Click here to close now.

SYS-CON MEDIA Authors: Aria Blog, Pat Romanski, Elizabeth White, Peter Silva, Glenn Rossman

News Feed Item

Panera Bread Company Reports Q2 2014 Diluted EPS of $1.82

ST. LOUIS, MO -- (Marketwired) -- 07/29/14 -- Panera Bread Company (NASDAQ: PNRA)

HIGHLIGHTS

  • Q2 2014 Revenue increased 7% to $631 million
  • Q2 2014 Company-owned comparable net bakery-cafe transactions up 0.4%
  • Q2 2014 Company-owned comparable net bakery-cafe sales up 0.1%
  • Q3 2014 (first 27 days) Company-owned comparable net bakery-cafe sales up 2.0%
  • YTD 2014 System-wide new bakery-cafe AWS of $50,738
  • Q3 2014 EPS target of $1.40 to $1.46
  • FY 2014 EPS target revised to $6.65 to $6.80

Panera Bread Company (NASDAQ: PNRA) today reported net income of $49 million, or $1.82 per diluted share, for fiscal Q2 2014, which included a $3.2 million, or $0.08 per diluted share, benefit from a favorable resolution of an insurance coverage matter. The fiscal Q2 2014 results compare to net income of $51 million, or $1.74 per diluted share, for fiscal Q2 2013.

For the twenty-six weeks ended July 1, 2014, net income was $92 million, or $3.36 per diluted share. These results compare to net income of $99 million, or $3.38 per diluted share, for the twenty-six weeks ended June 25, 2013.

The Company's fiscal Q2 2014 consolidated statements of comprehensive income and margin analyses are attached to this release as Schedule I. The following table sets forth, for the periods indicated, certain items included in the Company's consolidated statements of comprehensive income (in thousands, except per share data and percentages):


                                        For the 13 Weeks Ended
                                     ---------------------------
                                                                 Percentage
                                      July 1, 2014 June 25, 2013   Change
                                     ------------- ------------- ----------

Total revenue                             $631,055      $589,011          7%
Net income                                 $49,192       $51,042         -4%
Diluted earnings per share                   $1.82         $1.74          5%
Shares used in diluted EPS                  27,086        29,287



                                        For the 26 Weeks Ended
                                     ---------------------------
                                                                 Percentage
                                      July 1, 2014 June 25, 2013   Change
                                     ------------- ------------- ----------

Total revenue                           $1,236,808    $1,150,790          7%
Net income                                 $91,587       $99,159         -8%
Diluted earnings per share                   $3.36         $3.38         -1%
Shares used in diluted EPS                  27,247        29,308


Fiscal Q2 2014 Results and Business Review

Comparable Net Bakery-Cafe Sales Growth

In fiscal Q2 2014, on a calendar basis, Company-owned comparable net bakery-cafe sales increased 0.1%, franchise-operated comparable net bakery-cafe sales decreased 0.2%, and system-wide comparable net bakery-cafe sales were flat compared to the comparable period in fiscal 2013. The Company estimates that fiscal Q2 2014 Company-owned comparable net bakery-cafe sales results were negatively impacted by approximately 40 basis points from the shift of the Easter holiday from calendar Q1 2013 to calendar Q2 2014. Adjusting for this shift in Easter, Company-owned comparable net bakery-cafe sales for fiscal Q2 2014 are estimated to have been up 0.5%.

The Company-owned comparable net bakery-cafe sales increase of 0.1% on a calendar basis in fiscal Q2 2014 was comprised of year-over-year positive transaction growth of 0.4% and average check decline of 0.3%. This represents the first quarter of positive transaction growth for Company-owned bakery-cafes since fiscal Q3 2012. After adjusting for the Easter holiday shift, fiscal Q2 2014 transactions were up approximately 0.8%. Average check decline was comprised of negative mix impact of approximately 0.9%, partially offset by price growth of approximately 0.6%.

For the first 27 days of fiscal Q3 2014, Company-owned comparable net bakery-cafe sales growth on a calendar basis was approximately 2.0%.

The Company believes that the calendar basis comparison better reflects the performance of the business as it eliminates the impact of the extra week in fiscal 2013 and compares consistent calendar weeks. Note that on a fiscal basis, Company-owned comparable net bakery-cafe sales for fiscal Q2 2014 also increased 0.1%. A schedule of comparable net bakery-cafe sales information is attached to this release as Schedule III.

