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4-Traders Homepage  >  Equities  >  Nasdaq  >  Panera Bread Co    PNRA

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PANERA BREAD : Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

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04/26/2017 | 09:22pm CEST

Matters discussed in this report and in our public disclosures, whether written or oral, relating to future events or our future performance, including any discussion, expressed or implied, regarding our anticipated growth, operating results, future earnings per share, plans, objectives 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, or the Exchange Act. These statements are often identified by the words "believe", "positioned", "estimate", "project", "plan", "goal", "target", "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 the 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: the risk that our shareholders do not approve the proposed Merger (as defined below in "Proposed Merger with JAB"); uncertainties as to the timing of the proposed Merger; the conditions to the completion of the proposed Merger may not be satisfied, or the regulatory approvals required for the proposed Merger may not be obtained on the terms expected or on the anticipated schedule; the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed Merger; the occurrence of any event, change or other


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circumstance that could give rise to the termination of the Merger Agreement (as defined below in "Proposed Merger with JAB"); the effect of the announcement or pendency of the proposed Merger on our business relationships, operating results, and business generally; risks that the proposed Merger disrupts our current plans and operations and potential difficulties in employee retention as a result of the proposed Merger; risks related to the proposed Merger diverting management's attention from our ongoing business operations; the outcome of any legal proceedings that may be instituted against us related to the Merger Agreement or the proposed Merger; the amount of the costs, fees, expenses and other charges related to the proposed Merger; and those set forth under "Risk Factors" and elsewhere in this report and in our other public filings with the United States Securities and Exchange Commission, or SEC, including our Annual Report on Form 10-K for the year ended December 27, 2016 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 report or other periodic reports represent our estimates as of the date made and should not be relied upon as representing our estimates as of any subsequent date. 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.

General

The following discussion of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and notes thereto appearing in Part I, Item 1 of this Quarterly Report on Form 10-Q. Panera Bread Company and its subsidiaries are referred to as the "Company," "Panera Bread," or in the first person notation of "we," "us," and "our" in the following discussion.

Our revenues are derived from Company-owned net bakery-cafe sales, fresh dough and other product sales to franchisees, and franchise royalties and fees. Fresh dough and other product sales to franchisees are primarily comprised of sales of fresh dough, produce, tuna, and cream cheese to certain of our franchisees. Franchise royalties and fees include royalty income and franchise fees, which includes fees for development and real estate services and information technology services. The cost of food and paper products, labor, occupancy, and other operating expenses relate primarily to Company-owned net bakery-cafe sales. The cost of fresh dough and other product sales to franchisees relates primarily to the sale of fresh dough, produce, tuna, and cream cheese to certain of our franchisees. General and administrative, depreciation and amortization, and pre-opening expenses relate to all areas of revenue generation.

We include in this report information on Company-owned, franchise-operated, and system-wide comparable net bakery-cafe sales percentages. Bakery-cafes in our comparable net bakery-cafe sales percentages include those bakery-cafes with an open date prior to the first day of our prior fiscal year, which we refer to as our base store bakery-cafes. Company-owned comparable net bakery-cafe sales percentages are based on net sales from Company-owned base store bakery-cafes. Franchise-operated comparable net bakery-cafe sales percentages are based on net sales from franchise-operated base store bakery-cafes, as reported by franchisees. System-wide comparable net bakery-cafe sales percentages are based on net sales at Company-owned and franchise-operated base store bakery-cafes. Acquired Company-owned and franchise-operated bakery-cafes and other restaurant or bakery-cafe concepts are included in our comparable net bakery-cafe sales percentages only if we or our franchisee previously held or acquired a 100 percent ownership interest prior to the first day of our prior fiscal year. Comparable net bakery-cafe sales exclude closed locations.

