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FDD Talk 2013: Average Annual Sales, Selected Expenses, and Operating Income of Company-Operated Golden Corral Restaurants (2013 FDD)

Published on July 12, 2013 by Franchise Chatter Leave a Comment
in Buffet Restaurant Franchises, Franchise Earnings

Highlights of Golden Corral’s Item 19 Financial Performance Representations (2013 FDD) – Part 2

Statement of Average Annual Sales, Selected Expenses, and Operating Income of Company-Operated Golden Corral Restaurants

  • The following three tables describe the average annual net sales, operating costs and expenses, and net operating income based upon actual sales for the period December 29, 2011 through January 2, 2013, by building design, for the 101 GCC operated Restaurants utilizing the GC-10, GC-11S, or GC-11M building designs, which had been in operation at least 6 months as of January 2, 2013.
  • Golden Corral Photo by Bravo Six Niner Delta


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    The result of one GCC operated Restaurant which utilized the GC-11M building design and another which utilized the GC-11S building design are not included because the Restaurants had not been in operation for at least 6 months as of January 2, 2013.
  • The results of 21 additional GCC operated Restaurants are not included because they represent a new Pavilion building type.
  • The tables divide the GCC operated Restaurants into three categories based on ranges of annual sales volume within each category.  These categories are identified as “Top 1/3,” “Middle 1/3,” and “Bottom 1/3.” Each category reflects the average annual results for the Restaurants within that category.
  • The tables in this section were prepared from data obtained from the unaudited profit and loss statements prepared by GCC in accordance with generally accepted accounting principles for the period December 29, 2011 through January 2, 2013.

Explanatory Notes to the Average Annual Results of GCC Operated Restaurants

  • All tables reflect only operating expenses, and do not include capital expenses or fixed expenses such as (but not limited to) land, building, and/or equipment rent, debt service, depreciation, advertising, administrative expenses such as accounting or legal expenses, taxes, licenses, or insurance.
  • These expenses also do not include (i) a 4% royalty on Gross Sales which is payable by a franchisee; (ii) the cost of any additional supervisory personnel; or (iii) any expenses for transportation, room, and board for attending training refresher courses.
  • Net sales reflect the total average annual sales for the Restaurants included in the sample, and do not include sales taxes. Variations among Restaurants may be caused by a variety of factors, such as location, demographics, general economic conditions, weather conditions, menu mix, competition, and other seasonal factors, as well as the efforts of the individual Restaurant management team.
  • Labor related expenses include (i) the salary and bonuses paid by GCC to the management for each Restaurant; (ii) the average expense for employee’s wages, including pre-opening training wages for all other Restaurant employees; and (iii) amounts paid or accrued by GCC for employee payroll taxes, group insurance, and workers’ compensation. The management team generally receives a fixed salary plus a bonus based upon the operating cash flow of their Restaurant.
  • Controllable expenses include utilities, maintenance expenses, and sanitation supplies.
  • Utilities expenses vary significantly with sales volume but remain relatively stable as a percentage of sales. Utilities expenses may also be dependent upon factors such as local utility rates and weather conditions.
  • Maintenance expenses reflect maintenance at newly constructed facilities with new equipment. Maintenance expenses may be affected by the age and condition of the building and/or equipment, quality of construction, environmental impact, and other factors.
  • Net operating income is equal to net sales minus food cost, labor-related expenses, and controllable expenses. The amount of some of your fixed expenses, such as rent or debt service related to land, building, and/or equipment, will depend in part on your total initial investment.

GC-10 Restaurants

Top 1/3



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