Panera Bread 2014 Annual Report Download - page 32

Download and view the complete annual report

Please find page 32 of the 2014 Panera Bread annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 88

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88

20
ITEM 6. SELECTED FINANCIAL DATA
The following selected financial data has been derived from our consolidated financial statements. The data set forth below should
be read in conjunction with “Management’s Discussion and Analysis of Consolidated Financial Condition and Results of
Operations” and our consolidated financial statements and notes thereto.
For the fiscal year ended (1)
(in thousands, except per share and percentage information)
December 30,
2014
December 31,
2013
December 25,
2012
December 27,
2011
December 28,
2010
Revenues:
Bakery-cafe sales, net . . . . . . . . . . . . . . $ 2,230,370 $ 2,108,908 $ 1,879,280 $ 1,592,951 $ 1,321,162
Franchise royalties and fees. . . . . . . . . . 123,686 112,641 102,076 92,793 86,195
Fresh dough and other product sales to
franchisees . . . . . . . . . . . . . . . . . . . . . . . 175,139 163,453 148,701 136,288 135,132
Total revenues. . . . . . . . . . . . . . . . . . 2,529,195 2,385,002 2,130,057 1,822,032 1,542,489
Costs and expenses:
Bakery-cafe expenses:
Cost of food and paper products. . . . $ 669,860 $ 625,622 $ 552,580 $ 470,398 $ 374,816
Labor. . . . . . . . . . . . . . . . . . . . . . . . . 685,576 625,457 559,446 484,014 419,140
Occupancy . . . . . . . . . . . . . . . . . . . . 159,794 148,816 130,793 115,290 100,970
Other operating expenses . . . . . . . . . 314,879 295,539 256,029 216,237 177,059
Total bakery-cafe expenses . . . . . 1,830,109 1,695,434 1,498,848 1,285,939 1,071,985
Fresh dough and other product cost of
sales to franchisees. . . . . . . . . . . . . . . . . . 152,267 142,160 131,006 116,267 110,986
Depreciation and amortization. . . . . . . . . 124,109 106,523 90,939 79,899 68,673
General and administrative expenses. . . . 138,060 123,335 117,932 113,083 101,494
Pre-opening expenses. . . . . . . . . . . . . . . . 8,707 7,794 8,462 6,585 4,282
Total costs and expenses . . . . . . . 2,253,252 2,075,246 1,847,187 1,601,773 1,357,420
Operating profit . . . . . . . . . . . . . . . . . . . . 275,943 309,756 282,870 220,259 185,069
Interest expense . . . . . . . . . . . . . . . . . . . . 1,824 1,053 1,082 822 675
Other (income) expense, net . . . . . . . . . . (3,175) (4,017)(1,208)(466) 4,232
Income before income taxes . . . . . . . . . . 277,294 312,720 282,996 219,903 180,162
Income taxes . . . . . . . . . . . . . . . . . . . . . . 98,001 116,551 109,548 83,951 68,563
Net income. . . . . . . . . . . . . . . . . . 179,293 196,169 173,448 135,952 111,599
Less: net loss attributable to
noncontrolling interest . . . . . . . . . . . . . . . ————
(267)
Net income attributable to Panera
Bread Company . . . . . . . . . . . . . . . . $ 179,293 $ 196,169 $ 173,448 $ 135,952 $ 111,866
Earnings per common share attributable
to Panera Bread Company:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . $ 6.67 $ 6.85 $ 5.94 $ 4.59 $ 3.65
Diluted . . . . . . . . . . . . . . . . . . . . . . . $ 6.64 $ 6.81 $ 5.89 $ 4.55 $ 3.62
Weighted average shares of common and
common equivalent shares outstanding:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . 26,881 28,629 29,217 29,601 30,614
Diluted . . . . . . . . . . . . . . . . . . . . . . . 26,999 28,794 29,455 29,903 30,922