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Panera Bread Company
2015 Annual Report to Stockholders

Table of contents

  • Page 1
    Panera Bread Company 2015 Annual Report to Stockholders

  • Page 2

  • Page 3
    ...cafes, confirming our success in improving the customer experience and increasing guest frequency. In addition, Rapid Pick-Up, an element that debuted as part of Panera 2.0 and was rolled out system-wide in 2014, grew to over 6% of company sales in 2015. Our focus on operations also paid off in 2015...

  • Page 4
    ...program in the restaurant industry. Our initiatives to expand growth also gained traction in 2015. Catering sales grew 14% in the fourth quarter of 2015, the best quarterly sales growth in catering that we've seen for several years. As well, we expanded tests of small-order delivery into new markets...

  • Page 5
    ... both sales and profit growth. Ensuring Necessary Capabilities We know that to deliver on the promise of our strategic plan, we need to have in place the technological and human capabilities necessary to successfully execute the initiatives. To that end, we have worked for several years to build the...

  • Page 6
    ... build customer loyalty and drive sustained growth. Given the competitive marketplace for talent, we are increasing our investment in wages during 2016. And we are investing in our cafes. Capacity upgrades are crucial to our strategy of enhancing Panera's competitive position and capturing the sales...

  • Page 7
    ..., but not limited to, those set forth under "Risk Factors" in Item 1A of our enclosed Annual Report on Form 10-K and in our other public filings with the United States Securities and Exchange Commission, or SEC. All forward-looking statements and the internal projections and beliefs upon which we...

  • Page 8
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  • Page 9
    ... at the close of business on June 30, 2015, was $2,725,304,483. As of February 17, 2016, the registrant had 22,995,342 shares of Class A Common Stock ($.0001 par value per share) and 1,381,730 shares of Class B Common Stock ($.0001 par value per share) outstanding. Part III of this Annual Report...

  • Page 10
    ... MARKET RISK ...40 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA ...41 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE ...75 ITEM 9A. CONTROLS AND PROCEDURES ...75 ITEM 9B. OTHER INFORMATION ...76 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS...

  • Page 11
    ...$184 million of fresh dough and other product sales to franchisees. Franchise-operated net bakery-cafe sales, as reported by franchisees, were $2,478 million in fiscal 2015. See Note 19 to our consolidated financial statements for further segment information. Our fiscal year ends on the last Tuesday...

  • Page 12
    ... in food, marketing, and store design. In addition to our in-bakery-cafe dining experience, we offer Panera Catering, a nation-wide catering service that provides breakfast assortments, sandwiches, salads, soups, pasta dishes, drinks, and bakery items using the same high-quality, fresh ingredients...

  • Page 13
    ... appropriate menu prices, discount rates, and tax rates for system programming. We use in-store enterprise application tools to assist in labor scheduling and food cost management, to provide corporate and retail operations management with quick access to retail data, to allow on-line ordering with...

  • Page 14
    ... desired returns. Our concept has proved successful in different types of locations, such as in-line or end-cap locations in strip or power centers, regional malls, and free-standing units. The average Company-owned bakery-cafe size was approximately 4,500 square feet as of December 29, 2015. We...

  • Page 15
    ...Company-owned and franchise-operated bakery-cafes. As of December 29, 2015, we had 24 fresh dough facilities, 22 of which were Company-owned, including one located in Ontario, Canada, to support the 17 bakery-cafes located within that market. Fresh dough is the key to our high-quality, artisan bread...

  • Page 16
    ...-cafe locations, appealing environment, high-quality food, beverages, customer service, and marketing. Some of our competitors are larger than we are and have substantially greater financial resources than we do. For further information regarding competition, see Item 1A. Risk Factors. Employees...

  • Page 17
    ... and in-store cafés of several major grocery store chains, including those targeted at customers who want higher-quality food. These competitors may have, among other things, a more diverse menu, lower operating costs, better locations, facilities or management, more effective marketing or more...

  • Page 18
    ... and whether the resulting ownership mix supports our financial objectives; balancing unit growth while meeting target returns on invested capital for locations; generating additional revenue and corresponding profits through the retail sale of consumer packaged goods through alternative channels of...

