What does the data in case Exhibit 1 reveal about Panera Breads financial performance? How well is the company doing financially? Use the financial ratios in Table 4.1 of Chapter 4 as a guide in doing the calculations needed to arrive at an analysis-based answer to your assessment of Paneras recent financial performance. In addition to the ratios in Table 4.1, there are occasions when you will also need to calculate compound average growth rates (CAGR) for certain financial measures. The formula for calculating CAGR (in percentage terms) is as follows: CAGR % = [ending value beginning value] 1 1 x 100 (where n = the number of year-to-year or period-to-period changes)

The following table shows various operating and financial ratios calculated for case Exhibit 2011 2010 2009 2007 2002 Bakery-caf expenses as a % of bakery-caf sales Food and paper products Labor Occupancy Other operating expenses Total bakery caf expenses General and administrative expenses as a % of total revenues Operating profit as a % of total revenues (operating profit margin) Net income as a % of total revenues (net profit margin) Current ratio Working capital Net income as a % of stockholders' equity (ROE) 304 7.2 13.6 29.5% | 28.4% | 29.3% | 30.3% | 29.8% 32.1 8.3 13.5 29.7 7.2 13.2 32.0 31.7 7.6 13.4 80.7% | 81.1% | 83.2% 7.9 13.6 | 83.7%| 799% 6.2% | 6.6% 61% 6.5% | 8.9% 121% | 12.0% | 10.4% | 8.4% | 12.0% 73% | 6.4% | 5.4% 2.26 $114.8 mil$119.2 mil$1798 mil $24.4 mil$269 mil. 74% 1.48 75% 1.83 1.56 1.19 20.8% 18.8% | 14.4% | 12.9% | 14 % The numbers in the table show a nice rebound in Panera's performance in 2010 and 2011 af