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Panera Bread Company Reports Operating Results (10-Q)

July 25, 2012 | About:
10qk

10qk

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Panera Bread Company (PNRA) filed Quarterly Report for the period ended 2012-06-26.

Panera Bread Co has a market cap of $4.31 billion; its shares were traded at around $153.73 with a P/E ratio of 29.2 and P/S ratio of 2.4. Panera Bread Co had an annual average earning growth of 22.1% over the past 10 years. GuruFocus rated Panera Bread Co the business predictability rank of 4-star.

Highlight of Business Operations:

The cost of food and paper products was $136.5 million, or 29.1 percent of net bakery-cafe sales, for the thirteen weeks ended June 26, 2012 compared to $117.2 million, or 29.7 percent of net bakery-cafe sales, for the thirteen weeks ended June 28, 2011. The cost of food and paper products was $265.5 million, or 29.2 percent of net bakery-cafe sales, for the twenty-six weeks ended June 26, 2012 compared to $223.5 million, or 29.4 percent of net bakery-cafe sales, for the twenty-six weeks ended June 28, 2011. This decrease in the cost of food and paper products as a percentage of net bakery-cafe sales for the thirteen and twenty-six weeks ended June 26, 2012 compared to the same periods in fiscal 2011 was primarily due to improved leverage from higher comparable net bakery-cafe sales. For the thirteen and twenty-six weeks ended June 26, 2012, there was an average of 74 and 74 bakery-cafes per fresh dough facility compared to an average of 69 and 68 as of June 28, 2011, respectively.

Labor expense was $136.9 million, or 29.2 percent of net bakery-cafe sales, for the thirteen weeks ended June 26, 2012 compared to $118.9 million, or 30.1 percent of net bakery-cafe sales, for the thirteen weeks ended June 28, 2011. Labor expense was $270.8 million, or 29.8 percent of net bakery-cafe sales, for the twenty-six weeks ended June 26, 2012 compared to $233.0 million, or 30.7 percent of net bakery-cafe sales, for the twenty-six weeks ended June 28, 2011. The decrease in labor expense as a percentage of net bakery-cafe sales for the thirteen and twenty-six weeks ended June 26, 2012 compared to the same periods in fiscal 2011 was primarily a result of improved leverage from higher comparable net bakery-cafe sales.

Occupancy cost was $32.3 million, or 6.9 percent of net bakery-cafe sales, for the thirteen weeks ended June 26, 2012 compared to $28.1 million, or 7.1 percent of net bakery-cafe sales, for the thirteen weeks ended June 28, 2011. Occupancy cost was $63.4 million, or 7.0 percent of net bakery-cafe sales, for the twenty-six weeks ended June 26, 2012 compared to $54.9 million, or 7.2 percent of net bakery-cafe sales, for the twenty-six weeks ended June 28, 2011. The decrease in occupancy cost as a percentage of net bakery-cafe sales for the thirteen and twenty-six weeks ended June 26, 2012 compared to the same periods in fiscal 2011 was primarily a result of improved leverage from higher comparable net bakery-cafe sales, lower average occupancy costs in new bakery-cafes, and favorably negotiated leases in existing bakery-cafes.

Other operating expenses were $64.2 million, or 13.7 percent of net bakery-cafe sales, for the thirteen weeks ended June 26, 2012 compared to $54.7 million, or 13.9 percent of net bakery-cafe sales, for the thirteen weeks ended June 28, 2011. Other operating expenses were $121.7 million, or 13.4 percent of net bakery-cafe sales, for the twenty-six weeks ended June 26, 2012 compared to $102.1 million, or 13.4 percent of net bakery-cafe sales, for the twenty-six weeks ended June 28, 2011. The decrease in other operating expenses as a percentage of net bakery-cafe sales for the thirteen weeks ended June 26, 2012 compared to the same period in fiscal 2011 was primarily a result of leverage from higher comparable net bakery-cafe sales, partially offset by increased marketing expense and timing of certain other controllable expenses.

Other (income) expense, net was $0.3 million of expense, or 0.1 percent of total revenues, for the thirteen weeks ended June 26, 2012 compared to $0.2 million of income, or less than 0.1 percent of total revenues, for the thirteen weeks ended June 28, 2011. Other (income) expense, net was $0.7 million of expense, or 0.1 percent of total revenues, for the twenty-six weeks ended June 26, 2012 compared to $1.0 million of income, or 0.1 percent of total revenues, for the twenty-six weeks ended June 28, 2011. Other (income) expense, net for the thirteen and twenty-six weeks ended June 26, 2012 and June 28, 2011 was comprised of immaterial items.

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