We do 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. We use franchise-operated and system-wide sales information internally in connection with store development decisions, planning, and budgeting analyses. We believe franchise-operated and system-wide sales information is useful in assessing consumer acceptance of our brand, facilitates an understanding of our financial performance and the overall direction and trends of sales and operating income, helps us appreciate the effectiveness of our advertising and marketing initiatives, to which our franchisees also contribute based on a percentage of their net sales, and provides information that is relevant for comparison within the industry.

We also include in this report information on Company-owned, franchise-operated, and system-wide average weekly net sales. Average weekly net sales are calculated by dividing total net sales in the period by operating weeks in the period. Accordingly, year-over-year results reflect sales for all locations, whereas comparable net bakery-cafe sales exclude closed locations and are based on sales only from our base store bakery-cafes. New stores typically experience an opening "honeymoon" period during which they generate higher average weekly net sales in the first 12 to 16 weeks after opening, after which customers "settle-in" to normal usage patterns. On average, average weekly net sales during the "settle-in" period are 5 percent to 10 percent less than during the "honeymoon" period. As a result, year-over-year results of average weekly net sales are generally lower than the results in comparable net bakery-cafe sales. This results from the relationship of the number of bakery-cafes in the "honeymoon" period, the number of bakery-cafes in the "settle-in" period, and the number of bakery-cafes in the comparable bakery-cafe base.



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Pending Merger with JAB

On April 4, 2017, we entered into an Agreement and Plan of Merger, or the Merger Agreement, with Rye Parent Corp., a Delaware corporation, or Rye, Rye Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Rye, or the Acquisition Subsidiary, and JAB Holdings B.V., a private limited liability company incorporated under the laws of the Netherlands, or JAB. The Merger Agreement and the consummation of the transactions contemplated by the Merger Agreement have been unanimously approved by our board of directors. The Merger Agreement provides for the merger of Acquisition Subsidiary with and into the Company, or Merger, with the Company surviving the Merger as a wholly owned subsidiary of Rye. The Merger is expected to close during the thirteen weeks ended September 26, 2017 and is subject to the approval of our stockholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.

For additional information related to the Merger Agreement, please refer to our Current Report on Form 8-K filed with the SEC on April 5, 2017 and Note 2, Pending Merger with JAB, in the accompanying unaudited Consolidated Financial Statements.


Executive Summary of Results

Overview

•      Total revenues increased 6.2 percent to $728 million for the thirteen
       weeks ended March 28, 2017 compared to $685 million for the thirteen weeks
       ended March 29, 2016.


•      Company-owned comparable net bakery-cafe sales growth of 5.3 percent for
       the thirteen weeks ended March 28, 2017.


•      Earnings per diluted share for the thirteen weeks ended March 28, 2017 was
       $1.88 compared to earnings per diluted share of $1.45 for the thirteen
       weeks ended March 29, 2016. Included in earnings per diluted share for the
       thirteen weeks ended March 28, 2017 was a benefit related to the redesign
       of the field manager bonus program of $0.14 per diluted share and an
       intangible asset impairment charge of $0.09 per diluted share. Included in
       earnings per diluted share for the thirteen weeks ended March 29, 2016 was
       an amount reserved for a legal matter of $0.08 per diluted share and
       charges related to our refranchising initiative of $0.03 per diluted
       share.




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© Edgar Online, source Glimpses

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Financials ($)
Sales 2017 2 955 M
EBIT 2017 278 M
Net income 2017 172 M
Debt 2017 443 M
Yield 2017 0,23%
P/E ratio 2017 40,68
P/E ratio 2018 34,65
EV / Sales 2017 2,56x
EV / Sales 2018 2,36x
Capitalization 7 120 M
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Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 25
Average target price 305 $
Spread / Average Target -2,6%
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Managers
NameTitle
Ronald M. Shaich Executive Chairman & Chief Executive Officer
Blaine E. Hurst President
Charles J. Chapman Chief Operating Officer & Executive Vice President
Michael J. Bufano Chief Financial Officer & Senior Vice President
John M. Meister Chief Information Officer & Senior Vice President
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