 $ 101,494 4.3% 11.4%
As a percent of total revenue. . . . . . . . . . . . . . 5.5% 6.2% 6.6%