Compare Panera Bread (PNRA) and Papa John’s (PZZA) using your computations from MAD 24-2 and MAD 24-3.

Data from MAD24-3:

Papa John’s International, Inc. (PZZA), operates over 5,000 restaurants in the United States and 45 countries. The company operates primarily as a franchisor with 4,353 franchised restaurants and 744 company-operated restaurants. Recent data (in millions) for the company-operated and North America franchised restaurants are as follows:

Data from MAD24-2:

Panera Bread Company (PNRA) operates over 2,000 bakery-cafe locations throughout the United States and Canada and serves over 9 million customers per week. Panera’s operations are divided into the following segments:

▪ Company-Operated Bakery-Cafes

▪ Franchised Bakery-Cafes

▪ Fresh Dough and Other Products

The Fresh Dough and Other Products segment supplies fresh dough, produce, tuna, and other products to the company-operated and franchised cafes. Recent data (in millions) for each of these segments are as follows:

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Restaurants North America Company- Operated Franchised Sales Operating income Invested assets $816 $103 92 75 225 10