Operating Margin

In fiscal Q2 2014, the Company experienced a decline in operating margin of approximately 250 basis points compared to fiscal Q2 2013. This decline was primarily the result of continued investments related to key initiatives designed to improve the Company's guest experience, operational capabilities and technology infrastructure, as well as higher food and marketing expenses.

New Bakery-Cafe Development and AWS

During fiscal Q2 2014, the Company opened 10 new bakery-cafes and its franchisees opened nine new bakery-cafes. As a result, there were 1,818 bakery-cafes open system-wide as of July 1, 2014.


                                                 Franchise-
                                 Company-owned    operated     Total System
                                 ------------- --------------  ------------
Bakery-cafes as of April 1, 2014           881            919         1,800
Bakery-cafes opened                         10              9            19
Bakery-cafes closed                         --             (1)           (1)
                                 ------------- --------------  ------------
Bakery-cafes as of July 1, 2014            891            927         1,818
                                 ============= ==============  ============


Average weekly sales ("AWS") for Company-owned "Class of 2014" bakery-cafes through fiscal Q2 2014 was $48,300 compared to $50,983 in the same period of fiscal 2013. AWS for franchise-operated "Class of 2014" bakery-cafes through fiscal Q2 2014 was $53,882 compared to $49,855 in the same period of fiscal 2013. AWS for Company-owned "Class of 2014" traditional bakery-cafes through fiscal Q2 2014 was $50,038 compared to $51,630 in the same period of fiscal 2013. AWS for Company-owned "Class of 2014" non-traditional bakery-cafes through fiscal Q2 2014 was $36,747 compared to $48,286 in the same period of fiscal 2013. Non-traditional bakery-cafes refers to a range of alternate formats that the Company believes will allow it to more deeply penetrate existing and new territories with a range of different formats.

A schedule of fiscal Q2 2014 AWS is attached to this release as Schedule II.

Use of Capital

On June 5, 2014, the Company's Board of Directors approved a new three year share repurchase authorization of up to $600 million and terminated the prior repurchase authorization. During fiscal Q2 2014, under the share repurchase authorizations, the Company repurchased 325,030 shares at an average price of $153.80 per share for an aggregate purchase amount of approximately $50 million. The total fiscal Q2 2014 share repurchases had a nominal impact on the Company's fiscal Q2 2014 earnings per diluted share. The Company has approximately $588 million remaining under the current $600 million repurchase authorization as of fiscal Q2 2014.

Fiscal Q3 and Q4 2014 Outlook

The Company is targeting fiscal Q3 2014 diluted earnings per share of $1.40 to $1.46, representing an increase of 4% to 8% in fiscal Q3 2014 versus fiscal Q3 2013 excluding the impact of favorable tax-related adjustments of $0.13 per diluted share in fiscal Q3 2013.

The Company is targeting fiscal Q4 2014 diluted earnings per share of $1.89 to $1.98, representing an increase of 3% to 8% in fiscal Q4 2014 versus fiscal Q4 2013 excluding the estimated $0.13 per diluted share benefit from an additional operating week, as fiscal Q4 2013 was comprised of 14 weeks.

The fiscal Q3 and Q4 2014 targets assume the Company will continue to make investments in key initiatives consistent with its strategic plan throughout fiscal 2014. These targets also include the Company's expectation that it will continue to repurchase shares consistently throughout the year.

Full Year Fiscal 2014 Outlook

Diluted EPS Target

The Company is revising its target range for fiscal 2014 earnings per diluted share to $6.65 to $6.80 as a result of lower than expected growth in average check as well as higher than expected input costs.

This full year fiscal 2014 diluted earnings per share target range is based on the following key assumptions:

Comparable Net Bakery-Cafe Sales Growth

The targeted range for the Company's fiscal 2014 Company-owned comparable net bakery-cafe sales growth is revised to 0.0% to 1.5%. The Company continues to expect both comparable net bakery-cafe sales growth and transaction growth to strengthen in the second half of fiscal 2014 as a result of the timing and momentum of initiatives underway. As a result, the Company continues to expect that full year fiscal 2014 will include positive growth in transactions.

Operating Margin

For fiscal 2014, the Company now expects operating margin will be down 135 to 185 basis points when compared to fiscal 2013. This target reflects more modest comparable net bakery-cafe sales growth, the full year impact of the key initiatives and related investments that are underway and higher input costs.

