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BWLD

BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
Fiscal years ended December 29, 2013
Amounts in thousands 2013 2012 2011 2012-13 2011-12 Profitablity: 2013 2012 2011 Industry from D&B
Revenue: $ $ Profit margin 5.65% 5.50% 4.89
Restaurant sales 1,185,351 963,963 717,395 221,388 23.0% 246,568 34.4% ROA 10.14% 9.69% 4.7
Franchise royalties and fees 81,368 76,567 67,083 4,801 6.3% 9,484 14.1% ROE 15.36% 14.94% 11.4
Total revenue 1,266,719 1,040,530 784,478 226,189 21.7% 256,052 32.6%
Operating performance:
Costs and expenses: Revenue growth 21.74% 11.71
Restaurant operating costs: Gross margin 71.28% 70.82% 48.58
Cost of sales 363,755 30.7% 303,653 31.5% 203,291 28.3% 60,102 27.1% 100,362 40.7% Operating margin 7.96% 7.94% 7.32
Gross profit 902,964 736,877 581,187
Labor 360,302 30.4% 289,167 30.0% 215,649 30.1% 71,135 32.1% 73,518 29.8% Cost analysis
Operating 174,338 14.7% 0.0% 109,654 15.3% 174,338 78.7% -109,654 -44.5%
Occupancy 68,394 5.8% 54,147 5.6% 44,005 6.1% 14,247 6.4% 10,142 4.1% Asset management:
Depreciation and amortization 84,978 6.7% 67,462 6.5% 49,913 6.4% 17,516 7.7% 17,549 6.9% Asset turnover 1.79 1.76 1.6
General and administrative 96,182 7.6% 84,149 8.1% 72,689 9.3% 12,033 5.3% 11,460 4.5% Fixed asset turnover 2.88 2.69 2.99
Preopening 14,647 1.2% 14,630 1.4% 14,564 1.9% 17 0.0% 66 0.0% Account receivable turnover 57.99 51.50 52.9
Loss on asset disposals and impairment 3,262 0.3% 3,291 0.3% 1,929 0.2% -29 -0.0% 1,362 0.5% Inventory turnover 38.32 38.83 28.2
Total costs and expenses 1,165,858 92.0% 957,916 92.1% 711,694 90.7% 207,942 91.9% 246,222 96.2% Working capital turnover 77.80 -67.98 13.2
Income from operations 100,861 82,614 72,784 18,247 9,830 Debt management:
Investment income 674 754 118 -80 636 Liquidity:
Earnings before income taxes 101,535 83,368 72,902 18,167 10,466 Current ratio 1.10 0.89 1
Income tax expense 29,981 26,093 22,476 3,888 3,617 Quick ratio 0.52 0.36 0.4
Net earnings 71,554 57,275 50,426 14,279 6,849 Solvency:
Total liab/total asset 0.34 0.35 0.49
Equity multiplier 1.52 1.54 1.94
# of times interest earned
BUFFALO WILD WINGS, INC. AND SUBSIDIARIES
working capital
CONSOLIDATED BALANCE SHEETS
Fiscal years ended December 29, 2013
(Dollar amounts in thousands) 2013 2012 2011 2012-13 2011-12
Assets $ $
Current assets:
Cash and cash equivalents 57,502 21,340 20,530 36,162 810
Marketable securities 7,584 9,579 39,956 -1,995 -30,377
Accounts receivable 21,845 20,203 12,165 1,642 8,038
Inventory 9,492 7,820 6,311 1,672 1,509
Prepaid expenses 4,509 3,869 3,707 640 162
Refundable income taxes 4,329 4,122 7,561 207 -3,439
Deferred income taxes 9,287 5,774 6,323 3,513 -549
Restricted assets 68,208 52,829 42,692 15,379 10,137
Total current assets 182,756 125,536 139,245 57,220 -13,709
Property and equipment, net 440,538 386,570 310,170 53,968 76,400
Reacquired franchise rights, net 33,403 37,370 21,028 -3,967 16,342
Other assets 16,498 9,246 7,146 7,252 2,100
Goodwill 32,533 32,365 17,770 168 14,595
Total assets 705,728 591,087 495,359 114,641 95,728
Liabilities and Stockholders’ Equity
Current liabilities:
Unearned franchise fees 1,818 1,763 1,852 55 -89
Accounts payable 31,806 36,418 30,089 -4,612 6,329
Accrued compensation and benefits 52,049 39,637 30,499 12,412 9,138
Accrued expenses 13,784 11,461 7,580 2,323 3,881
System-wide payables 67,017 51,564 44,250 15,453 7,314
Total current liabilities 166,474 140,843 114,270 25,631 26,573
Long-term liabilities:
Other liabilities 1,913 1,752 1,544 161 208
Deferred income taxes 37,822 37,128 38,512 694 -1,384
Deferred lease credits 33,711 27,992 23,047 5,719 4,945
Total liabilities 239,920 207,715 177,373 32,205 30,342
Stockholders’ equity:
Common stock, no par value 133,203 121,450 113,509 11,753 7,941
Retained earnings 333,601 262,047 204,772 71,554 57,275
Accumulated other comprehensive loss -996 -125 -295 -871 170
Total stockholders’ equity 465,808 383,372 317,986 82,436 65,386
Total liabilities and stockholders’ equity 705,728 591,087 495,359 114,641 95,728