  • Page 19
    ... or supply issues in our fresh dough facilities could adversely affect our business and consolidated results of operations. We operate 22 Company-owned fresh dough facilities, which service substantially all of our Company-owned and franchiseoperated bakery-cafes. Our fresh dough and other product...

  • Page 20
    ... resources to national advertising and marketing in the future. If new advertising and other marketing programs, including our digital advertising or national television advertising, do not result in increased net bakery-cafe sales or if the costs of advertising, media, or marketing increase greater...

  • Page 21
    ... competition for restaurant sites from newer and increasing number of concepts in the fast casual segment; variations in the number and timing of bakery-cafe openings as compared to our construction schedule; management of the costs of construction of bakery-cafes, particularly factors outside...

  • Page 22
    ...business. Our success depends substantially on the value of our brands and our reputation for offering high-quality food and a memorable experience with superior customer service. Our brands have been highly rated in annual consumer surveys and have received high recognition in industry publications...

  • Page 23
    ... and implementation of national, state, or local government proposals relating to increases in minimum wage rates, may increase our costs of doing business and adversely affect our results of operations. Regulatory changes in and customer focus on nutrition and advertising practices could adversely...

  • Page 24
    ... our operations, including for the order and delivery of fresh dough from our fresh dough facilities, point-of-sale processing in our bakery-cafes, gift and loyalty cards, online business, and various other processes and transactions, including the storage of employee and customer information. Our...

  • Page 25
    ... quarter or for any year. Average weekly sales or comparable bakery-cafe sales in any particular future period may decrease. In the future, operating results may fall below the expectations of securities analysts and investors, which could cause our stock price to fall. We believe the market price...

  • Page 26
    ...growth rate and potentially our stock price. ITEM 1B. UNRESOLVED STAFF COMMENTS None. ITEM 2. PROPERTIES We lease nearly all of our bakery-cafe locations, fresh dough facilities, and support centers. The square footage of our Company-owned leased fresh dough facilities as of December 29, 2015 is set...

  • Page 27
    The average size of our Company-owned bakery-cafes as of December 29, 2015 was approximately 4,500 square feet. As of December 29, 2015, 1,972 bakery-cafes operated in the following locations: Location Alabama ...Arizona ...Arkansas ...California ...Colorado ...Connecticut...Delaware...Florida ......

  • Page 28
    ... of the California Labor Code, failure to pay overtime, failure to provide meal and rest periods, and violations of California's Unfair Competition Law. The complaint seeks, among other relief, collective and class certification of the lawsuit, unspecified damages, costs and expenses, including...

  • Page 29
    ... public trading market for our Class B common stock. For the periods indicated, the following table sets forth the quarterly high and low sale prices per share of our Class A common stock as reported by Nasdaq. For the fiscal year ended December 29, 2015 December 30, 2014 High Low High Low...

  • Page 30
    ... 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 29, 2015 Revenues: Bakery-cafe sales, net ...Franchise royalties and fees...Fresh dough and other product sales to...

  • Page 31
    ...week period in fiscal 2012 (52 weeks in fiscal 2012 plus week one of fiscal 2013). ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS General Our revenues are derived from Company-owned net bakery-cafe sales, fresh dough and other product sales...

  • Page 32
    ... net sales in the period by operating weeks in the period. Accordingly, year-over-year results reflect sales for all locations, whereas comparable net bakery-cafe sales exclude closed locations and are based on sales only from our base store bakery-cafes. New stores typically experience an opening...

  • Page 33
    ... fiscal year ended December 29, December 30, December 31, 2015 2014 2013 Revenues: Bakery-cafe sales, net ...Franchise royalties and fees ...Fresh dough and other product sales to franchisees ...Total revenue ...Costs and expenses: Bakery-cafe expenses (1): Cost of food and paper products ...Labor...

  • Page 34
    ...-cafe data relating to Company-owned and franchise-operated bakery-cafes for the periods indicated: For the fiscal year ended December 29, December 30, December 31, 2015 2014 2013 Number of bakery-cafes: Company-owned: Beginning of period ...Bakery-cafes opened ...Bakery-cafes closed ...Bakery-cafes...

