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Panera Bread Company Reports Q3 2011 Diluted EPS of $0.97, Up 29%

By: Panera Bread |  0 Shares     104 Reads

ST. LOUIS, MO--(Marketwire - Oct 25, 2011) - Panera Bread Company (NASDAQ: PNRA)

HIGHLIGHTS

• Q3 2011 Revenue increased 22% to $453 million
• Q3 2011 Company-owned comparable net bakery-cafe sales up 6.0%
• FY 2011 new unit development target increased to 110 to 115 units
• FY 2011 EPS target increased to $4.63 to $4.65 (up 28% versus FY 2010)
• Initial FY 2012 EPS target set at $5.38 to $5.48 up 16% to 18% versus FY 2011

Panera Bread Company (NASDAQ: PNRA) today reported net income of $29 million, or $0.97 per diluted share, for the fiscal third quarter ended September 27, 2011. The third quarter of fiscal 2011 results compare to net income of $23 million, or $0.75 per diluted share, for the fiscal third quarter ended September 28, 2010, and represent a 29% year-over-year increase in diluted earnings per share.

For the thirty-nine weeks ended September 27, 2011, net income was $97 million, or $3.24 per diluted share. These results compare to net income of $75 million, or $2.42 per diluted share, for the thirty-nine weeks ended September 28, 2010, and represent a 34% year-over-year increase in diluted earnings per share.

The Company's third quarter and year-to-date fiscal 2011 consolidated statements of operations and margin analyses are attached as Schedule I. The following tables set forth, for the periods indicated, certain items included in the Company's consolidated statements of operations (in thousands, except per share data and percentages):

	For the 13 Weeks Ended
	September 27, 2011		September 28, 2010		Percentage Change
Total Revenue	$453,087		$371,994		22	%
Net Income	$28,848		$22,797		27	%
Diluted earnings per share	$0.97		$0.75		29	%
Shares used in diluted EPS	29,829		30,534

	For the 39 Weeks Ended
	September 27, 2011		September 28, 2010		Percentage Change
Total Revenue	$1,326,267		$1,114,328		19	%
Net Income	$97,332		$75,342		29	%
Diluted earnings per share	$3.24		$2.42		34	%
Shares used in diluted EPS	30,067		31,193

Third Quarter Fiscal 2011 Results and Business Review

Comparable Net Bakery-Cafe Sales Growth

In the third quarter of fiscal 2011, Company-owned comparable net bakery-cafe sales increased 6.0%, franchise-operated comparable net bakery-cafe sales increased 3.1%, and system-wide comparable net bakery-cafe sales increased 4.4% compared to the comparable period in fiscal 2010. Two year Company-owned comparable net bakery-cafe sales increased 11.5%, two year franchise-operated comparable net bakery-cafe sales increased 11.0%, and two year system-wide comparable net bakery-cafe sales increased 11.3%.

The Company-owned comparable net bakery-cafe sales increase of 6.0% in the third quarter of fiscal 2011 was comprised of year-over-year transaction growth of 2.6% and average check growth of 3.4%. Average check growth was comprised of retail price increases of approximately 2.5% and positive mix impact of approximately 0.9%. A schedule of comparable net bakery-cafe sales information is attached as Schedule III.

New Unit Development and AWS

During the third quarter of fiscal 2011, the Company opened eight new bakery-cafes and its franchisees opened 17 new bakery-cafes. As a result, there were 1,504 bakery-cafes open system-wide as of September 27, 2011. Additionally, during the third quarter of fiscal 2011, the Company completed the purchase of substantially all the assets and certain liabilities of five Paradise Bakery & Café ("Paradise") bakery-cafes from an Indiana franchisee and terminated, through mutual agreement, franchisee agreements for 13 franchise-operated Paradise bakery-cafes in the Denver and Portland markets. These acquisitions and de-identifications are part of a strategic effort to standardize the Paradise system.

