In this FDD Talk post, you’ll learn the following:

• Section I – Background information on the Auntie Anne’s franchise opportunity, including relevant news updates

• Section II – Estimated initial investment for an Auntie Anne’s franchise, based on Item 7 of the company’s 2021 FDD

• Section III – Initial franchise fee, royalty fee, marketing fee, and other fees for an Auntie Anne’s franchise, based on Items 5 and 6 of the company’s 2021 FDD

• Section IV – Number of franchised and company-owned Auntie Anne’s outlets at the start of the year and the end of the year for 2018, 2019, and 2020, based on Item 20 of the company’s 2021 FDD

• Section V – Presentation and analysis of Auntie Anne’s financial performance representations, based on Item 19 of the company’s 2021 FDD, including information on the:

• fiscal year 2019 and fiscal year 2020 average, median, lowest, and highest net sales and weeks open for enclosed mall Auntie Anne’s franchises that were active franchises throughout the applicable fiscal year (an “active franchise” is a franchise that has opened a shop and has not permanently closed such shop)

• fiscal year 2019 and fiscal year 2020 average, median, lowest, and highest net sales and weeks open for outlet center Auntie Anne’s franchises that were active franchises throughout the applicable fiscal year

Section I – Background Information

18 Things You Need to Know About the Auntie Anne’s Franchise

Opens First-Ever Drive-Thru with Jamba at Co-Brand Location in Dallas Suburb

1.  In mid-May 2021, Focus Brands, the parent company of iconic brands Auntie Anne’s, Jamba, Cinnabon, Carvel, Moe’s Southwest Grill, McAlister’s Deli, and Schlotzsky’s, announced the opening of a Jamba and Auntie Anne’s co-brand location featuring the first Auntie Anne’s drive-thru in brand history. The location in Wylie, Texas is owned and operated by franchise industry veterans Shawn and Crystal Bowling.

2.  The arrival of Auntie Anne’s first-ever drive-thru location is a significant step in the brand’s commitment to move to real estate beyond the traditional mall location and is a direct response to consumer desire for greater brand accessibility.

3.  Strategically paired together in a co-brand location, Jamba’s menu complements the fan-favorite pretzels and snacks offered at Auntie Anne’s. Elements of both brands, including design and menu boards, are fully and seamlessly integrated at the newest 1,200-square-foot location.

4.  Brian Krause, chief development officer of Focus Brands, said, “Consumer research shows that our guests want access to Auntie Anne’s outside of the mall. While we were already underway with identifying ways to enhance our brands’ accessibility, the study results confirmed our strategy to co-brand this location with Jamba. Considering how the pandemic has changed consumer preferences, we recognize the importance of building our off-premise offerings and evolving our development capabilities to provide franchisees with additional opportunities, including co-brand locations that have potential for enhanced revenue. We’re pleased to have an excited franchisee on-board to open the Wylie Jamba and Auntie Anne’s co-brand location and look forward to adding more to our pipeline.”

5.  Currently, more than a quarter of Jamba’s locations have a drive-thru, and the brand is aggressively looking to add drive-thrus to 50 percent of new locations. Auntie Anne’s continues to explore locations out of the mall, including drive-thru locations, co-brand locations, locations near colleges and universities, as well as mobile food trucks. In addition, further acknowledging the power of co-brand locations, Jamba is already receiving interest from franchisees looking to add Auntie Anne’s to their existing stores.

6.  According to Kristen Hartman, specialty category president of Focus Brands, “Auntie Anne’s has become synonymous with malls and airports, but for some time we’ve been looking for opportunities to grow outside of those traditional locations to give our guests greater access to a brand they love. Today, we have a number of Auntie Anne’s streetside locations paired with Cinnabon and Carvel. The opportunities that become available when we leverage the power of our full portfolio are endless. I’m incredibly excited to see that through co-branding we are able to add the drive-thru experience to the Auntie Anne’s portfolio and can’t wait to see how guests respond to this enhanced accessibility.”

