Professional Documents
Culture Documents
Revenue, Net:
Costs and Expenses:
Bakery-cafe expenses:
Cost of food and paper products
Labor
Occupancy, Net
Other Cost and Expense, Operating
Total Bakery Cafe Expenses
Fresh dough and other product cost of sales to franchisees
Depreciation and amortization
General and administrative expenses
Pre-opening expenses
Total costs and expenses
Operating profit
Interest expense
Other (income) expense, net
Income before income taxes
Income taxes
Net Income
Less: net (loss) income attributable to noncontrolling interest
Net income attributable to Panera Bread Company
12 Months End
Dec. 25, 2012
$
2,130,057
552,580
559,446
130,793
256,029
1,498,848
131,006
90,939
117,932
8,462
1,847,187
282,870
1,082
(1,208)
282,996
109,548
173,448
173,448
$5.94
$5.89
29,217
29,455
12 Months Ended
Dec. 27, 2011
Dec. 28, 2010
$
1,822,032 $
1,542,489
470,398
484,014
115,290
216,237
1,285,939
116,267
79,899
113,083
6,585
1,601,773
220,259
822
(466)
219,903
83,951
135,952
135,952
374,816
419,140
100,970
177,059
1,071,985
110,986
68,673
101,494
4,282
1,357,420
185,069
675
4,232
180,162
68,563
111,599
(267)
111,866
$4.59
$4.55
$3.65
$3.62
29,601
29,903
30,614
30,922
297,141 $
43,843
42,419
19,714
42,223
33,502
478,842
571,754
222,640 $
30,700
24,009
17,016
31,228
27,526
353,119
492,022
229,299
20,378
17,962
14,345
23,905
24,796
330,685
444,094
121,903
88,073
7,591
217,567
1,268,163
108,071
67,269
6,841
182,181
1,027,322
94,442
48,402
6,958
149,802
924,581
9,371
268,169
277,540
59,822
60,655
48,227
446,244
15,884
222,450
238,334
54,055
34,345
45,512
372,246
7,346
204,170
211,516
47,974
30,264
39,219
328,973
3
(207,161)
174,690
672
853,715
821,919
1,268,163
3
(175,595)
150,093
308
680,267
655,076
1,027,322
3
(78,990)
130,005
275
544,315
595,608
924,581
246,400
17,317
11,176
12,295
16,211
18,685
322,084
403,784
87,481
19,195
4,621
111,297
837,165
6,417
135,842
142,259
43,371
28,813
25,686
240,129
3
(3,928)
168,288
224
432,449
597,036
837,165
12 M
Dec. 25, 2012
$ 2,130,057
552,580
559,446
130,793
256,029
1,498,848
131,006
90,939
117,932
8,462
1,847,187
282,870
1,082
(1,208)
282,996
109,548
173,448
173,448
$5.94
$5.89
29,217
29,455
12 Months Ended
Dec. 25, 2012
Dec. 27, 2011
Dec. 28, 2010
100.00% $ 1,822,032
100.00% $ 1,542,489
100.00%
25.94%
26.26%
6.14%
12.02%
70.37%
6.15%
4.27%
5.54%
0.40%
86.72%
13.28%
0.05%
-0.06%
13.29%
5.14%
8.14%
0.00%
8.14%
470,398
484,014
115,290
216,237
1,285,939
116,267
79,899
113,083
6,585
1,601,773
220,259
822
(466)
219,903
83,951
135,952
135,952
25.82%
26.56%
6.33%
11.87%
70.58%
6.38%
4.39%
6.21%
0.36%
87.91%
12.09%
0.05%
-0.03%
12.07%
4.61%
7.46%
0.00%
7.46%
374,816
419,140
100,970
177,059
1,071,985
110,986
68,673
101,494
4,282
1,357,420
185,069
675
4,232
180,162
68,563
111,599
(267)
111,866
$4.59
$4.55
$3.65
$3.62
29,601
29,903
30,614
30,922
24.30%
27.17%
6.55%
11.48%
69.50%
7.20%
4.45%
6.58%
0.28%
88.00%
12.00%
0.04%
0.27%
11.68%
4.44%
7.23%
-0.02%
7.25%
58700
71731
56278
143
123054
123667
3661
50525
9825
310732
25230
41404
31216
96
4207
102153
106395
3782
38863
6851
258044
349
344
340
816612 676652 594331
-521518 -304426 -240918
1024
197
606
949459 671459 456514
1245926 1044226 810873
1668667 1425308 1121605
335
539880
-114316
29
277533
703461
961505
186852
167057
3386
48947
16499
422741
46382
60241
46456
133
4241
157453
143284