		Company-owned		Franchise-operated			Total System
Bakery-cafes as of June 28, 2011		703		790			1,493
Bakery-cafes opened		8		17			25
Bakery-cafes closed		--		(14	)		(14	)
Bakery-cafes acquired		5		(5	)		--
Bakery-cafes as of September 27, 2011		716		788			1,504

Average weekly sales ("AWS") for Company-owned new units year-to-date through the third quarter of fiscal 2011 was $41,470 compared to $40,950 in the same period of fiscal 2010. AWS for franchise-operated new units year-to-date through the third quarter of fiscal 2011 was $41,864 compared to $37,719 in the same period of fiscal 2010. A schedule of the third quarter and year-to-date fiscal 2011 AWS is attached as Schedule II.

Operating Margin

In the third quarter of fiscal 2011, the Company generated operating margin improvement of approximately 80 basis points compared to the third quarter of fiscal 2010. This operating margin improvement was primarily driven by year-over-year structural improvements in labor expense.

Use of Capital

During the third quarter of fiscal 2011, the Company repurchased 850,400 shares at an average share price of $103.62. The share buyback had a favorable impact of $0.01 on the Company's third quarter of fiscal 2011 earnings per diluted share. Subsequent to the end of the third quarter of fiscal 2011, the Company repurchased an additional 26,700 shares at an average share price of $101.37. The Company has approximately $357.4 million available under the existing $600 million repurchase authorization as of the date of this release.

Fourth Quarter of Fiscal 2011 Outlook

Fourth Quarter of Fiscal 2011 Targets

Diluted EPS Target

For the fourth quarter of fiscal 2011, the Company is targeting earnings per diluted share of $1.39 to $1.41 versus $1.21 per diluted share in the fourth quarter of fiscal 2010. If the Company meets this target, diluted earnings per share will grow 15% to 17% in the fourth quarter of fiscal 2011 versus the comparable period in fiscal 2010. The fourth quarter of fiscal 2011 diluted earnings per share target includes the following key assumptions:

Comparable Net Bakery-Cafe Sales Growth

The range for the Company's fourth quarter of fiscal 2011 Company-owned comparable bakery-cafe sales growth over the comparable period in fiscal 2010 is now targeted at 5.5% to 6.5% versus the previously announced range of 4.5% to 5.5%. This revised fourth quarter target assumes flat transaction growth and average check growth of approximately 5.5% to 6.5%, consisting of a year-over-year price increase of approximately 3.5% and mix impact on check growth of 2.0% to 3.0%. Company-owned comparable bakery-cafe sales growth for the first twenty-seven days of the fourth quarter of fiscal 2011 was 6.7%.

Operating Margin Target

In the fourth quarter of fiscal 2011, the Company anticipates 50 to 100 basis points of degradation in operating margin as inflation reaches its highest point of the year and the Company anniversaries the beginning of its structural labor and benefits improvement. The 50 to 100 basis points of operating margin deleverage would be greater than previously expected because the Company has accelerated certain investments in its infrastructure.

Updated Full Year Fiscal 2011 Outlook

Diluted EPS Target

The Company is now targeting its fiscal 2011 targeted earnings per diluted share to $4.63 to $4.65. If the Company meets its target, it would generate diluted earnings per share growth of 28% in fiscal 2011. This increased earnings per diluted share target is primarily based on the anticipated financial leverage resulting from shares repurchased during the third and fourth fiscal quarters.

This full year fiscal 2011 diluted earnings per share target is based on the following key assumptions:

Comparable Net Bakery-Cafe Sales Growth

The Company is revising its target for Company-owned comparable bakery-cafe sales growth to approximately 4.5% to 5.0% for fiscal 2011. This target assumes transaction growth of 1.5% to 2.0% and average check growth from mix of approximately 0.5% to 1.0% on average year-over-year pricing of approximately 2.5%.

New Unit Development and AWS

The Company is raising its new unit development range above of its previously targeted range and now expects approximately 110 to 115 system-wide new unit openings in fiscal 2011. The average weekly net sales performance for new Company-owned units is now expected to be above the high end of the Company's originally targeted range of $37,000 to $39,000 for fiscal 2011.

Operating Margin Improvement

For fiscal 2011, the Company is expecting operating margin expansion within its previously targeted range of 0 to 50 basis points versus the prior year.

Full Year 2012 Targets

The Company is initially targeting its fiscal 2012 earnings per diluted share at $5.38 to $5.48. If the Company meets its target, it would generate diluted earnings per share growth of the 16% to 18% versus the midpoint of the fiscal 2011 target range.