Teams Up with Coca-Cola and U.S. Olympian Abby Dahlkemper to Celebrate the Tokyo Olympic Games

7.  In mid-July 2021, Coca-Cola announced that it had teamed up with Olympic soccer player Abby Dahlkemper to bring a twist to celebrating the Olympic Games last summer at Auntie Anne’s. For a limited time, pretzel lovers could order Coca-Cola’s Olympic Games Snack Pack, Powered by Abby Dahlkemper, at select Auntie Anne’s locations nationwide to enjoy while they cheered on their favorite athletes at home, plus have the opportunity to win great prizes including one-on-one time with Abby.

8.  With Coca-Cola’s Olympic Games Snack Pack, Powered by Abby Dahlkemper, Auntie Anne’s brought sweet and savory together for the first time ever, so fans could enjoy this unique combo in one kickin’ snack. The pack featured a limited-edition FANatic Snacks Bucket filled with both Original and Cinnamon Sugar Pretzel Nuggets and two medium Coca-Cola fountain sodas. It was the perfect way to enjoy two fan-favorite Auntie Anne’s pretzel nuggets in one bucket while cheering on Team USA from home – without competing over your favorite flavor.

9.  Dahlkemper said, “It’s an honor to represent a world-renowned brand like Coca-Cola and to partner with Auntie Anne’s, it brings back so many memories. As a child, my family would always stop at Auntie Anne’s on mall trips, and I used to love watching them hand-roll the pretzels. I am so excited to share one of my favorite snacks with pretzel fans across the country in celebration of the Olympic Games – and be able to enjoy a Snack Pack with one lucky winner after the competition is over!”

10.  While the world’s best athletes were competing in Tokyo, Auntie Anne’s gave Pretzel Perks members a chance to medal – in the sport of snacking, that is. Fans could simply download and use the app when ordering in-store or online to compete for their very own gold, silver, or bronze status to win great prizes. The more a guest ordered between July 19 and August 22, the more they climbed the podium.

11.  The final top medalist got a chance to sit down with Abby one-on-one to ask soccer (and pretzel) questions. Other fun prizes included free Coca-Cola products and Auntie Anne’s pretzels for a year, Team USA swag signed by Abby, and more rewards to use on future visits to Auntie Anne’s.

12.  Authentic Auntie Anne’s soccer jerseys were available for fans to purchase when the Olympic Games began. Each jersey is one-of-a-kind and numbered from 1 to 100 as a part of this limited-edition “Salty Collection.” The jerseys were available while supplies lasted for $85, plus shipping. The official date of this merch drop was shared exclusively on Auntie Anne’s social media sites.

13.  Cynthia Liu, vice president of marketing for Auntie Anne’s, said, “We’re excited to partner with Coca-Cola, and Coke athlete Abby Dahlkemper to support Team USA. With an exclusive new menu item that includes a long-time request from fans, an Original and Cinnamon Sugar Pretzel Nugget combo, along with a chance to meet Abby, we hope to give people a unique way to enjoy the Olympic Games, and their favorite pretzels, this summer.”

Company History

14.  Auntie Anne’s was founded in 1988 by Anne Beiler and her husband Jonas in Downingtown, Pennsylvania. Beiler, who grew up in the Amish community, spent her entire life cooking and baking. After Beiler and her husband decided to start a marriage and family counseling center for the Amish community in Lancaster County, Beiler found a part-time job managing a concession stand at a farmer’s market in Maryland to raise money for the counseling center. Beiler began making pretzels and realized that they brought in a lot of profit because they were so cheap to make.

15.  After a year, Beiler saved enough money to rent her own pretzel cart in Downingtown and she dubbed her new business Auntie Anne’s as she had 30 nieces and nephews at the time. Initially, Beiler also sold pizza, stromboli, and ice cream. The original pretzel recipe that Beiler was using was not successful and did not sell well. After a few months of experimentation, Beiler developed a tastier pretzel recipe, which is still used today. Pretzel sales soared and Beiler decided to focus solely on making and selling pretzels.

16.  Just a few months after opening her first pretzel stand, Beiler opened a second stand in Harrisburg, Pennsylvania and began developing a franchise model. Franchising began in 1989 and the first few locations opened in farmer’s markets around the area. In November 1989, Auntie Anne’s entered its first mall and the brand has been a mall food court staple since then.

17.  Over the next decade, Auntie Anne’s continued to expand around the United States and by the mid-1990s, the company opened its first international location in Jakarta, Indonesia. Auntie Anne’s continued to grow over the next few decades and in 2010, the company was acquired by Focus Brands, a portfolio company of private equity firm Roark Capital. Today, there are Auntie Anne’s locations all around the world, across the United States, Europe, Asia, South and Central America, the Caribbean, South Africa, and Egypt.

