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Company Information
December 27 December 28 December 29
Balance Sheet Units (i.e. 000's)
Income Statement Units (i.e. 000's)
Most Recent Year for Data
Date of Analysis
2011 Calendar Year Industry Comparisons
SIC 5812 Eating Places UNIT UQ MED LQ
Current Ratio Times 2.0 1.2 0.
Quick Ratios Times 1.3 0.7 0.
Inventory Turnover (Sales) Times 122.7 85.7 45.
Inventory Turnover (COGS)
Collection Period Days 1.1 5.3 13.
Fixed Assets Turnover
Total Assets Turnover
Long-Term Debt Ratio
Debt Ratio
Times Interest Earned
Profit Margin (ROS) Decimal 0.073 0.035 0.
Return on Assets (^) Decimal (^) 0.169 0.066 0.
Return on Equity Decimal (^) 0.404 0.154 0.
Dun & Bradstreet
February 21, 2015
Company Name
Fiscal Year End Dates
Panera Bread Company
thousands thousands 2011
Consolidated Statements of Income
(dollars in thousands) FY 2011 FY 2010 FY 2009 As of Dec 27, 2011 Dec 28, 2010 Dec 29, 2009
REVENUE Bakery-café sales, net $1,592,951 $1,321,162 $1,153, Franchise royalties and fees 92,793 86,195 78, 136,288 135,132 121, Total Revenue 1,822,032 1,542,489 1,353, COSTS & EXPENSES Bakery-café expenses: Cost of food and paper products 470,398 374,816 337, Labor 484,014 419,140 370, Occupancy 115,290 100,970 95, Other operating expenses 216,237 177,059 155, Total bakery-café expenses 1,285,939 1,071,985 959, 116,267 110,986 100, Total Cost of Goods Sold 1,402,206 1,182,971 1,059,
Gross Profit 419,826 359,518 293,
OPERATING EXPENSES Depreciation and amortization 79,899 68,673 67, 113,083 101,494 83, Pre-opening expenses 6,585 4,282 2, Total Operating Expenses 199,567 174,449 152, Operating Profit 220,259 185,069 140,
OTHER EXPENSES Interest expense 822 675 700 Other (income) expense, net (466) 4,232 273 INCOME BEFORE INCOME TAXES 219,903 180,162 139, Income Taxes (Benefit) 83,951 68,563 53, 135,952 111,599 86,
0 (267) 801 NET INCOME $135,952 $111,866 $86,
Source: 2011 Form 10-K, www.sec.gov
General and administrative expenses
Fresh dough and other product sales to franchisees
Fresh dough and other product cost of sales to franchisees
Less: net (loss) income attributable to noncontrolling interest
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
Horizontal and Vertical Analysis
(dollars in thousands)
FY 2011 FY 2010 FY 2009 FY 2011 FY 2010 As of 27-Dec-11 28-Dec-10 29-Dec-09 27-Dec-11 28-Dec-
REVENUE
Total Revenue $1,822,032 $1,542,489 $1,353,494 18.12% 13.96% Bakery-café sales, net 0.874 0.857 0.852 20.57% 14.56% Franchise royalties and fees 0.051 0.056 0.058 7.65% 9.99% Fresh dough and other product sales to franchisees 0.075^ 0.088^ 0.090^ 0.86%^ 10.88% COST OF SALES Bakery-café expenses: Cost of food and paper products 0.258 0.243 0.249 25.50% 11.02% Labor 0.266 0.272 0.274 15.48% 13.10% Occupancy 0.063 0.065 0.071 14.18% 5.18% Other operating expenses 0.119 0.115 0.115 22.13% 13.94% Total bakery-café expenses 0.706 0.695 0.709 19.96% 11.71% Fresh dough cost of sales to franchisees 0.064 0.072 0.074 4.76% 10.73% Total Cost of Goods Sold 0.770 0.767 0.783 18.53% 11.62%
Gross Profit 0.230 0.233 0.217 16.77% 22.42%
OPERATING EXPENSES Depreciation and amortization 0.044 0.045 0.050 16.35% 2.25% General and administrative expenses 0.062 0.066 0.061 11.42% 22.03% Pre-opening expenses 0.004 0.003 0.002 53.78% 74.70% Total Operating Expenses 0.110 0.113 0.113 14.40% 14.18% Operating Profit 0.121 0.120 0.104 19.01% 31.35%
OTHER EXPENSES Interest expense 0.000 0.000 0.001 21.78% 3.57% Other (income) expense, net (0.000) 0.003 0.000 -111.01% 1450.18% INCOME BEFORE INCOME TAXES 0.121 0.117 0.103 22.06% 28.76% Income Taxes (Benefit) 0.046 0.044 0.039 22.44% 29.19% Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 0.075^ 0.072^ 0.064^ 21.82%^ 28.49% Less: net (loss) income attributable to noncontrolling interest 0.000^ (0.000)^ 0.001^ -100.00%^ -133.33% NET INCOME 0.075 0.073 0.064 21.53% 30.00%
VERTICAL HORIZONTAL
Sources and Uses Analysis
(dollars in thousands) FY 2011 FY 2010 Sources Uses As of Dec 27, 2011^ Dec 28, 2010
ASSETS
Cash and Cash Equivalents $222,640 $229,299 ($6,659) Trade accounts receivable, net $30,700 $20,378 $10, Other accounts receivable $24,009 $17,962 $6, Inventories $17,016 $14,345 $2, Prepaid expenses and other $31,228 $23,905 $7, Deferred income taxes $27,526 $24,796 $2, Property and Equipment, net $492,022 $444,094 $47, Goodwill $108,071 $94,442 $13, Other intangible assets, net $67,269 $48,402 $18, Deposits and other $6,841 $6,958 $
LIABILITIES AND EQUITY
Accounts payable $15,884 $7,346 $8, Accrued expenses $222,450 $204,170 $18, Deferred rent $54,055 $47,974 $6, Deferred income taxes $34,345 $30,264 $4, Other long-term liabilities $45,512 $39,219 $6, Commitments $0 $0 $
Additional Paid-in Capital $150,093 $130,005 $20, $308 $275 $ Retained Earnings $680,267 $544,315 $135, TOTAL: $199,463 $206, Sources Decrease in assets Sources: $199, Increase in liabilities Uses: $206, Increase in equities SubTotal: ($6,659) OK Uses Increase in assets Cash in FY 2011: $222, Decrease in liabilities Cash in FY 2010: $229, Decrease in equities Sub Total: ($6,659) OK
Common stock, $.0001 par value; 112,500, shares authorized; 30,330,759 shares issued and 28,265,672 shares outstanding at Dec. 27, 2011 and 30,125,936 shares issued and 29,006, shares outstanding at Dec. 28, 2010
Common stock, $.0001 par value; Class B, 10,000,000 shares authorized; 1,383,687 shares issued and outstanding at Dec. 27, 2011 and 1,391,607 shares at Dec. 28, 2010
Accumulated other comprehensive income
Preferred stock, $0.0001 par value per share; 2,000,000 shares authorized and no shares issued or outstanding at Dec. 27, 2011 and Dec. 28, 2012
Treasury stock, carried at cost: 2,048,338 shares at Dec. 27, 2011 and 1,119,092 shares at Dec. 28, 2010