  • Page 35
    ... and transition costs associated with our initiatives, excluding the impact of one-time charges. In fiscal 2016, we anticipate opening 90 to 100 bakery-cafes system-wide and expect average weekly net sales for new Companyowned bakery-cafes of $45,000 to $47,000. Results of Operations Revenues The...

  • Page 36
    ...of new marketing initiatives and price increases in fiscal 2015, partially offset by modestly lower average weekly sales in fiscal 2015 for bakery-cafes opened in fiscal 2014. The increase in average weekly net sales for Company-owned bakery-cafes in fiscal 2014 compared to the prior fiscal year was...

  • Page 37
    ...opening of 55 franchise-operated bakery-cafes, the refranchising of 75 bakery-cafes, and the 1.0 percent increase in franchise-operated comparable net bakery-cafe sales in fiscal 2015. The increase in fresh dough and other product sales to franchisees in fiscal 2014 compared to the prior fiscal year...

  • Page 38
    ... of increased labor supporting ongoing operational initiatives and wage inflation. The increase in labor expense in fiscal 2014 as a percentage of net bakery-cafe sales was primarily a result of adding additional labor hours, as well as employees, in the bakery-cafes and related training costs, both...

  • Page 39
    ...for the periods indicated (dollars in thousands): For the fiscal year ended December 29, December 30, December 31, 2015 2014 2013 Fresh dough and other product cost of sales to franchisees...$ As a percentage of fresh dough and other product sales to franchisees...160,706 87.2% $ 152,267 86.9% $ 142...

  • Page 40
    ...tax rate from fiscal 2014 to fiscal 2015 was primarily driven by certain discrete income tax benefits reported during fiscal 2014 related to additional federal and state tax credits and an increased deduction for domestic production activities. The decrease in the effective tax rate from fiscal 2013...

  • Page 41
    ... required significant working capital because customers generally pay using cash or credit and debit cards and because our operations do not require significant receivables, nor do they require significant inventories due, in part, to our use of various fresh ingredients. A summary of our cash flows...

  • Page 42
    ... to support ongoing operational initiatives and costs related to enterprise systems and other capital needs. Capital expenditures, for the periods indicated, were as follows (in thousands): For the fiscal year ended December 29, December 30, December 31, 2015 2014 2013 New bakery-cafes ...$ 115...

  • Page 43
    ....6 million. In total, during fiscal 2014, we repurchased 941,878 shares under the 2012 and 2014 repurchase authorizations, at an average price of $163.62 per share, for an aggregate purchase price of approximately $154.1 million. On April 15, 2015, our Board of Directors approved an increase of the...

  • Page 44
    .... Revenues from fresh dough and other product sales to franchisees are recorded upon delivery of the fresh dough and other products to franchisees. Sales of soup and other branded products sold outside our bakery-cafes are recognized upon delivery to customers. Royalties are generally paid weekly...

  • Page 45
    ... cash flow model. Our discounted cash flow estimates are based upon, among other things, certain assumptions about expected future operating performance, such as revenue growth rates, operating margins, risk-adjusted discount rates, and future economic and market conditions. For fiscal 2015...

  • Page 46
    ...$32.6 million as of December 30, 2014, which were included in accrued expenses in the Consolidated Balance Sheets. Income Taxes We are subject to income taxes in the United States and Canada. Significant judgment is required in evaluating our uncertain tax positions and determining our provision for...

  • Page 47
    ... fair value, and the carrying value of the long-lived assets. Our estimates of cash flow were based upon, among other things, certain assumptions about expected future operating performance, such as revenue growth rates, operating margins, risk-adjusted discount rates, and future economic and market...

  • Page 48
    ... the future. The extent of the impact will depend on our ability and timing to increase food prices. A majority of our associates are paid hourly rates regulated by federal and state minimum wage laws. Although we have and will continue to attempt to pass along any increased labor costs through food...

  • Page 49
    ... consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)". This update provides a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer...