BWLD-trend

Results of Quarterly Operations (unaudited) (amounts in thousands except per share data)
Mar. 25, Jun. 24, Sep. 23, Dec. 30, Mar. 31, Jun. 30, Sep. 29, Dec. 29,
2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4
Revenue:
Restaurant sales 232,316 220,550 228,418 282,679 284,425 285,403 295,693 319,830
% growth -5.06% 3.57% 23.76% 0.62% 0.34% 3.61% 8.16%
sales trend 100 95 98 122 122 123 127 138
Franchise royalties and fees 18,806 18,173 18,441 21,147 19,939 19,604 20,108 21,717
Total revenue 251,122 238,723 246,859 303,826 304,364 305,007 315,801 341,547
Costs and expenses:
Restaurant operating costs:
Cost of sales 72,151 69,799 71,263 90,440 93,091 86,630 88,689 95,345
% growth -3.26% 2.10% 26.91% 2.93% -6.94% 2.38% 7.50%
COGS trend 100 97 99 125 129 120 123 132
Labor 68,268 66,638 68,804 85,457 85,831 88,929 89,740 95,802
Operating 32,797 32,349 34,626 41,645 41,105 41,212 44,668 47,353
Occupancy 12,800 13,091 13,458 14,798 16,126 16,865 17,276 18,127
Depreciation and amortization 15,531 16,090 16,818 19,023 20,143 21,084 21,587 22,164
General and administrative 19,424 20,976 21,813 21,936 21,297 23,601 24,664 26,620
Preopening 2,591 1,536 4,535 5,968 4,271 2,420 2,991 4,965
Loss on asset disposals and impairment 737 597 788 1,169 571 229 902 1,560
Total costs and expenses 224,299 221,076 232,105 280,436 282,435 280,970 290,517 311,936
Income from operations 26,823 17,647 14,754 23,390 21,929 24,037 25,284 29,611
% growth -34.21% -16.39% 58.53% -6.25% 9.61% 5.19% 17.11%
OI trend 100 66 55 87 82 90 94 110
Investment income (loss) 410 -115 418 41 345 (84 383 30
Earnings before income taxes 27,233 17,532 15,172 23,431 22,274 23,953 25,667 29,641
Income tax expense 8,988 5,870 4,464 6,771 5,895 7,464 7,796 8,826
Net earnings 18,245 11,662 10,708 16,660 16,379 16,489 17,871 20,815
Restaurant sales 232316.0 220550.0 228418.0 282679.0 284425.0 285403.0 295693.0 319830.0 Cost of sales 72151.0 69799.0 71263.0 90440.0 93091.0 86630.0 88689.0 95345.0 Income from operations 26823.0 17647.0 14754.0 23390.0 21929.0 24037.0 25284.0 29611.0 sales trend 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 100.0 94.9353466829663 98.32211298403898 121.6786618226898 122.4302243495928 122.8512026722223 127.2805144716679 137.6702422562372 COGS trend 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 100.0 96.7401699214148 98.76924782747294 125.3482280217876 129.0224667710773 120.0676359302019 122.9213732311403 132.1464705963881 OI trend 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 100.0 65.7905528837192 55.00503299407225 87.20128248145248 81.75446445214927 89.61339149237595 94.26238675763338 110.3940647951385