New Bakery-Cafe Development and AWS

The Company is maintaining its previous target of 115 to 125 system-wide new bakery-cafe openings in fiscal 2014 and its average weekly net sales performance target for new Company-owned bakery-cafes of $41,000 to $43,000 for fiscal 2014.

Concluding Comment

Ron Shaich, Chairman and CEO, commented, "In Q2 and into Q3, we have seen success against the near term goal we set for ourselves: growing transactions. This gives us confidence in the potency of our plan. While our average check declined modestly in Q2, primarily as a result of mix, we expect this will remain only a shorter-term drag. Looking long term, we remain confident in the initiatives underway. We believe they will further improve our guest experience and ensure we have the operational capabilities, technology infrastructure, and the food and marketing innovation necessary to compete and grow in a rapidly evolving marketplace. While we know our strategic plan and initiatives will require significant investment in 2014 and 2015, we continue to believe they will create the foundation for expanded earnings growth well into the future."

Notes:

The Company will host a conference call that will be broadcast on the Internet at 8:30 A.M. Eastern Time on Wednesday, July 30, 2014 to discuss the fiscal Q2 2014 results, preliminary comparable net bakery-cafe sales results for the first 27 days of fiscal Q3 2014, and earnings targets and business outlook for the third and fourth quarters and full year fiscal 2014. To access the call or view a copy of this release, go to http://www.panerabread.com/investor. Access to the call will be made available for 14 days, and the release will be archived for one year.

The Company includes in this release information on Company-owned, franchise-operated, and system-wide comparable net bakery-cafe sales percentages. Company-owned comparable net bakery-cafe sales percentages are based on net sales from Company-owned bakery-cafes included in base store bakery-cafes. Franchise-operated comparable net bakery-cafe sales percentages are based on net sales from franchised bakery-cafes, as reported by franchisees, that are included in base store bakery-cafes. Acquired Company-owned and franchise-operated bakery-cafes and other restaurant or bakery-cafe concepts are included in the Company's comparable net bakery-cafe sales percentages after it has acquired a 100 percent ownership interest and if such acquisition occurred prior to the first day of the Company's prior fiscal year. Comparable net bakery-cafe sales exclude closed locations.

The Company does not record franchise-operated net bakery-cafe sales as revenues. However, royalty revenues are calculated based on a percentage of franchise-operated net bakery-cafe sales, as reported by franchisees. The Company uses franchise-operated and net system-wide sales information internally in connection with store development decisions, planning, and budgeting analyses. The Company believes franchise-operated and net system-wide sales information is useful in assessing consumer acceptance of its brand; facilitates an understanding of its financial performance and the overall direction and trends of sales and operating income; helps the Company appreciate the effectiveness of its advertising and marketing initiatives which its franchisees also contribute based on a percentage of their net sales; and provides information that is relevant for comparison within the industry.

About Panera Bread Company

As of July 1, 2014, there were 1,818 bakery-cafes in 45 states and in Ontario, Canada operating under the Panera Bread®, Saint Louis Bread Co.® or Paradise Bakery & Café® names. We feature high quality, reasonably priced food in a warm, inviting and comfortable environment. With our identity rooted in handcrafted, fresh-baked, artisan bread, we are committed to providing great tasting, quality food that people can trust. Nearly all of our bakery-cafes have a menu highlighted by chicken raised without antibiotics, whole grain bread, and select organic and all-natural ingredients, with zero grams of artificial trans-fat per serving, which provide flavorful, wholesome offerings. Our menu includes a wide variety of year-round favorites complemented by new items introduced seasonally with the goal of creating new standards in everyday food choices. In neighborhoods across the United States and in Ontario, Canada, our customers enjoy our warm and welcoming environment featuring comfortable gathering areas, relaxing decor and free Internet access. Our bakery-cafes routinely donate bread and baked goods to community organizations in need. Additional information is available on our website, http://www.panerabread.com.

Matters discussed in this news release and in our public disclosures, whether written or oral, relating to future events or our future performance, including any discussion, express or implied, on our anticipated growth, operating results, plans, objectives, future earnings per share, and the impact of our investments in sales-building initiatives and operational capabilities on future sales and earnings, contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are often identified by the words "believe," "positioned," "estimate," "project," "target," "plan," "goal," "assumption," "continue," "intend," "expect," "future," "anticipate," and other similar expressions, whether in the negative or the affirmative, that are not statements of historical fact. These forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict, and you should not place undue reliance on our forward-looking statements. Our actual results and timing of certain events could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, but not limited to, those discussed from time to time in our reports filed with the Securities and Exchange Commission, including our Form 10-K for the fiscal year ended December 31, 2013 and our quarterly reports on Form 10-Q. All forward-looking statements and the internal projections and beliefs upon which we base our expectations included in this release are made only as of the date of this release and may change. While we may elect to update forward-looking statements at some point in the future, we expressly disclaim any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.