3529
64381
12435
381082
33705
50336
38892
121
13.9%
17.0%
13.3%
0.0%
12.2%
15.8%
12.2%
0.0%
10.8%
16.2%
12.5%
0.0%
9.8%
16.0%
12.1%
0.0%
44.2%
39.5%
0.8%
11.6%
3.9%
100.0%
41.3%
37.6%
0.9%
16.9%
3.3%
100.0%
39.6%
39.8%
1.2%
16.3%
3.2%
100.0%
39.6%
41.2%
1.5%
15.1%
2.7%
100.0%
Liabilities
Current liabilities:
Accounts payable
9,371
Accrued expenses
268,169
Total current liabilities 277,540
Deferred rent
59,822
Deferred income taxes
60,655
Other long-term liabilities 48,227
Total liabilities
446,244
15,884
222,450
238,334
54,055
34,345
45,512
372,246
7,346
204,170
211,516
47,974
30,264
39,219
328,973
6,417
135,842
142,259
43,371
28,813
25,686
240,129
Current liabilities:
Accounts payable
2.1%
Accrued expenses
60.1%
Total current liabilities 62.2%
Deferred rent
13.4%
Deferred income taxes
13.6%
Other long-term liabilities 10.8%
Total liabilities
100.0%
4.3%
59.8%
64.0%
14.5%
9.2%
12.2%
100.0%
2.2%
62.1%
64.3%
14.6%
9.2%
11.9%
100.0%
2.7%
56.6%
59.2%
18.1%
12.0%
10.7%
100.0%
Current liabilities:
Accounts payable
2.1%
Accrued expenses
60.1%
Total current liabilities 62.2%
Deferred rent
13.4%
Deferred income taxes
13.6%
Other long-term liabilities 10.8%
Total liabilities
100.0%
4.3%
59.8%
64.0%
14.5%
9.2%
12.2%
100.0%
2.2%
62.1%
64.3%
14.6%
9.2%
11.9%
100.0%
2.7%
56.6%
59.2%
18.1%
12.0%
10.7%
100.0%
2012
15.11%
8.14%
1.86
2011
13.93%
7.46%
1.87
2010
12.70%
7.25%
1.75
Return on Equity
23.49%
21.74%
18.76%
Debt Ratio
35.19%
36.23%
35.58%
13%
12%
12%
8.1%
7.5%
7.3%
29.6%
29.4%
30.5%
1.86
2,130,057
1,147,743
1.87
1,822,032
975,952
1.75
1,542,489
880,873
2012
29.6%
13.3%
8.1%
2011
29.4%
12.1%
7.5%
2010
30.5%
12.0%
7.3%
2012
35.19%
2011
36.23%
2010
35.58%
2012
13%
2011
12%
2010
12%
2012
8.1%
2011
7.5%
2010
7.3%
Asset Turnover
Revenue
Total Assets
2012
18.02%
10.21%
1.77
2011
16.85%
9.45%
1.78
2010
17.24%
9.78%
1.76
Return on Equity
24.28%
23.17%
23.64%
Debt Ratio
25.33%
26.74%
27.70%
17%
15%
16%
10.2%
9.5%
9.7%
27.11%
25.96%
26.66%
1.77
2,731,224
1,546,988
1.78
2,269,548
1,273,457
1.76
1,835,922
1,041,555
2012
27.1%
16.7%
10.2%
2011
26.0%
15.4%
9.5%
2010
26.7%
15.7%
9.7%
2012
25.33%
2011
26.74%
2010
27.70%
2012
2011
2010
2012
2011
2010
Asset Turnover
Revenue
Total Assets
Assets
Current assets:
Cash and cash equivalents
Accounts receivable
Inventory
Current deferred tax asset
Prepaid expenses and other current assets
Income tax receivable
Investments
Total current assets
Leasehold improvements, property and equipment, net
Long term investments
Other assets
Goodwill
Total assets
Current as of 10/30/2014
12/22
31-Dec
2012
31-Dec
2011
$322,553
16,800
11,096
8,862
27,378
9,612
150,306
546,607
866,703
190,868
42,550
21,939
1,668,667
$401,243
8,389
8,913
6,238
21,404
55,005
501,192
751,951
128,241
21,985
21,939
1,425,308
31-Dec
2010
31-Dec
2009
224,838
5,658
7,098
4,317
16,016
23,528
124,766
406,221
676,881
219,566
4,763
5,614
3,134
14,377
16,564
21,939
1,121,605
5,701
21,939
961,505
50,000
297,454
636,411
31-Dec
2012
Liabilities and shareholders' equity
Current liabilities:
Accounts payable
Accrued payroll and benefits
Accrued liabilities
Current portion of deemed landlord financing
Income tax payable
Total current liabilities
Deferred rent
Deemed landlord financing
Deferred income tax liability
Other liabilities
Total liabilities
Shareholders' equity:
Preferred stock
Common Stock