  • Page 50
    ...to one year, usually at a fixed price. As a result, we are subject to market risk that current market prices may be above or below our contractual price. These agreements qualify as normal purchases and are not recorded at fair value on our Consolidated Balance Sheets. In fiscal 2015, 2014, and 2013...

  • Page 51
    ...DATA The following consolidated financial statements are included in response to this item: Report of Independent Registered Public Accounting Firm...Consolidated Balance Sheets ...Consolidated Statements of Income ...Consolidated Statements of Comprehensive Income ...Consolidated Statements of Cash...

  • Page 52
    ... Public Accounting Firm To Board of Directors and Stockholders of Panera Bread Company: In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, comprehensive income, of changes in equity and redeemable noncontrolling interest, and of cash flows...

  • Page 53
    PANERA BREAD COMPANY CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share information) December 29, 2015 Assets Current assets: Cash and cash equivalents ...$ Trade accounts receivable, net ...Other accounts receivable ...Inventories ...Prepaid expenses and other ...Deferred income ...

  • Page 54
    PANERA BREAD COMPANY CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share information) For the fiscal year ended December 29, December 30, December 31, 2015 2014 2013 Revenues: Bakery-cafe sales, net ...$ Franchise royalties and fees ...Fresh dough and other product sales to franchisees...

  • Page 55
    ...For the fiscal year ended December 29, 2015 Net income ...$ Less: Net loss attributable to noncontrolling interest...Net income attributable to Panera Bread Company ...$ Other comprehensive income (loss), net of tax: Unrealized gains (losses) on cash flow hedging instruments ...Tax (expense) benefit...

  • Page 56
    PANERA BREAD COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the fiscal year ended December 29, 2015 Cash flows from operating activities: Net income ...$ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization ...Stock-based ...

  • Page 57
    PANERA BREAD COMPANY CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (in thousands) Common Stock Class A Shares Balance, December 25, 2012 . Net income ...Other comprehensive income (loss) ...Issuance of common stock ...Stock-based compensation expense ......

  • Page 58
    ... sourdough breads and bagels. In addition to the in-bakery-cafe dining experience, the Company offers Panera Catering, a nation-wide catering service that provides breakfast assortments, sandwiches, salads, soups, pasta dishes, drinks, and bakery items using the same high-quality, fresh ingredients...

  • Page 59
    ... things, certain assumptions about expected future operating performance, such as revenue growth rates, operating margins, risk-adjusted discount rates, and future economic and market conditions. No goodwill impairment charges were recorded during fiscal 2015 and fiscal 2013. The Company recorded...

  • Page 60
    ...discounted cash flows, which approximates fair value, and the carrying value of the long-lived assets. In performing this analysis, management estimates cash flows based upon, among other things, certain assumptions about expected future operating performance, such as revenue growth rates, operating...

  • Page 61
    ... for real estate in the Company's consolidated financial statements. The Company capitalizes direct costs clearly associated with the acquisition, development, design, and construction of bakery-cafe locations and fresh dough facilities as these costs have a future benefit to the Company. The types...

  • Page 62
    ... Balance Sheets and, when recognized, as a reduction of bakery-cafe sales, net in the Consolidated Statements of Income. The Company maintains a customer loyalty program referred to as MyPanera in which customers earn rewards based on registration in the program and purchases within Panera Bread...

  • Page 63
    .... The Company reports the period to period change in the landlord receivable within the operating activities section of its Consolidated Statements of Cash Flows. Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of shares of common stock...

  • Page 64
    PANERA BREAD COMPANY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) and historical experience. Stock-based compensation expense is recognized only for those awards expected to vest, with forfeitures estimated at the date of grant based on historical experience. The fair value of the ...

  • Page 65
    ... in the Consolidated Balance Sheets. Adoption of this standard did not impact the Company's results of operations or cash flows in either the current or previous interim and annual reporting periods. In August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements - Going Concern...

  • Page 66
    ... held for sale in the Company's Consolidated Balance Sheets. The following summarizes activity associated with the refranchising initiative recorded in the caption entitled refranchising loss in the Consolidated Statements of Income (in thousands): For the fiscal year ended December 29, 2015 Loss on...