SBUX

Starbucks Corporation
Consolidated Statements of Earnings
in millions
Sep 29", "13 % Sep 30", "12 % Oct 2", "11 % 2012-2013 2011-2012 2013 2012 2011 Industry % Dunkin Donuts %
Net revenues: $ Change % Change $ Change % Change Profitability:
Company-operated stores $11,793.20 79.19% $10,534.50 79.21% $9,632.40 82.33% $1,258.70 11.95% $902.10 9.37% Profit margin 0.06% 10.40% 10.65% 4.89
Licensed stores 1,360.50 9.14% 1,210.30 9.10% 1,007.50 8.61% $150.20 12.41% $202.80 20.13% ROA 0.1% 17.8% 6.90 4.65
CPG, foodservice and other 1,738.50 11.67% 1,554.70 11.69% 1,060.50 9.06% $183.80 11.82% $494.20 46.60% ROE 0.2% 29.1% 13.44 39.68
Total net revenues 14,892.20 100.00% 13,299.50 100.00% 11,700.40 100.00% $1,592.70 11.98% $1,599.10 13.67%
Cost of sales including occupancy costs 6,382.30 42.86% 5,813.30 43.71% 4,915.50 42.01% $569.00 9.79% $897.80 18.26% Operating performance:
Store operating expenses 4,286.10 28.78% 3,918.10 29.46% 3,594.90 30.72% $368.00 9.39% $323.20 8.99% Revenue growth 12.0% 13.67% 11.34
Other operating expenses 457.2 3.07% 429.9 3.23% 329.8 2.82% $27.30 6.35% $100.10 30.35% Gross margin 57.1% 56.3% 58.0% 47.39
Depreciation and amortization expenses 621.4 4.17% 550.3 4.14% 523.3 4.47% $71.10 12.92% $27.00 5.16% Operating margin -2.19% 15.02% 14.77% 7.11
General and administrative expenses 937.9 6.30% 801.2 6.02% 749.3 6.40% $136.70 17.06% $51.90 6.93% Cost analysis: see row 10-15
Litigation charge 2,784.10 18.70% --- ---
Total operating expenses 15,469.00 103.87% 11,512.80 86.57% 10,175.80 86.97% $3,956.20 34.36% $1,337.00 13.14% Asset management:
Gain on sale of properties --- --- 30.2 0.26% 0.00% Asset turnover 1.5 1.7 1.6 1.46
Income from equity investees 251.4 1.69% 210.7 1.58% 173.7 1.48% $40.70 19.32% $37.00 21.30% Fixed asset turnover 5.08 5.31 2.99 4.1
Operating income/(loss) -325.4 -2.19% 1,997.40 15.02% 1,728.50 14.77% ($2,322.80) -116.29% $268.90 15.56% A/R turnover 28.44 30.49 114.13 15.23
Interest income and other, net 123.6 0.83% 94.4 0.71% 115.9 0.99% $29.20 30.93% ($21.50) -18.55% Inventory turnover 5.43 5.27 39.28 N.A
Interest expense -28.1 -0.19% -32.7 -0.25% -33.3 -0.28% $4.60 -14.07% $0.60 -1.80% W.C. turnover 14.29 7.17 13.2 6.08
Earnings/(loss) before income taxes -229.9 -1.54% 2,059.10 15.48% 1,811.10 15.48% ($2,289.00) -111.17% $248.00 13.69%
Income taxes -238.7 -1.60% 674.4 5.07% 563.1 4.81% ($913.10) -135.39% $111.30 19.77% Liquidity:
Net earnings including noncontrolling interests 8.8 0.06% 1,384.70 10.41% 1,248.00 10.67% ($1,375.90) -99.36% $136.70 10.95% Current Ratio 1.02 1.90 1.83 1.33 1.44
Net earnings attributable to noncontrolling interests 0.5 0.00% 0.9 0.01% 2.3 0.02% ($0.40) -44.44% ($1.40) -60.87% Quick Ratio 0.71 1.14 1.17 1.19 NA
Net earnings attributable to Starbucks $8.30 0.06% 1,383.80 10.40% 1,245.70 10.65% ($1,375.50) -99.40% $138.10 11.09%
Solvency:
Consolidated operating income decreased to $(0.3) billion in fiscal 2013 compared to $2.0 billion in fiscal 2012 and fiscal 2013 operating margin was (2.2)% compared to 15.0% in fiscal 2012. The declines were due to the litigation charge noted below. Liab/asset 0.61 0.38 0.40 0.37
Arbitration concluded on litigation with Kraft Foods Global, Inc. ("Kraft") on November 12, 2013, which resulted in a pretax charge to fiscal 2013 operating results of $2.8 billion. This charge reduced EPS by $2.25 per share in fiscal 2013. Equity multiplier 2.57 1.61 1.68 1.59