Additional Paid-in capital
Treasury stock, at cost
Accumulated other comprehensive income
Retained earnings
Total shareholders' equity
Total liabilities and shareholders' equity
Current as of 10/30/2014
58,700
71,731
56,278
143
13/22
31-Dec
2011
31-Dec
2010
33,705
50,336
38,892
121
31-Dec
2009
186,852
167,057
3,386
48,947
16,499
422,741
46,382
60,241
46,456
133
4,241
157,453
143,284
3,529
64,381
12,435
381,082
123,054
123,667
3,661
50,525
9,825
310,732
25,230
41,404
31,216
96
4,207
102,153
106,395
3,782
38,863
6,851
258,044
349
816,612
-521,518
1,024
949,459
1,245,926
1,668,667
344
676,652
-304,426
197
671,459
1,044,226
1,425,308
340
594,331
-240,918
606
456,514
810,873
1,121,605
335
539,880
-114,316
29
277,533
703,461
961,505
14/22
2010
31-Dec
2009
31-Dec
2008
31-Dec
2,731,224
2,269,548
1,835,922
1,518,417
1,331,968
891,003
641,836
171,435
286,610
183,409
84,130
11,909
5,027
2,275,359
455,865
1,820
457,685
-179,685
278,000
738,720
543,119
147,274
251,208
149,426
74,938
8,495
5,806
1,918,986
350,562
-857
349,705
-134,760
214,945
561,107
453,573
128,933
202,904
118,590
68,921
7,767
6,296
1,548,091
287,831
1,230
289,061
-110,080
178,981
466,027
385,072
114,218
174,581
99,149
61,308
8,401
5,956
1,314,712
203,705
520
204,225
-77,380
126,845
431,947
351,005
98,071
164,018
89,155
52,770
11,624
9,339
1,207,929
124,039
3,167
127,206
-49,004
78,202
827
278,827
-409
214,536
577
179,558
126,845
78,202
8.82
8.75
6.89
6.76
5.73
5.64
3.99
3.95
2.39
2.36
31,513
31,783
31,217
31,775
31,234
31,735
31,766
32,102
32,766
33,146
Vertical Analysis
2012
31-Dec
Revenue
Restraunt Operating Costs:
Food, beverage and packaging
Labor
Occupancy
Other operating costs
General and administrative expenses
Depreciation and amortization
Pre-opening costs
Loss on disposal of assets
Total operating expenses
Income from operations
Interest and other income (expense), net
Income before income taxes
Provision from income taxes
Net Income
Other comprehensive income:
Foreign currency translation adjustments
Coprehensive Income
Current as of 10/30/2014
2011
31-Dec
2010
31-Dec
2,731,224
100.00%
2,269,548
100.00%
1,835,922
100.00%
891,003
641,836
171,435
286,610
183,409
84,130
11,909
5,027
2,275,359
455,865
1,820
457,685
-179,685
278,000
32.62%
23.50%
6.28%
10.49%
6.72%
3.08%
0.44%
0.18%
83.31%
16.69%
0.07%
16.76%
-6.58%
10.18%
738,720
543,119
147,274
251,208
149,426
74,938
8,495
5,806
1,918,986
350,562
-857
349,705
-134,760
214,945
32.55%
23.93%
6.49%
11.07%
6.58%
3.30%
0.37%
0.26%
84.55%
15.45%
-0.04%
15.41%
-5.94%
9.47%
561,107
453,573
128,933
202,904
118,590
68,921
7,767
6,296
1,548,091
287,831
1,230
289,061
-110,080
178,981
30.56%
24.71%
7.02%
11.05%
6.46%
3.75%
0.42%
0.34%
84.32%
15.68%
0.07%
15.74%
-6.00%
9.75%
827
278,827
0.03%
10.21%
-409
214,536
-0.02%
9.45%
577
179,558
0.03%
9.78%
15/22
Vertical Analysis
2009
31-Dec
Revenue
Restraunt Operating Costs:
Food, beverage and packaging
Labor
Occupancy
Other operating costs
General and administrative expenses
Depreciation and amortization
Pre-opening costs
Loss on disposal of assets
Total operating expenses
Income from operations
Interest and other income (expense), net
Income before income taxes
Provision from income taxes
Net Income
Other comprehensive income:
Foreign currency translation adjustments
Coprehensive Income
Current as of 10/30/2014
16/22
2008
31-Dec
