St Louis-based Panera Bread Company yesterday [Thursday] reported that net income for the 12 weeks ended 29 December 2001, rose 101% to US$4,755,000, US$0.32/diluted share, year on year.
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Total revenue increased to US$55.7m for Q4 period, a 31% increase over the total revenue of $42.6m for the 13 weeks ended 30 December 2000. For the FY ended 29 December 2001, total revenue was US$201.1m, 33% up on total revenues of US$151.4m recorded for the 53 weeks ended 30 December 2000.
System-wide sales increased 43% to US$146.8m for the Q4 2001, compared to US$102.9m for the Q4 2000. For the FY 2001, system-wide sales increased 51% to US$529.4m, up from US$350.8m year on year.
System-wide comparable bakery-cafe sales increased 6.3% during the Q4 2001 (6.4% for company-owned and 6.2% for franchised bakery-cafes). This marks the 24th consecutive quarter that Panera Bread has reported positive comparable company bakery-cafe sales. For the FY 2001, system-wide comparable bakery-cafe sales increased 5.8%.
Also during Q4 2001, 39 new Panera Bread bakery-cafes were opened (7 company-owned and 32 franchised bakery-cafes) and in the full year a total of 109 new bakery-cafes were opened (21 company-owned and 88 franchised bakery-cafes).
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By GlobalDataAs of 29 December 2001, there were 369 (110 company-owned and 259 franchised bakery-cafes) Panera Bread bakery-cafes operating in 30 states. The total number of active additional franchise commitments as of 29 December 2001, was 518.
Average weekly system-wide sales for the Q4 2001, were US$35,550 per week (excluding the three specialty bakery-cafes). This is a 9.2% increase over the US$32,560 average per week (excluding the four specialty bakery-cafes) for the Q4 2000. There were 4,125 operating weeks (excluding the three specialty bakery-cafes) in the Q4 2001, compared to 3,134 (excluding the four specialty bakery-cafes) in the Q4 2000.
For the FY 2001, average system-wide weekly sales (excluding the three specialty bakery-cafes) were US$33,608 (US$1,748,000 annualized), an 8.4% increase year on year. There were 15,719 operating weeks (excluding the three specialty bakery-cafes) for FY 2001 compared to 11,175 operating weeks (excluding the four specialty bakery-cafes) in the FY 2000.
For the 109 bakery-cafes opened during fiscal year 2001, the average weekly sales were US$36,674 or US$1,907,000 on an annualized basis. There were 2,371 operating weeks for the bakery-cafes that were opened in fiscal year 2001.
Ron Shaich, chairman and CEO, commented, “We are extremely pleased with our fourth quarter and full year 2001 results. We significantly exceeded the earnings per share and development targets we set at the beginning of the year (US$0.75/share and 84 bakery-cafes). Our earnings per share were up 75% in 2001 on top of the 126% increase in 2000 for Panera Bread on a stand-alone basis.
“We are particularly pleased that not only did we significantly exceed our targets, but we did so while increasing the average unit volumes of the 109 new bakery-cafes we built in 2001 to US$1.9m and while delivering 5.8% comparable store sales increases in existing bakery-cafes. We believe that these results are representative of the strong and growing positive consumer reaction to the Panera brand across America and speak to the potential for continued earnings expansion going forward.”
Shaich concluded, “Based on our strong sales volumes, and the confidence we and our franchise partners have, we are increasing our 2002 development target to 110 bakery-cafes. We continue to target a 3% increase in comparable bakery-cafe sales and an approximately 0.6% improvement in our bakery-cafe margins in 2002. As a result, we are raising our 2002 earnings per share target to US$1.32/share, a 45% increase over 2001’s earnings per share of US$0.91.
“Additionally, based on the key leading indicators of our future financial performance, we are targeting 2003 earnings per share at US$1.85.”