Comparable Net Bakery-Cafe Sales Growth

The Company is targeting Company-owned comparable bakery-cafe sales growth of approximately 4.0% to 5.0% for fiscal 2012. This target assumes transaction growth of 0 to 50 basis points and average check growth of approximately 4.0% to 4.5% on average year-over-year pricing of approximately 3.0%, and mix impact on check of approximately 1.0% to 1.5%.

New Unit Development and AWS

The Company's fiscal 2012 EPS target now assumes approximately 110 to 115 system-wide new unit openings. The average weekly net sales performance for new Company-owned units is targeted at $39,000 to $41,000.

Operating Margin Improvement

The Company's fiscal 2012 EPS target assumes that its fiscal 2012 operating margin will be flat to modestly improved year-over-year versus fiscal 2011.

Concluding Comment

Bill Moreton, CEO, commented, "We are very pleased with both our strong 6.0% comparable store sales growth and our 29% earnings growth in the third quarter. We have now been able to grow our earnings per share at a rate of 20% plus for 13 out of the last 14 quarters. We continue to believe that our consistent performance has been driven by the investments that we have made in the quality of our food, people and customer experience to drive competitive differentiation. We have also been able to deploy a meaningful amount of our excess cash to drive earnings growth and shareholder returns through high ROI acquisitions and share repurchases. We look forward to another strong year in 2012 with our earnings target falling within our long-term target range of 15-20% annual earnings growth."

Notes:

The Company will host a conference call that will be broadcast on the Internet at 8:30 A.M. Eastern Time on Wednesday, October 26, 2011 to discuss the third quarter of fiscal 2011 results, preliminary comparable net bakery-cafe sales results for the first 27 days of the fourth quarter of fiscal 2011 and full year targets and business outlook for fiscal 2011, and to provide full year targets for fiscal 2012. 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 after the call, and the release will be archived for one year.

We include 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 our 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 our 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.

Comparable net bakery-cafe sales percentages are non-GAAP financial measures, which should not be considered in isolation or as a substitute for other measures of performance prepared in accordance with Generally Accepted Accounting Principles, or GAAP, and may not be equivalent to comparable net bakery-cafe sales as defined or used by other companies. 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

Panera Bread Company owns and franchises 1,504 bakery-cafes as of September 27, 2011 under the Panera Bread®, Saint Louis Bread Co.®, and Paradise Bakery & Café® names. Our bakery-cafes are principally located in suburban, strip mall and regional mall locations. 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 antibiotic-free chicken, 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, and future earnings per share, contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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. 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 28, 2010 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.

PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share amounts)
					For the 13 Weeks Ended
					September 27, 2011			September 28, 2010
Revenues:
	Bakery-cafe sales, net				$	397,271		$	315,231
	Franchise royalties and fees				22,677			21,521
	Fresh dough and other product sales to franchisees				33,139			35,242
		Total revenues			453,087			371,994
Costs and expenses:
	Bakery-cafe expenses:
		Cost of food and paper products			$	119,518		$	89,869
		Labor			121,418			103,192
		Occupancy			29,763			25,071
		Other operating expenses			55,303			45,786
			Total bakery-cafe expenses		326,002			263,918
	Fresh dough and other product cost of sales to franchisees				29,283			30,272
	Depreciation and amortization				20,068			16,300
	General and administrative expenses				28,844			24,297
	Pre-opening expenses				1,283			1,211
		Total costs and expenses			405,480			335,998
Operating profit					47,607			35,996
Interest expense					194			165
Other (income) expense, net					837			(540		)
Income before income taxes					46,576			36,371
Income taxes					17,728			13,656
		Net income			28,848			22,715
Less: net loss attributable to noncontrolling interest					--			(82		)
		Net income attributable to Panera Bread Company			$	28,848		$	22,797
Earnings per common share attributable to Panera Bread Company:
	Basic				$	0.98		$	0.75
	Diluted				$	0.97		$	0.75
Weighted average shares of common and common equivalent shares outstanding:
	Basic				29,548			30,273
	Diluted				29,829			30,534

Schedule I (continued)

PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share amounts)
				For the 39 Weeks Ended
				September 27, 2011				September 28, 2010
Revenues:
	Bakery-cafe sales, net			$	1,157,375			$	950,155
	Franchise royalties and fees				68,281				64,025
	Fresh dough and other product sales to franchisees				100,611				100,148
		Total revenues			1,326,267				1,114,328
Costs and expenses:
	Bakery-cafe expenses:
		Cost of food and paper products			342,976				270,894
		Labor			354,394				306,905
		Occupancy			84,680				74,112
		Other operating expenses			157,371				129,244
			Total bakery-cafe expenses		939,421				781,155
	Fresh dough and other product cost of sales to franchisees				85,932				82,909
	Depreciation and amortization				58,869				50,224
	General and administrative expenses				80,516				73,414
	Pre-opening expenses				3,816				2,367
		Total costs and expenses			1,168,554				990,069
Operating profit					157,713				124,259
Interest expense					616				498
Other (income) expense, net					(143	)			2,776
Income before income taxes					157,240				120,985
Income taxes					59,908				45,774
		Net income			97,332				75,211
Less: net loss attributable to noncontrolling interest					--				(131	)
		Net income attributable to Panera Bread Company		$	97,332			$	75,342
Earnings per common share attributable to Panera Bread Company:
	Basic			$	3.27			$	2.44
	Diluted			$	3.24			$	2.42
Weighted average shares of common and common equivalent shares outstanding:
	Basic				29,756				30,879
	Diluted				30,067				31,193

Schedule I (continued)

PANERA BREAD COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
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 operations for the period indicated. Percentages may not add due to rounding:
					For the 13 Weeks Ended
					September 27, 2011			September 28, 2010
Revenues:
	Bakery-cafe sales, net				87.7	%		84.7	%
	Franchise royalties and fees				5.0			5.8
	Fresh dough and other product sales to franchisees				7.3			9.5
			Total revenues		100.0	%		100.0	%
Costs and expenses:
	Bakery-cafe expenses (1):
		Cost of food and paper products			30.1	%		28.5	%
		Labor			30.6			32.7
		Occupancy			7.5			8.0
		Other operating expenses			13.9			14.5
			Total bakery-cafe expenses		82.1			83.7
	Fresh dough and other product cost of sales to franchisees (2)				88.4			85.9
	Depreciation and amortization				4.4			4.4
	General and administrative expenses				6.4			6.5
	Pre-opening expenses				0.3			0.3
		Total costs and expenses			89.5			90.3
Operating profit					10.5			9.7
Interest expense					--			--
Other expense (income), net					0.2			(0.1	)
Income before income taxes					10.3			9.8
Income taxes					3.9			3.7
		Net income			6.4			6.1
Less: net loss attributable to noncontrolling interest					--			--
		Net income attributable to Panera Bread Company			6.4	%		6.1	%

(1) As a percentage of Company 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 OPERATIONS
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 operations for the period indicated. Percentages may not add due to rounding:
					For the 39 Weeks Ended
					September 27, 2011			September 28, 2010
Revenues:
	Bakery-cafe sales, net				87.3	%		85.3	%
	Franchise royalties and fees				5.1			5.7
	Fresh dough and other product sales to franchisees				7.6			9.0
			Total revenues		100.0	%		100.0	%
Costs and expenses:
	Bakery-cafe expenses (1):
		Cost of food and paper products			29.6	%		28.5	%
		Labor			30.6			32.3
		Occupancy			7.3			7.8
		Other operating expenses			13.6			13.6
			Total bakery-cafe expenses		81.2			82.2
	Fresh dough and other product cost of sales to franchisees (2)				85.4			82.8
	Depreciation and amortization				4.4			4.5
	General and administrative expenses				6.1			6.6
	Pre-opening expenses				0.3			0.2
		Total costs and expenses			88.1			88.8
Operating profit					11.9			11.2
Interest expense					--			--
Other (income) expense, net					--			0.2
Income before income taxes					11.9			10.9
Income taxes					4.5			4.1
		Net income			7.3			6.7
Less: net loss attributable to noncontrolling interest					--			--
		Net income attributable to Panera Bread Company			7.3	%		6.8	%

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

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

PANERA BREAD COMPANY
Schedule II - Supplemental Sales and Bakery-Cafe Information

	System Wide AWS
	2011[a]		2010		2009		2008		2007		2006
AWS	$43,569		$42,852		$39,926		$39,239		$38,668		$39,150

[a] Represents year-to-date system-wide AWS at the end of the fiscal third quarter of 2011.