Entrepreneur’s Franchise 500

18.  Auntie Anne’s did not rank on Entrepreneur’s 2021 Franchise 500 list.

Section II – Estimated Costs

• Please click here for detailed estimates of Auntie Anne’s franchise costs, based on Item 7 of the company’s 2021 FDD.

Section III – Initial Franchise Fee, Royalty Fee, Marketing Fee, and Other Fees

• Please click here for detailed information on Auntie Anne’s initial franchise fee, royalty fee, marketing fee, and other fees, based on Items 5 and 6 of the company’s 2021 FDD.

Section IV – Number of Franchised and Company-Owned Outlets

Franchised

2018

• Outlets at the Start of the Year:  1,225
• Outlets at the End of the Year:  1,219
• Net Change:  -6

2019

• Outlets at the Start of the Year:  1,219
• Outlets at the End of the Year:  1,200
• Net Change:  -19

2020

• Outlets at the Start of the Year:  1,200
• Outlets at the End of the Year:  1,140
• Net Change:  -60

Company-Owned

2018

• Outlets at the Start of the Year:  13
• Outlets at the End of the Year:  12
• Net Change:  -1

2019

• Outlets at the Start of the Year:  12
• Outlets at the End of the Year:  11
• Net Change:  -1

2020

• Outlets at the Start of the Year:  11
• Outlets at the End of the Year:  12
• Net Change:  +1

Section V – Financial Performance Representations (Item 19, 2021 FDD) and Analysis

• This Item 19 presents information about the financial performance of Enclosed Mall Franchises and Outlet Center Franchises during the fiscal year ended December 29, 2019 (“Fiscal Year 2019”) and the fiscal year ended December 27, 2020 (“Fiscal Year 2020”).

• Auntie Anne’s has not made permanent, material changes to its concept as a result of the COVID-19 pandemic.

• An “Enclosed Mall Franchise” is a franchised Shop that is located in an enclosed mall.

• An “Outlet Center Franchise” is a franchised Shop that is located in an outlet center.

• Enclosed Mall Franchises and Outlet Center Franchises accounted for 64% of the total number of franchised Shops as of the end of Fiscal Year 2020.

• This Item 19 includes data related to Enclosed Mall Franchises and Outlet Center Franchises that were active franchises throughout the applicable fiscal year. An “active franchise” is a franchise that has opened a Shop and has not permanently closed such Shop.

• Thus, this Item 19 includes data from Shops that were temporarily closed for periods of the applicable fiscal year for any reason, which could include, for example, temporary closures for renovations, repairs, or personal reasons, as well as temporary closures due to the COVID-19 pandemic and related government restrictions on the operation of restaurants or host facilities.

• This Item 19 does not include data related to:

• (i) franchised Shops that are located anywhere other than in an enclosed mall or outlet center, including airports, amusement parks, big box stores, casinos, entertainment venues, farmer’s markets, military bases, lifestyle centers, power centers, strip malls, co-branded Subways, street locations, train stations, transportation centers, travel plazas, truck stops, universities, and Walmarts;
• (ii) Concession Shops;
• (iii) affiliate-owned Shops; and
• (iv) Shops that were not active franchises throughout the applicable fiscal year.

• The financial performance of Concession Shops or Shops located in other venues can vary significantly from the performance of Enclosed Mall Franchises and Outlet Center Franchises.

• In Parts 1 and 2, Auntie Anne’s has presented information regarding Net Sales. “Net Sales” includes all revenues generated by a Shop or conducted from or with respect to a Shop, whether the sales are evidenced by cash, check, credit, charge, account, barter, or exchange, but does not include:

• (a) the initial sales or reloading of gift cards;
• (b) discounts;
• (c) the sale of food or merchandise for which refunds have been made in good faith to customers;
• (d) the discounted portion of employee meals;
• (e) sales, meals, use, or excise tax imposed by a governmental authority directly on sales and collected from customers, provided that the amount for the tax is added to the selling price or absorbed therein and is actually paid by you to a governmental authority;
• (f) the sale of equipment used in the operation of the Shop; or
• (g) tips.