# of times interest earned (interest coverage) 8.18 -62.97 -54.39 202.66
Consolidated Balance Sheets (in millions)
Average Asset 9867.95 7789.8
Sep 29", "13 % Sep 30", "12 % Oct 2", "11 % 2012-2013 2011-2012 Average Equity 4798.4 4750.9
ASSETS $ Change % Change $ Change % Change Average Accounts Receivable 523.65 436.2
Current assets: Average Inventory 1176.35 1103.65
Cash and cash equivalents $2,575.70 22.36% $1,188.60 14.46% $1,148.10 15.60% $1,387.10 116.70% $40.50 3.53% Average Fixed Asset 2929.7 2506.95
Short-term investments 658.1 5.71% 848.4 10.32% 902.6 12.26% ($190.30) -22.43% ($54.20) -6.00% Working Capital 94.1 1989.8 1719.1
Accounts receivable, net 561.4 4.87% 485.9 5.91% 386.5 5.25% $75.50 15.54% $99.40 25.72% Average WC 1041.95 1854.45
Inventories 1,111.20 9.65% 1,241.5 15.10% 965.8 13.12% ($130.30) -10.50% $275.70 28.55%
Prepaid expenses and other current assets 287.7 2.50% 196.5 2.39% 161.5 2.19% $91.20 46.41% $35.00 21.67%
Deferred income taxes, net 277.3 2.41% 238.7 2.90% 230.4 3.13% $38.60 16.17% $8.30 3.60%
Total current assets 5,471.40 47.51% 4,199.6 51.09% 3,794.9 51.56% $1,271.80 30.28% $404.70 10.66%
Long-term investment 58.3 0.51% 116 1.41% 107 1.45% ($57.70) -49.74% $9.00 8.41%
Equity and cost investments 496.5 4.31% 459.9 5.60% 372.3 5.06% $36.60 7.96% $87.60 23.53%
Property, plant and equipment, net 3,200.50 27.79% 2,658.9 32.35% 2,355.0 32.00% $541.60 20.37% $303.90 12.90%
Other assets 185.3 1.61% 385.7 4.69% 409.6 5.56% ($200.40) -51.96% ($23.90) -5.83%
Goodwill 862.9 7.49% 399.1 4.86% 321.6 4.37% $463.80 116.21% $77.50 24.10%
TOTAL ASSETS 11,516.70 100.00% $8,219.20 100.00% $7,360.40 100.00% $3,297.50 40.12% $858.80 11.67%
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable 491.7 4.27% $398.10 4.84% $540.00 7.34% $93.60 23.51% ($141.90) -26.28%
Accrued liabilities 1,269.30 11.02% 1,133.8 13.79% 940.9 12.78% $135.50 11.95% $192.90 20.50%
Insurance reserves 178.5 1.55% 167.7 2.04% 145.6 1.98% $10.80 6.44% $22.10 15.18%
Deferred revenue 653.7 5.68% 510.2 6.21% 449.3 6.10% $143.50 28.13% $60.90 13.55%
Total current liabilities 5,377.30 46.69% 2,209.8 26.89% 2,075.8 28.20% $3,167.50 143.34% $134.00 6.46%
Long-term debt 1,299.40 11.28% 549.6 6.69% 549.5 7.47% $749.80 136.43% $0.10 0.02%
Other long-term liabilities 357.7 3.11% 345.3 4.20% 347.8 4.73% $12.40 3.59% ($2.50) -0.72%
Total liabilities 7,034.40 61.08% 3,104.7 37.77% 2,973.1 40.39% $3,929.70 126.57% $131.60 4.43%
Shareholders’ equity:
Common stock 0.8 0.01% 0.7 0.01% 0.7 0.01% $0.10 14.29% $0.00 0.00%
Additional paid-in capital 282.1 2.45% 39.4 0.48% 40.5 0.55% $242.70 615.99% ($1.10) -2.72%
Retained earnings 4,130.30 35.86% 5,046.2 61.40% 4,297.4 58.39% ($915.90) -18.15% $748.80 17.42%
Accumulated other comprehensive income 67 0.58% 22.7 0.28% 46.3 0.63% $44.30 195.15% ($23.60) -50.97%
Total shareholders’ equity 4,480.20 38.90% 5,109.0 62.16% 4,384.9 59.57% ($628.80) -12.31% $724.10 16.51%
Noncontrolling interests 2.1 0.02% 5.5 0.07% 2.4 0.03% ($3.40) -61.82% $3.10 129.17%
Total equity 4,482.30 38.92% 5,114.5 62.23% 4,387.3 59.61% ($632.20) -12.36% $727.20 16.58%
TOTAL LIABILITIES AND EQUITY 11,516.70 100.00% $8,219.20 100.00% $7,360.40 100.00% $3,297.50 40.12% $858.80 11.67%