	2011 Company-Owned AWS By Year Opened																	Year-Over-Year Change in Company-Owned AWS
	2011 Opens [b]			2010 Opens [b]			2009 Opens & Prior			2011 Acquisitions [d]			2010 Acquisitions			Total		2010 Opens [c]			2009 Opens & Prior			AWS Total
Bakery-Cafes	29			42			575			30			40			716
Q1 11	$	49,551		$	39,075		$	42,497		$	--		$	46,244		$	42,532	-30.4	%		3.7	%		3.6	%
Q2 11	$	42,184		$	39,255		$	44,021		$	45,493		$	50,516		$	44,118	-0.7	%		4.8	%		5.2	%
Q3 11	$	40,272		$	38,320		$	43,119		$	45,301		$	48,761		$	43,148	-4.2	%		6.3	%		6.6	%
2011 YTD	$	41,470		$	38,883		$	43,211		$	45,379		$	48,507		$	43,274	-5.0	%		4.9	%		5.2	%

[b] 2011 and 2010 Company-owned AWS excludes 2011 and 2010 acquisition data.

[c] Change in Company-owned AWS in 2011 from 2010 compares 42 bakery-cafes in 2011 against 21 bakery-cafes at the end of the fiscal third quarter of 2010.

[d] Represents 25 Panera bakery-cafes and five Paradise bakery-cafes.

	2011 Franchise-Operated AWS By Year Opened																	Year-Over-Year Change in Franchise-Operated AWS
	2011 Opens [e]			2010 Opens [e]			2009 Opens & Prior			2011 Acquisitions [g]			2010 Acquisitions			Total		2010 Opens [f]			2009 Opens & Prior			AWS Total
Bakery-Cafes	43			33			707			2			3			788
Q1 11	$	45,532		$	38,246		$	43,862		$	20,157		$	35,525		$	43,568	-13.5	%		2.9	%		2.2	%
Q2 11	$	44,313		$	38,305		$	44,783		$	18,768		$	35,813		$	44,398	-0.1	%		2.5	%		1.8	%
Q3 11	$	39,979		$	37,247		$	44,077		$	18,886		$	35,991		$	43,508	1.6	%		2.6	%		1.7	%
2011 YTD	$	41,864		$	37,937		$	44,239		$	19,109		$	35,776		$	43,825	0.6	%		2.7	%		1.9	%

[e] 2011 and 2010 Franchise-operated AWS excludes 2011 and 2010 acquisition data.

[f] Change in Franchise-operated AWS in 2011 from 2010 compares 33 bakery-cafes in 2011 against 22 bakery-cafes at the end of the fiscal third quarter of 2010.

[g] Represents two Paradise bakery-cafes.

	Bakery-Cafe Openings (excluding acquisitions)
	Company		Franchise		Total			Company		Franchise		Total
Q1 11	8		11		19		Q1 10	3		5		8
Q2 11	13		15		28		Q2 10	8		5		13
Q3 11	8		17		25		Q3 10	10		12		22
Q4 11							Q4 10	21		12		33
2011 YTD	29		43		72		2010 YTD	42		34		76

AWS - average weekly net sales for the time periods indicated.

PANERA BREAD COMPANY
Schedule III - Comparable Net Bakery-Cafe Sales Information

	For the 4 weeks ended			For the 5 weeks ended			For the 4 weeks ended			For the 13 weeks ended			For the 39 weeks Ended
	July 26, 2011			August 30, 2011			September 27, 2011			September 27, 2011			September 27, 2011
Company-owned	5.2	%		5.1	%		7.8	%		6.0	%		4.6	%
Franchise-operated	2.8	%		2.1	%		4.7	%		3.1	%		3.4	%
System-wide	3.9	%		3.4	%		6.1	%		4.4	%		3.9	%

Company-owned comparable net bakery-cafe sales percentages are based on net sales from Company-owned bakery-cafes included in our 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 our 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 after we have acquired a 100 percent ownership interest and if such acquisition date occurred prior to the first day of our prior fiscal year. Comparable net bakery-cafe sales exclude closed locations.

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