• In this Item 19, Auntie Anne’s has not included sales for non-baking satellite retail units (SRUs) that are related to any of the Shops.

• In addition, Auntie Anne’s has presented the average, median, low, and high number of weeks that the Shops within each data set were open during each quarter or fiscal year. For a Shop to be counted as open during a week, it needed to report more than $0 in Net Sales during such week.

• In addition, Auntie Anne’s has included a column showing the number of Shops that were open for all of the weeks in the applicable quarter or fiscal year.

Part 1 – Average Net Sales by Quarter for Enclosed Mall Franchises for Fiscal Year 2019 and Fiscal Year 2020

Fiscal Year 2020 – Enclosed Mall Franchises (622 Locations)

Quarter 1

• Average Net Sales:  $104,593
• Percent Change from 2019:  -14%
• Number and Percent at or Above Average Net Sales:  278 / 45%
• Median Net Sales:  $100,187
• Lowest Net Sales:  $0
• Highest Net Sales:  $367,577

• Average Weeks Open:  12.04
• Median Weeks Open:  12
• Lowest Weeks Open:  0
• Highest Weeks Open:  13
• Number Open All Weeks:  59

Quarter 2

• Average Net Sales:  $24,611
• Percent Change from 2019:  -80%
• Number and Percent at or Above Average Net Sales:  272 / 44%
• Median Net Sales:  $20,714
• Lowest Net Sales:  $0
• Highest Net Sales:  $118,251

• Average Weeks Open:  3.79
• Median Weeks Open:  4
• Lowest Weeks Open:  0
• Highest Weeks Open:  13
• Number Open All Weeks:  2

Quarter 3

• Average Net Sales:  $94,071
• Percent Change from 2019:  -26%
• Number and Percent at or Above Average Net Sales:  298 / 48%
• Median Net Sales:  $91,911
• Lowest Net Sales:  $0
• Highest Net Sales:  $404,354

• Average Weeks Open:  11.30
• Median Weeks Open:  13
• Lowest Weeks Open:  0
• Highest Weeks Open:  13
• Number Open All Weeks:  450

Quarter 4

• Average Net Sales:  $123,664
• Percent Change from 2019:  -17%
• Number and Percent at or Above Average Net Sales:  284 / 46%
• Median Net Sales:  $117,371
• Lowest Net Sales:  $0
• Highest Net Sales:  $544,012

• Average Weeks Open:  12.39
• Median Weeks Open:  13
• Lowest Weeks Open:  0
• Highest Weeks Open:  13
• Number Open All Weeks:  568

Full Year

• Average Net Sales:  $346,939
• Percent Change from 2019:  -33%
• Number and Percent at or Above Average Net Sales:  286 / 46%
• Median Net Sales:  $330,955
• Lowest Net Sales:  $20,623
• Highest Net Sales:  $1,315,944

• Average Weeks Open:  39.51
• Median Weeks Open:  41.5
• Lowest Weeks Open:  12
• Highest Weeks Open:  52
• Number Open All Weeks:  1

Fiscal Year 2019 – Enclosed Mall Franchises (654 Locations)

Quarter 1

• Average Net Sales:  $120,925
• Number and Percent at or Above Average Net Sales:  297 / 45%
• Median Net Sales:  $115,385
• Lowest Net Sales:  $0
• Highest Net Sales:  $447,928

• Average Weeks Open:  12.94
• Median Weeks Open:  13
• Lowest Weeks Open:  0
• Highest Weeks Open:  13
• Number Open All Weeks:  648

Quarter 2

• Average Net Sales:  $122,888
• Number and Percent at or Above Average Net Sales:  289 / 44%
• Median Net Sales:  $116,730
• Lowest Net Sales:  $0
• Highest Net Sales:  $503,706

• Average Weeks Open:  12.96
• Median Weeks Open:  13
• Lowest Weeks Open:  0
• Highest Weeks Open:  13
• Number Open All Weeks:  650

Quarter 3

• Average Net Sales:  $127,031
• Number and Percent at or Above Average Net Sales:  290 / 44%
• Median Net Sales:  $119,298
• Lowest Net Sales:  $0
• Highest Net Sales:  $505,509

• Average Weeks Open:  12.95
• Median Weeks Open:  13
• Lowest Weeks Open:  0
• Highest Weeks Open:  13
• Number Open All Weeks:  648

