Panera Bread 2015 Annual Report Download - page 33
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23
Consolidated Statements of 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 Income for the periods indicated. Percentages may not add due to rounding:
For the fiscal year ended
December 29,
2015
December 30,
2014
December 31,
2013
Revenues:
Bakery-cafe sales, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88.0% 88.2% 88.4%
Franchise royalties and fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2 4.9 4.7
Fresh dough and other product sales to franchisees . . . . . . . . . . . . . . . . . . . 6.9 6.9 6.9
Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% 100.0% 100.0%
Costs and expenses:
Bakery-cafe expenses (1):
Cost of food and paper products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.3% 30.0% 29.7%
Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.0 30.7 29.7
Occupancy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2 7.2 7.1
Other operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.2 14.1 14.0
Total bakery-cafe expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83.7 82.1 80.4
Fresh dough and other product cost of sales to franchisees (2) . . . . . . . . . . 87.2 86.9 87.0
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0 4.9 4.5
General and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3 5.5 5.2
Pre-opening expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.3 0.3
Refranchising loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 — —
Total costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91.0 89.1 87.0
Operating profit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.0 10.9 13.0
Interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 0.1 —
Other (income) expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (0.1)(0.2)
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.8 11.0 13.1
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3 3.9 4.9
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.6% 7.1% 8.2%
(1) As a percentage of net bakery-cafe sales.
(2) As a percentage of fresh dough and other product sales to franchisees.