SBUX-trend

STARBUCKS CORPORATION TREND ANALYSIS
Revenue Operating Expense Operating Income Asset Liabilities Shareholder Equity
Year Revenue $ change Trend % Trend Index Year Op Expense $ change Trend % Trend Index Year Op Income $ change Trend % Trend Index Year Assets $ change Trend % Trend Index Year Liabilities $ change Trend % Trend Index Year SE $ change Trend % Trend Index
2011 11,700.40 100.00 2011 10,175.80 100.00 2011 1,728.50 100.00 2011 $7,360.40 100.00 2011 2,973.1 100.00 2011 4,384.9 100.00
2012 13,299.50 1,599.10 13.67% 113.67 2012 11,512.80 1,337.00 13.14% 113.14 2012 1,997.40 268.90 15.56% 115.56 2012 $8,219.20 $858.80 11.67% 111.67 2012 3,104.7 131.6 4.43% 104.43 2012 5,109.0 724.1 16.51% 116.51
2013 14,892.20 1,592.70 11.98% 127.28 2013 15,469.00 3,956.20 34.36% 152.02 2013 -325.4 -2,322.80 -116.29% -18.83 2013 11,516.70 $3,297.50 40.12% 156.47 2013 7,034.40 3,929.70 126.57% 236.60 2013 4,480.20 -628.80 -12.31% 102.17
Rvenue COGS OI Revenue index COGS index Op income index Coffee
2008Q1 2526 2116.6 153.7 100 100 100 113.68
2008Q2 2574 2134.4 183.7 101.9002375297 100.8409713692 119.5185426155 101.58
2008Q3 2515.4 2198 82.8 99.5803642122 103.8457904186 53.8711776187 113.27
2008Q4 2615.2 2206 169.7 103.5312747427 104.2237550789 110.4098893949 91.13
2009Q1 2333.3 1927.1 167.8 92.3713380839 91.046962109 109.1737150293 86.63
2009Q2 2403.9 1927 232.9 95.1662707838 91.0422375508 151.5289525049 96.81
2009Q3 2422.2 1930.3 226.1 95.890736342 91.1981479732 147.104749512 95.54
2009Q4 2722.7 2113.7 341.5 107.7870150435 99.8629878106 222.1860767729 105.7
2010Q1 2534.7 1953.9 313.3 100.3444180523 92.3131437211 203.8386467144 102.74
2010Q2 2612 2040.7 313.4 103.4045922407 96.4140602854 203.9037085231 105.89
2010Q3 2838 2193.3 357.7 112.351543943 103.6237361807 232.7260897853 134.28
2010Q4 2950.8 2170.4 467.4 116.8171021378 102.5418123405 304.0988939493 149.49
2011Q1 2785.7 2137.3 337.9 110.2810768013 100.9779835585 219.8438516591 194.89
2011Q2 2932.2 2254.5 358.1 116.080760095 106.515165832 232.9863370202 210.74
2011Q3 3031.7 2341 361.2 120.0197941409 110.6019087215 235.0032530904 204.02
2011Q4 3435.9 2598.5 511.1 136.0213776722 122.7676462251 332.5309043591 175.298
2012Q1 3195.9 2473.7 378.2 126.5201900238 116.8713975243 246.0637605725 165.58
2012Q2 3303.5 2528.1 439.7 130.7798891528 119.4415572144 286.0767729343 135.5
2012Q3 3364.2 2561 457.7 133.1828978622 120.9959368799 297.7878985036 131.93
2012Q4 3793.2 2836.3 576.1 150.1662707838 134.0026457526 374.821080026 123.78
2013Q1 3549.6 2674.7 491.5
2013Q2 3735.3 2780.6 551.9
2013Q3 3788.7 2808.6 587.8
2013Q4 4239.6 3085.1 742.2
2014Q1 3873.8 2874.5 584.3
2014Q2 4153.7 3008.5 695.7
Revenue 2011.0 2012.0 2013.0 100.0 113.6670541178079 127.2794092509658 Operating Expense 2011.0 2012.0 2013.0 100.0 113.1390160970145 152.0175317911122 Operating Income 2011.0 2012.0 2013.0 100.0 115.5568411917848 -18.82557130459936

