Panera Bread Reports Second Quarter Revenues Increased 33.1%
System-Wide Comparable Bakery-Cafe Sales Increased 7.9% for the Four Weeks Ended July 12, 2005
Panera Bread Company (Nasdaq: PNRA) today reported that revenue increased 33.1% to $140.2 million for the second quarter ended July 12, 2005 from $105.3 million in the second quarter of 2004. Bakery-cafe sales accounted for $109.1 million of consolidated revenues while franchise royalties and fees and fresh dough sales to franchisees accounted for $31.1 million of consolidated revenues for the second quarter of 2005.
System-wide comparable bakery-cafe sales increased 7.9% for the four weeks ended July 12, 2005. The breakdown between company-owned and franchised bakery-cafes is as follows:
Comparable bakery-cafe sales increases exclude closed locations and are based on sales for bakery-cafes that have been in operation for at least 18 months.
The 9.3% increase in system-wide comparable sales for the 12 weeks ended July 12, 2005 exceeded the Company's targeted growth range of 6.5% to 8.0% for the second quarter. The Company now expects earnings per diluted share for the second quarter will be at the high end of the previously stated target range of $0.32 to $0.33 per diluted share, an increase of 57% over Q2 2004.
During the second quarter of 2005, 24 new bakery-cafes were opened (13 Company and 11 franchise) and 2 bakery-cafes were closed (1 Company and 1 franchise).
System-wide comparable bakery-cafe sales increased 7.9% for the four weeks ended July 12, 2005. The breakdown between company-owned and franchised bakery-cafes is as follows:
For the 4 For the 12 Year-to-date
weeks ended weeks ended through
July 12, 2005 July 12, 2005 July 12, 2005
Company-owned 6.4% 7.9% 7.5%
Franchised 8.6% 9.9% 7.9%
Total System 7.9% 9.3% 7.7%
Comparable bakery-cafe sales increases exclude closed locations and are based on sales for bakery-cafes that have been in operation for at least 18 months.
The 9.3% increase in system-wide comparable sales for the 12 weeks ended July 12, 2005 exceeded the Company's targeted growth range of 6.5% to 8.0% for the second quarter. The Company now expects earnings per diluted share for the second quarter will be at the high end of the previously stated target range of $0.32 to $0.33 per diluted share, an increase of 57% over Q2 2004.
During the second quarter of 2005, 24 new bakery-cafes were opened (13 Company and 11 franchise) and 2 bakery-cafes were closed (1 Company and 1 franchise).
Historical System-Wide Average Weekly Sales
2004 2003 2002 2001 2000
AWS $36,008 $35,617 $35,388 $33,608 $31,004
2005 System-Wide Average Weekly Sales By Year Opened
2003 Opens
2005 Opens 2004 Opens & Prior Total
Bakery-Cafes 56 143 596 795
Q1 05 $38,797 $34,477 $37,330 $36,815
Q2 05 $36,424 $35,263 $38,444 $37,754
Q3 05
Q4 05
2005 YTD $37,120 $34,814 $37,807 $37,226
Year-Over-Year Change in System-Wide AWS and Comp Sales
2003 Opens
2005 Opens 2004 Opens & Prior AWS Total Comp Sales
(a) Total
Q1 05 N/A -14.1% 6.6% 4.8% 6.5%
Q2 05 N/A -3.0% 9.8% 7.5% 9.3%
Q3 05
Q4 05
2005 YTD N/A -6.8% 7.9% 6.0% 7.7%
(a) - Change in system-wide AWS in 2005 from 2004 compares 143 bakery-
cafes in 2005 against 36 and 68 bakery-cafes at the end of the first
and second quarters of 2004, respectively.
2005 Sales Metrics for Company Bakery-Cafes
Bakery-Cafe Sales Operating Year-Over-Year Change
($ in 000's) Weeks AWS AWS Comp Sales
Q1 05 $133,352 3,713 $35,914 4.2% 7.1%
Q2 05 $109,112 2,971 $36,724 4.5% 7.9%
Q3 05
Q4 05
2005 YTD $242,464 6,684 $36,274 4.3% 7.5%
2005 Sales Metrics for Franchisee Bakery-Cafes
Bakery-Cafe Sales Operating Year-Over-Year Change
($ in 000's) Weeks AWS AWS Comp Sales
Q1 05 $310,821 8,352 $37,215 5.1% 6.2%
Q2 05 $245,091 6,411 $38,231 8.9% 9.9%
Q3 05
Q4 05
2005 YTD $555,912 14,763 $37,656 6.8% 7.9%
Bakery-Cafe
Company Franchise Total Openings Company Franchise Total
Q1 05 17 15 32 Q1 04 11 25 36
Q2 05 13 11 24 Q2 04 13 19 32
Q3 05 Q3 04 15 19 34
Q4 05 Q4 04 15 26 41
2005
YTD 30 26 56 2004 YTD 54 89 143