                                                                 Schedule I

                            PANERA BREAD COMPANY
              CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                (unaudited)
                  (In thousands, except per share amounts)

                                                    For the 13 Weeks Ended
                                                     July 1,      June 25,
                                                       2014         2013
                                                   -----------  -----------
Revenues:
  Bakery-cafe sales, net                           $   555,645  $   521,038
  Franchise royalties and fees                          30,057       27,453
  Fresh dough and other product sales to
   franchisees                                          45,353       40,520
                                                   -----------  -----------
    Total revenues                                     631,055      589,011
Costs and expenses:
  Bakery-cafe expenses:
    Cost of food and paper products                $   168,187  $   156,171
    Labor                                              168,210      149,869
    Occupancy                                           39,237       35,701
    Other operating expenses                            78,714       72,145
                                                   -----------  -----------
      Total bakery-cafe expenses                       454,348      413,886
  Fresh dough and other product cost of sales to
   franchisees                                          39,108       34,599
  Depreciation and amortization                         30,052       25,267
  General and administrative expenses                   32,229       29,743
  Pre-opening expenses                                   1,376        2,081
                                                   -----------  -----------
    Total costs and expenses                           557,113      505,576
                                                   -----------  -----------
Operating profit                                        73,942       83,435
Interest expense                                           301          178
Other (income) expense, net                             (4,003)        (796)
                                                   -----------  -----------
Income before income taxes                              77,644       84,053
Income taxes                                            28,452       33,011
                                                   -----------  -----------
    Net income                                     $    49,192  $    51,042
                                                   ===========  ===========

Earnings per common share:
  Basic                                            $      1.83  $      1.75
                                                   ===========  ===========
  Diluted                                          $      1.82  $      1.74
                                                   ===========  ===========
Weighted average shares of common and common
 equivalent shares outstanding:
  Basic                                                 26,951       29,092
                                                   ===========  ===========
  Diluted                                               27,086       29,287
                                                   ===========  ===========

Other comprehensive income (loss), net of tax:
  Foreign currency translation adjustment          $       450  $      (362)
                                                   -----------  -----------
    Other comprehensive income (loss)                      450         (362)
                                                   -----------  -----------
Comprehensive income                               $    49,642  $    50,680
                                                   ===========  ===========



                                                     Schedule I (continued)

                            PANERA BREAD COMPANY
              CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                (unaudited)
                  (In thousands, except per share amounts)

                                                    For the 26 Weeks Ended
                                                     July 1,      June 25,
                                                       2014         2013
                                                   -----------  -----------
Revenues:
  Bakery-cafe sales, net                           $ 1,091,194  $ 1,018,557
  Franchise royalties and fees                          59,365       54,030
  Fresh dough and other product sales to
   franchisees                                          86,249       78,203
                                                   -----------  -----------
    Total revenues                                   1,236,808    1,150,790
Costs and expenses:
  Bakery-cafe expenses:
    Cost of food and paper products                $   327,081  $   302,588
    Labor                                              330,673      298,467
    Occupancy                                           78,488       71,854
    Other operating expenses                           154,531      140,090
                                                   -----------  -----------
      Total bakery-cafe expenses                       890,773      812,999
  Fresh dough and other product cost of sales to
   franchisees                                          74,742       67,197
  Depreciation and amortization                         59,494       49,632
  General and administrative expenses                   67,652       58,050
  Pre-opening expenses                                   3,200        3,172
                                                   -----------  -----------
    Total costs and expenses                         1,095,861      991,050
                                                   -----------  -----------
Operating profit                                       140,947      159,740
Interest expense                                           924          480
Other (income) expense, net                             (5,215)      (3,216)
                                                   -----------  -----------
Income before income taxes                             145,238      162,476
Income taxes                                            53,651       63,317
                                                   -----------  -----------
    Net income                                     $    91,587  $    99,159
                                                   ===========  ===========