  • Page 67
    PANERA BREAD COMPANY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) Current assets, including cash...Property and equipment ...Goodwill ...Intangible assets ...Deposits and other ...Total assets ...$ $ 4,136 1,757 2,512 1,657 87 10,149 777 1,237 137 2,151 3,998 $ 4,000 10,149 Current ...

  • Page 68
    ... future cash flows of each derivative. This analysis reflects the contractual terms of the derivatives and uses observable market-based inputs, including interest rate curves and credit spreads. 6. Inventories Inventories consisted of the following (in thousands): December 29, 2015 Food: Fresh dough...

  • Page 69
    ...expense related to these assets of $126.7 million, $115.4 million, and $97.2 million during fiscal 2015, fiscal 2014, and fiscal 2013, respectively. 8. Goodwill The following is a reconciliation of the beginning and ending balances of the Company's goodwill by reportable segment at December 29, 2015...

  • Page 70
    ... 29, 2015 Unredeemed gift cards, net ...$ Compensation and related employment taxes...Capital expenditures ...Insurance ...Taxes, other than income tax...Fresh dough and other product operations ...Occupancy costs ...Deferred revenue...Advertising ...Utilities ...Loyalty program ...Other ...Total...

  • Page 71
    PANERA BREAD COMPANY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) 2015, $14.7 million of the 2015 Term Loan's carrying amount is presented as the Current portion of long-term debt in the Consolidated Balance Sheets. Each of the 2014 Term Loan and 2015 Term Loan bears interest at a rate...

  • Page 72
    ..., the Company's Board of Directors approved a three year share repurchase authorization of up to $600 million of the Company's Class A common stock (the "2012 repurchase authorization"), pursuant to which the Company repurchased shares on the open market under a Rule 10b5-1 plan. During fiscal 2014...

  • Page 73
    ... and $1.1 million in the Consolidated Balance Sheets, respectively. The following table summarizes sale-leaseback transactions for the periods indicated (dollars in thousands): For the fiscal year ended December 29, December 30, December 31, 2015 2014 2013 Number of bakery-cafes sold and leased back...

  • Page 74
    ...29, 2015, future commitments under these leases were as follows (in thousands): 2,016 11,832 2017 12,092 Fiscal Years 2018 12,409 2019 12,549 2020 12,623 Thereafter 182,907 Total 244,412 $ $ Employee Commitments The Company has executed confidential and proprietary information and non-competition...

  • Page 75
    ...: For the fiscal year ended December 29, December 30, December 31, 2015 2014 2013 35.0% 35.0% 35.0% 4.1 4.1 4.5 (1.8) (1.4) (0.8) (0.4) (2.4) (1.4) 36.9% 35.3% 37.3% Statutory U.S. federal rate...U.S. state and local income taxes, net of federal tax benefit ...U.S. federal tax credits ...Other...

  • Page 76
    ... of limitations ...Ending balance ...$ 6,668 $ 6,455 $ 2,999 The U.S. Internal Revenue Service has completed exams of the Company's U.S. federal tax returns for fiscal years 2012 and prior. While certain state returns in fiscal years 2002 through 2011 may be subject to future assessment by taxing...

  • Page 77
    ... or outstanding in fiscal 2015 and 2014. Treasury Stock Pursuant to the terms of the Panera Bread 2006 Stock Incentive Plan and the Panera Bread 2015 Stock Incentive Plan, and the applicable award agreements, the Company repurchased 28,018 shares of Class A common stock at a weighted-average cost of...

  • Page 78
    ...as further discussed below. For fiscal 2015, fiscal 2014 and fiscal 2013, compensation expense related to performance awards, restricted stock, options, SSARs, and deferred annual bonus match was $16.4 million, $11.1 million, and $16.0 million, net of capitalized compensation expense of $1.5 million...

  • Page 79
    ...in capital in the Consolidated Balance Sheets. This unrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 3.4 years. For fiscal 2015, fiscal 2014, and fiscal 2013, restricted stock expense was $12.6 million, $8.3 million, and $9.2 million, net of...