Revenue 0.136670541178079 0.119756381818865 Operating Expense 0.131390160970145 0.343634910708081 Operating Income 0.155568411917848 -1.162911785320917

Asset 2011.0 2012.0 2013.0 100.0 111.6678441389055 156.4683984566056 Liabilities 2011.0 2012.0 2013.0 100.0 104.4263563284114 236.6015270256634 Shareholder Equity 2011.0 2012.0 2013.0 100.0 116.5134894752446 102.173367693676

Asset 0.116678441389055 0.401194763480631 Liabilities 0.0442635632841142 1.26572615711663 Shareholder Equity 0.165134894752446 -0.123076923076923

Rvenue 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2526.0 2574.0 2515.4 2615.2 2333.3 2403.9 2422.2 2722.7 2534.7 2612.0 2838.0 2950.8 2785.7 2932.2 3031.7 3435.9 3195.9 3303.5 3364.2 3793.2 COGS 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2116.6 2134.4 2198.0 2206.0 1927.1 1927.0 1930.3 2113.7 1953.9 2040.7 2193.3 2170.4 2137.3 2254.5 2341.0 2598.5 2473.7 2528.1 2561.0 2836.3 OI 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 153.7 183.7 82.8 169.7 167.8 232.9 226.1 341.5 313.3 313.4 357.7 467.4 337.9 358.1 361.2 511.1 378.2 439.7 457.7 576.1 Coffee 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 113.68 101.58 113.27 91.13 86.63 96.81 95.54 105.7 102.74 105.89 134.28 149.49 194.89 210.74 204.02 175.298 165.58 135.5 131.93 123.78 Revenue index 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 100.0 101.9002375296912 99.58036421219319 103.5312747426762 92.37133808392717 95.16627078384797 95.89073634204274 107.7870150435471 100.3444180522565 103.4045922406968 112.3515439429929 116.8171021377672 110.2810768012668 116.0807600950119 120.0197941409343 136.021377672209 126.520190023753 130.7798891528108 133.1828978622327 150.166270783848 COGS index 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 100.0 100.840971369177 103.8457904185959 104.2237550789001 91.0469621090428 91.04223755078901 91.19814797316451 99.86298781063971 92.3131437210621 96.4140602853633 103.6237361806671 102.5418123405462 100.9779835585373 106.5151658319947 110.6019087215345 122.767646225078 116.8713975243315 119.4415572144005 120.9959368799017 134.0026457526222 Op income index 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 100.0 119.5185426154847 53.8711776187378 110.4098893949252 109.1737150292778 151.5289525048797 147.1047495120364 222.1860767729343 203.8386467143787 203.903708523097 232.726089785296 304.0988939492518 219.8438516590761 232.9863370201692 235.0032530904359 332.5309043591412 246.0637605725439 286.0767729342876 297.7878985035784 374.8210800260248 Coffee 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q 1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 113.68 101.58 113.27 91.13 86.63 96.81 95.54 105.7 102.74 105.89 134.28 149.49 194.89 210.74 204.02 175.298 165.58 135.5 131.93 123.78