Earnings per common share:
  Basic                                            $      3.38  $      3.41
                                                   ===========  ===========
  Diluted                                          $      3.36  $      3.38
                                                   ===========  ===========
Weighted average shares of common and common
 equivalent shares outstanding:
  Basic                                                 27,111       29,121
                                                   ===========  ===========
  Diluted                                               27,247       29,308
                                                   ===========  ===========

Other comprehensive income (loss), net of tax:
  Foreign currency translation adjustment          $        56  $      (728)
                                                   -----------  -----------
    Other comprehensive income (loss)                       56         (728)
                                                   -----------  -----------
Comprehensive income                               $    91,643  $    98,431
                                                   ===========  ===========



                                                      Schedule I (continued)

                            PANERA BREAD COMPANY
               CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                               MARGIN ANALYSIS
                                 (unaudited)

The following table sets forth the percentage relationship to total revenues, except where otherwise indicated, of certain items included in the Company's consolidated statements of comprehensive income for the period indicated. Percentages may not add due to rounding:


                                                  For the 13 Weeks Ended
                                                July 1, 2014  June 25, 2013
                                               -------------  -------------
Revenues:
  Bakery-cafe sales, net                                88.1%          88.5%
  Franchise royalties and fees                           4.8            4.7
  Fresh dough and other product sales to
   franchisees                                           7.2            6.9
                                               -------------  -------------
      Total revenues                                   100.0%         100.0%
Costs and expenses:
  Bakery-cafe expenses (1):
    Cost of food and paper products                     30.3%          30.0%
    Labor                                               30.3           28.8
    Occupancy                                            7.1            6.9
    Other operating expenses                            14.2           13.8
                                               -------------  -------------
      Total bakery-cafe expenses                        81.8           79.4
  Fresh dough and other product cost of sales
   to franchisees (2)                                   86.2           85.4
  Depreciation and amortization                          4.8            4.3
  General and administrative expenses                    5.1            5.0
  Pre-opening expenses                                   0.2            0.4
                                               -------------  -------------
    Total costs and expenses                            88.3           85.8
                                               -------------  -------------
Operating profit                                        11.7           14.2
Interest expense                                          --             --
Other (income) expense, net                             (0.6)          (0.1)
                                               -------------  -------------
Income before income taxes                              12.3           14.3
Income taxes                                             4.5            5.6
                                               -------------  -------------
    Net income                                           7.8%           8.7%

Other comprehensive income (loss)                        0.1           (0.1)
                                               -------------  -------------
  Comprehensive income                                   7.9%           8.6%
                                               =============  =============

(1)  As a percentage of net bakery-cafe sales.

(2)  As a percentage of fresh dough and other product sales to franchisees.



                                                      Schedule I (continued)

                            PANERA BREAD COMPANY
               CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                               MARGIN ANALYSIS
                                 (unaudited)

The following table sets forth the percentage relationship to total revenues, except where otherwise indicated, of certain items included in the Company's consolidated statements of comprehensive income for the period indicated. Percentages may not add due to rounding:


                                                  For the 26 Weeks Ended
                                                July 1, 2014  June 25, 2013
                                               -------------  -------------
 Revenues:
  Bakery-cafe sales, net                                88.2%          88.5%
  Franchise royalties and fees                           4.8            4.7
  Fresh dough and other product sales to
   franchisees                                           7.0            6.8
                                               -------------  -------------
      Total revenues                                   100.0%         100.0%
Costs and expenses:
  Bakery-cafe expenses (1):
    Cost of food and paper products                     30.0%          29.7%
    Labor                                               30.3           29.3
    Occupancy                                            7.2            7.1
    Other operating expenses                            14.2           13.8
                                               -------------  -------------
      Total bakery-cafe expenses                        81.6           79.8
  Fresh dough and other product cost of sales
   to franchisees (2)                                   86.7           85.9
  Depreciation and amortization                          4.8            4.3
  General and administrative expenses                    5.5            5.0
  Pre-opening expenses                                   0.3            0.3
                                               -------------  -------------
    Total costs and expenses                            88.6           86.1
                                               -------------  -------------
Operating profit                                        11.4           13.9
Interest expense                                         0.1             --
Other (income) expense, net                             (0.4)          (0.3)
                                               -------------  -------------
Income before income taxes                              11.7           14.1
Income taxes                                             4.3            5.5
                                               -------------  -------------
    Net income                                           7.4%           8.6%

Other comprehensive income (loss)                         --           (0.1)
                                               -------------  -------------
    Comprehensive income                                 7.4%           8.5%
                                               =============  =============

(1)  As a percentage of net bakery-cafe sales.