  • Page 80
    ... Company uses historical data to estimate pre-vesting forfeiture rates. As of December 29, 2015, there was no unrecognized compensation cost related to non-vested options. For fiscal 2015, fiscal 2014, and fiscal 2013, stock-based compensation expense related to stock options charged to general and...

  • Page 81
    PANERA BREAD COMPANY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) (2) Intrinsic value for activities other than conversions is defined as the difference between the grant price and the market value on the last day of fiscal 2015 of $197.08 for those SSARs where the market value is ...

  • Page 82
    ... dough is sold to a number of both Company-owned and franchise-operated bakery-cafes at a delivered cost generally not to exceed 27 percent of the retail value of the end product. The sales and related costs to the franchise-operated bakery-cafes are separately stated line items in the Consolidated...

  • Page 83
    ... Accounting Policies." Segment information related to the Company's three business segments is as follows (in thousands): For the fiscal year ended December 29, December 30, December 31, 2015 2014 2013 Revenues: Company bakery-cafe operations ...Franchise operations ...Fresh dough and other product...

  • Page 84
    ... data): For the fiscal year ended December 29, December 30, December 31, 2015 2014 2013 Amounts used for basic and diluted per share calculations: Net income attributable to Panera Bread Company ...$ Weighted average number of shares outstanding - basic ...Effect of dilutive stock-based employee...

  • Page 85
    ... The following table presents selected unaudited quarterly financial data for the periods indicated (in thousands, except per share data): Fiscal 2015 - quarters ended (1) March 31 Revenues ...$ 648,504 Operating profit ...51,197 Net income attributable to Panera Bread Company ...31,860 Earnings per...

  • Page 86
    ...120 days of the end of the fiscal year to which this report relates. The Company has adopted a code of ethics, called the Standards of Business Conduct that applies to its officers, including its principal executive, financial and accounting officers, and its directors and employees. The Company has...

  • Page 87
    ... the 2016 Annual Meeting of Stockholders, which the Company intends to file with the SEC within 120 days of the end of the fiscal year to which this report relates. PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (a)(1) All Financial Statements: Consolidated financial statements filed as...

  • Page 88
    ... 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. PANERA BREAD COMPANY By: /s/ RONALD M. SHAICH Ronald M. Shaich Chairman and Chief Executive Officer Date: February 18, 2016 78

  • Page 89
    ... President, Chief Financial Officer (Principal Financial Officer) February 18, 2016 /s/ MARK D. WOOLDRIDGE Mark D. Wooldridge VP, Controller, Chief Accounting Officer (Principal Accounting Officer) February 18, 2016 /s/ DOMENIC COLASACCO Domenic Colasacco Director February 18, 2016 /s/ FRED...

  • Page 90
    ... on Schedule 14A dated April 22, 2014 (File No. 0-19253), as filed with the Commission on April 22, 2014 and incorporated herein by reference.†Formula Stock Option Plan for Independent Directors, as amended (filed as Exhibit 10.2 to the Registrant's Annual Report on Form 10-K for the year ended...

  • Page 91
    ... and Proprietary Information and Non-Competition Agreement executed by Executive and Senior Vice Presidents (filed as Exhibit 10.19 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2013 (File No. 0-19253), as filed with the Commission on February 20, 2014 and...

  • Page 92
    ... Annual Report on Form 10-K for the year ended December 25, 2012 (File No. 0-19253), as filed with the Commission on February 15, 2013 and incorporated herein by reference). Registrant's Subsidiaries. Consent of Independent Registered Public Accounting Firm. Certification by Chief Executive Officer...

  • Page 93
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  • Page 94
    ... hereof and irrespective of any general incorporation language in any such filing. We obtained information used on the graph from Research Data Group, Inc., a source we believe to be reliable. COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN* Among Panera Bread Company, the NASDAQ Composite Index, the...

  • Page 95
    ...2016, 10:30 a.m., Central Time Panera Bread Company Headquarters 3630 South Geyer Road St. Louis, Missouri 63127 Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Stock Trading Information The Nasdaq Global Select Market Symbol: PNRA Form 10-K and Other Reports and Information...

  • Page 96