Panera Bread 2013 Annual Report Download - page 31

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23
impact of $0.01 per diluted share from the repurchase of 158,700 shares under our 2012 share repurchase authorization and the
share repurchase authorization we approved in 2009, or our 2009 share repurchase authorization.
In fiscal 2011, we earned $4.55 per diluted share with the following performance on key metrics: system-wide comparable net
bakery-cafe sales growth of 4.0 percent (growth of 4.9 percent for Company-owned bakery-cafes and growth of 3.4 percent for
franchise-operated bakery-cafes); system-wide average weekly net sales increased 3.4 percent to $44,313 ($44,071 for Company-
owned bakery-cafes and $44,527 for franchise-operated bakery-cafes); 112 new bakery-cafes opened system-wide (53 Company-
owned bakery-cafes and 59 franchise-operated bakery-cafes); and 24 bakery-cafes closed system-wide (three Company-owned
bakery-cafes and 21 franchise-operated bakery-cafes, which included 13 Paradise cafes that de-identified from the brand). Our
fiscal 2011 earnings of $4.55 per diluted share included a charge of $0.10 per diluted share for a legal matter and a favorable
impact of $0.05 per diluted share from the repurchase of 877,100 shares under our 2009 share repurchase authorization.
Consolidated Statements of Comprehensive Income Margin Analysis
The following table sets forth the percentage relationship to total revenues, except where otherwise indicated, of certain items
included in our Consolidated Statements of Comprehensive Income for the periods indicated. Percentages may not add due to
rounding:
For the fiscal year ended
December 31,
2013
December 25,
2012
December 27,
2011
Revenues:
Bakery-cafe sales, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88.4% 88.2% 87.4%
Franchise royalties and fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 4.8 5.1
Fresh dough and other product sales to franchisees . . . . . . . . . . . . . . . . . . . 6.9 7.0 7.5
Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% 100.0% 100.0%
Costs and expenses:
Bakery-cafe expenses (1):
Cost of food and paper products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.7% 29.4% 29.5%
Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.7 29.8 30.4
Occupancy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1 7.0 7.2
Other operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.0 13.6 13.6
Total bakery-cafe expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80.4 79.8 80.7
Fresh dough and other product cost of sales to franchisees (2) . . . . . . . . . . 87.0 88.1 85.3
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5 4.3 4.4
General and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2 5.5 6.2
Pre-opening expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.4 0.4
Total costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87.0 86.7 87.9
Operating profit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.0 13.3 12.1
Interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 0.1 —
Other (income) expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.2)(0.1)—
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.1 13.3 12.1
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9 5.1 4.6
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2% 8.1% 7.5%
Other comprehensive (loss) income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — —
Comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2% 8.2% 7.5%
(1) As a percentage of net bakery-cafe sales.
(2) As a percentage of fresh dough and other product sales to franchisees.