(2)  As a percentage of fresh dough and other product sales to franchisees.



                                                                 Schedule II

                            PANERA BREAD COMPANY
               Supplemental Sales and Bakery-Cafe Information

                                System-Wide Average Weekly Sales ("AWS")
                            2014[a]     2013      2012      2011      2010
                           --------- --------- --------- --------- ---------
AWS                          $47,360   $47,403   $46,676   $44,313   $42,852

[a]  Represents year-to-date system-wide AWS at the end of fiscal Q2 2014.



                                                            Year-Over-Year
                                                          Change in Company-
                 2014 Company-Owned AWS By Year Opened         Owned AWS
             -------------------------------------------- ------------------
                                                                  2012
                       2013    2012      2013              2013  Opens
               2014   Opens  Opens & Acquisitions          Opens   &    AWS
              Opens    [b]    Prior       [c]      Total    [d]  Prior Total
             ------- ------- ------- ------------ ------- ------ ----- -----
Bakery-Cafes    26      63     801         1        891
    Q1 14    $55,230 $40,919 $47,539    $55,601   $47,142 -33.9%  1.0%  0.0%
    Q2 14    $45,499 $41,953 $48,885    $46,482   $48,313 -13.0%  0.3% -0.8%
  2014 YTD   $48,300 $41,436 $48,212    $51,041   $47,731 -18.7%  0.7% -0.4%
[b]  2013 Company-owned AWS excludes acquisition data.

[c]  Represents one Panera bakery-cafe in 2013.

[d]  Change in Company-owned AWS in 2014 from 2013 compares 63 bakery-cafes
     in 2014 against 28 bakery-cafes at the end of fiscal Q2 2013.



              2014 Franchise-Operated AWS By Year  Year-Over-Year Change in
                             Opened                 Franchise-Operated AWS
              ----------------------------------- --------------------------
                                  2012              2013     2012
                2014     2013    Opens &            Opens   Opens &    AWS
                Opens    Opens    Prior    Total     [e]     Prior    Total
              -------- -------- -------- -------- -------- -------- --------
 Bakery-Cafes    20       70       837      927
    Q1 14      $58,891  $43,874  $46,881  $46,717  -14.9%    0.2%     -0.2%
    Q2 14      $52,347  $43,581  $47,500  $47,290  -11.8%    -0.4%    -1.0%
   2014 YTD    $53,882  $43,727  $47,191  $47,005  -12.3%    -0.1%    -0.6%
[e]  Change in Franchise-operated AWS in 2014 from 2013 compares 70 bakery-
     cafes in 2014 against 31 bakery-cafes at the end of fiscal Q2 2013.



                              Traditional and Non-Traditional AWS [f]
                       -----------------------------------------------------
                                             Franchise-
                         Company-Owned        Operated        System-Wide
                       ----------------- ----------------- -----------------
                         2014     2013     2014     2013     2014     2013
                         Opens    Opens    Opens    Opens    Opens    Opens
                       -------- -------- -------- -------- -------- --------
  Traditional Bakery-
         Cafes            22       24       19       27       41       51
    Non-Traditional
      Bakery-Cafes         4        4        1        4        5        8
    Traditional AWS     $50,038  $51,630  $53,568  $52,149  $51,653  $51,928
  Non-Traditional AWS   $36,747  $48,286  $57,102  $44,320  $42,199  $46,944
                       -------- -------- -------- -------- -------- --------
         Total          $48,300  $50,983  $53,882  $49,855  $50,738  $50,338
[f]  Represents year-to-date bakery-cafe openings and AWS for fiscal 2014
     and fiscal 2013. Traditional bakery-cafes generally represent bakery-
     cafes opened in suburban geographies approximating our standard 4,200
     square foot design. Non-traditional bakery-cafes reflect all other
     bakery-cafes including urban, small footprint formats, and delivery
     units.