1,518,417
100.00%
1,331,968
100.00%
466,027
385,072
114,218
174,581
99,149
61,308
8,401
5,956
2,275,359
203,705
520
457,685
-77,380
278,000
30.69%
25.36%
7.52%
11.50%
6.53%
4.04%
0.55%
0.39%
149.85%
13.42%
0.03%
30.14%
-5.10%
18.31%
431,947
351,005
98,071
164,018
89,155
52,770
11,624
9,339
1,918,986
350,562
3,167
349,705
-49,004
214,945
32.43%
26.35%
7.36%
12.31%
6.69%
3.96%
0.87%
0.70%
144.07%
26.32%
0.24%
26.25%
-3.68%
16.14%
278,827
18.36%
214,536
16.11%
Horizontal analysis
2012
31-Dec
Revenue
Restraunt Operating Costs:
Food, beverage and packaging
Labor
Occupancy
Other operating costs
General and administrative expenses
Depreciation and amortization
Pre-opening costs
Loss on disposal of assets
Total operating expenses
Income from operations
Interest and other income (expense), net
Income before income taxes
Provision from income taxes
Net Income
Other comprehensive income:
Foreign currency translation adjustments
Coprehensive Income
Current as of 10/30/2014
2011
31-Dec
2010
31-Dec
2009
31-Dec
20.34%
23.62%
20.91%
14.00%
20.61%
18.18%
16.41%
14.09%
22.74%
12.27%
40.19%
-13.42%
18.57%
30.04%
Not Mean.
30.88%
33.34%
29.34%
31.65%
19.74%
14.23%
23.81%
26.00%
8.73%
9.37%
-7.78%
23.96%
21.79%
-169.67%
20.98%
22.42%
20.09%
20.40%
17.79%
12.88%
16.22%
19.61%
12.42%
-7.55%
5.71%
17.75%
41.30%
136.54%
41.54%
42.26%
41.10%
7.89%
9.71%
16.46%
6.44%
11.21%
16.18%
-27.73%
-36.22%
8.84%
64.23%
-83.58%
60.55%
57.91%
62.20%
-302.20%
29.97%
-170.88%
19.48%
41.56%
62.20%
17/22
2010
9.78%
179,558
1,835,922
1.76
1,835,922
1041555
1,121,605
17.24%
Current Ratio
(Dollars In thousands)
Current Ratio = Current Assets/Current Liabilities
For year end Dec 31:
2012
2011
Current Assets
546,607
501,192
Current Liabilities
186,852
157,453
Current Ratio
2.93
3.18
2010
406,221
123,054
3.30
18/22
2009
961,505
Inventory Turnover
(Dollars in thousands)
Inventory Turnover = Cost of Sales/Average Inventory
For year end Dec 31:
2012
2011
2010
Cost of Sales
891,003
738,720
561,107
Average Inventory
10004.5
8005.5
6356
Inventory
11,096
8,913
7,098
Inventory Turnover
89.06
92.28
88.28
2009
5,614
Current as of 10/30/2014
19/22
2010
5,658
5029.92
1,835,922
365
1.12
2010
212.66
5.64
37.71
Dividend Yield
Dividend Yield = Dividends per Share / Market Price Per Share
For year end Dec 31:
2012
2011
Cash Dividends Declared Per Share
0
0
Closing Market Price per Share*
297.46
337.74
Dividend Yield
0
0
2010
0
212.66
0
Debt Ratio
(Dollars in Thousands)
Debt Ratio = Total liabilities / Total liabilities and owners' equity
For year end Dec 31:
2012
2011
2010
Total Liabilities
422,741
381,082
310,732
Total Owners' Equity
1,245,926
1,044,226
810,873
Total Liabilities and Owners' Equity
1,668,667
1,425,308
1,121,605
Debt Ratio
25.33%
26.74%
27.70%
Current as of 10/30/2014
20/22
2010
0
5.64
0
Return on Equity
(Dollars in Thousands)
Return on Equity = Net Income (less Preferred Dividends)/Averafe Total Owners' Equity
For year end Dec 31:
2012
2011
2010
Net Income less Preferred Dividends
278,000
214,945
178,981
Net Income
278,000
214,945
178,981
Preferred Dividends
0
0
0
Average Total Owners' Equity
1145076
927549.5
757167
Owners' Equity
1,245,926
1,044,226
810,873
Return on Equity
24.28%
23.17%
23.64%
Current as of 10/30/2014
21/22
15%
16%
2009
703,461
2009
203,705
1,518,417
2008
124,039
1,331,968
13%
9%
15.11
13.93
12.7