                                                     Schedule II (continued)


                     Bakery-Cafe Openings (excluding acquisitions) [g]
               -------------------------------------------------------------
               Company Franchise Total               Company Franchise Total
               ------- --------- -----               ------- --------- -----
     Q1 14        16       11      27      Q1 13        10       12      22
     Q2 14        10       9       19      Q2 13        18       19      37
     Q3 14                                 Q3 13        17       15      32
     Q4 14                                 Q4 13        18       24      42
               ------- --------- -----               ------- --------- -----
   2014 YTD       26       20      46     2013 YTD      63       70     133
[g]  Bakery-cafe openings in fiscal Q1 2014 exclude the opening of one
     Company-owned catering hub. Bakery-cafe openings in fiscal Q2 2014
     exclude the opening of one Company-owned and one franchise-operated
     catering hub. As of fiscal Q2 2014, there were eight Company-owned and
     one franchise-operated catering hubs operating.



                                                                Schedule III

                            PANERA BREAD COMPANY
                Comparable Net Bakery-Cafe Sales Information

Set forth below is comparable net bakery-cafe sales growth information on a calendar basis comparing fiscal Q2 2014 to comparable periods in the prior year:


                  For the 4   For the 5   For the 4   For the 13  For the 26
                 Weeks Ended Weeks Ended Weeks Ended Weeks Ended Weeks Ended
                  April 29,    June 3,     July 1,     July 1,     July 1,
                     2014        2014        2014        2014        2014
                 ----------- ----------- ----------- ----------- -----------
Company-owned        0.4%        0.4%       -0.6%        0.1%        0.1%
Franchise-
 operated           -0.7%        0.0%        0.2%       -0.2%        0.0%
System-wide         -0.2%        0.2%       -0.2%        0.0%        0.0%


Set forth below is Company-owned comparable net bakery-cafe sales growth information for fiscal Q2 2014 adjusted for the estimated impact of the Easter shift between calendar quarters:

                                                      For the 13 Weeks Ended
                                                           July 1, 2014
                                                      ----------------------
Company-owned As Reported                                      0.1%
Easter Shift                                                   0.4%
                                                      ----------------------
Adjusted Company-owned                                         0.5%

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
XebiaLabs has announced record growth and major highlights for 2014. These milestones include: Triple-digit worldwide revenue growth. Record number of new customers including 3M, Allianz, American Express, Credit Agricole, Digital Globe, Electronic Arts, EMC, Expedia, Fandango / NBC Universal, GATX, General Electric, ING, KPMG, Liberty Mutual, Natixis, Paychex, Providence Health, Societe General, Thomson Reuters TIIA-CREF and Umpqua Bank.
CodeFutures has announced Dan Lynn as its new CEO. Lynn assumes the role from Founder Cory Isaacson, who has joined RMS and will now serve as chairman of CodeFutures. Lynn brings more than 14 years of advanced technology and business success experience, and will help CodeFutures build on its industry leadership around its Agile Big Data initiatives. His technical expertise will be invaluable in advancing CodeFutures’ AgilData platform and new processes for streamlining and gaining value from gro...
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of present...
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, will explain the best practices of continuous testing at high scale, which is r...
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @Things...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities. In his session at @ThingsExpo, Gary Hall, Chief Technology Officer, Federal Defense at Cisco S...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
“We just completed the roll out of our first public and private cloud offerings, which are a combination of public, hybrid, and private cloud,” stated Erik Levitt, CEO of Open Data Centers, in this SYS-CON.tv interview at the 14th International Cloud Expo®, held June 10-12, 2014, at the Javits Center in New York City. Cloud Expo® 2014 Silicon Valley, November 4–6, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the...
The Internet of Things (IoT) is causing data centers to become radically decentralized and atomized within a new paradigm known as “fog computing.” To support IoT applications, such as connected cars and smart grids, data centers' core functions will be decentralized out to the network's edges and endpoints (aka “fogs”). As this trend takes hold, Big Data analytics platforms will focus on high-volume log analysis (aka “logs”) and rely heavily on cognitive-computing algorithms (aka “cogs”) to mak...
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applicatio...
VictorOps is making on-call suck less with the only collaborative alert management platform on the market. With easy on-call scheduling management, a real-time incident timeline that gives you contextual relevance around your alerts and powerful reporting features that make post-mortems more effective, VictorOps helps your IT/DevOps team solve problems faster.
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, will discuss why containers should be paired with new architectural practices such as microservices ra...
Companies today struggle to manage the types and volume of data their customers and employees generate and use every day. With billions of requests daily, operational consistency can be elusive. In his session at Big Data Expo, Dave McCrory, CTO at Basho Technologies, will explore how a distributed systems solution, such as NoSQL, can give organizations the consistency and availability necessary to succeed with on-demand data, offering high availability at massive scale.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, de...