Quarter 4

• Average Net Sales:  $148,353
• Number and Percent at or Above Average Net Sales:  290 / 44%
• Median Net Sales:  $139,266
• Lowest Net Sales:  $1,462
• Highest Net Sales:  $614,232

• Average Weeks Open:  12.96
• Median Weeks Open:  13
• Lowest Weeks Open:  1
• Highest Weeks Open:  13
• Number Open All Weeks:  651

Full Year

• Average Net Sales:  $519,196
• Number and Percent at or Above Average Net Sales:  290 / 44%
• Median Net Sales:  $488,224
• Lowest Net Sales:  $27,913
• Highest Net Sales:  $2,071,374

• Average Weeks Open:  51.81
• Median Weeks Open:  52
• Lowest Weeks Open:  2
• Highest Weeks Open:  52
• Number Open All Weeks:  641

• The Fiscal Year 2020 data includes 622 Enclosed Mall Franchises that were active franchises throughout the entire Fiscal Year 2020 (out of 634 Enclosed Mall Franchises that were active franchises as of the end of Fiscal Year 2020). It does not include (i) 12 Enclosed Mall Franchises that opened during Fiscal Year 2020 and (ii) 45 Enclosed Mall Franchises that permanently closed during Fiscal Year 2020. No Enclosed Mall Franchises were reacquired by Auntie Anne’s or both opened and closed during Fiscal Year 2020.

• The Fiscal Year 2019 data includes 654 Enclosed Mall Franchises that were active franchises throughout the entire Fiscal Year 2019 (out of 667 Enclosed Mall Franchises that were active franchises as of the end of Fiscal Year 2019). It does not include (i) 12 Enclosed Mall Franchises that opened during Fiscal Year 2019, (ii) 26 Enclosed Mall Franchises that permanently closed during Fiscal Year 2019, and (iii) one Enclosed Mall Franchise that did not operate, but did not permanently close, during Fiscal Year 2019. No Enclosed Mall Franchises were reacquired by Auntie Anne’s or both opened and closed during Fiscal Year 2019.

• Auntie Anne’s has presented for the Fiscal Year 2020 data set the percentage change in Average Net Sales compared to the same time period in Fiscal Year 2019. As noted above, the Enclosed Mall Franchises included in the Fiscal Year 2019 data set are not identical to those in the Fiscal Year 2020 data set, as 45 Enclosed Mall Franchises included in the Fiscal Year 2019 data set permanently closed in Fiscal Year 2020 (and were not included in the Fiscal Year 2020 data set) and 13 Enclosed Mall Franchises included in the Fiscal Year 2020 data set opened in Fiscal Year 2019 or reopened in Fiscal Year 2020 (and were not included in the Fiscal Year 2019 data set).

Part 2 – Average Net Sales by Quarter for Outlet Center Franchises for Fiscal Year 2019 and Fiscal Year 2020

Fiscal Year 2020 – Outlet Center Franchises (94 Locations)

Quarter 1

• Average Net Sales:  $95,849
• Percent Change from 2019:  -11%
• Number and Percent at or Above Average Net Sales:  35 / 37%
• Median Net Sales:  $89,009
• Lowest Net Sales:  $19,496
• Highest Net Sales:  $272,123

• Average Weeks Open:  12
• Median Weeks Open:  12
• Lowest Weeks Open:  9
• Highest Weeks Open:  13
• Number Open All Weeks:  4

Quarter 2

• Average Net Sales:  $45,925
• Percent Change from 2019:  -67%
• Number and Percent at or Above Average Net Sales:  42 / 45%
• Median Net Sales:  $40,402
• Lowest Net Sales:  $0
• Highest Net Sales:  $106,356

• Average Weeks Open:  5.45
• Median Weeks Open:  6
• Lowest Weeks Open:  0
• Highest Weeks Open:  11
• Number Open All Weeks:  0

Quarter 3

• Average Net Sales:  $140,726
• Percent Change from 2019:  -12%
• Number and Percent at or Above Average Net Sales:  44 / 47%
• Median Net Sales:  $139,035
• Lowest Net Sales:  $4,822
• Highest Net Sales:  $377,895

• Average Weeks Open:  12.74
• Median Weeks Open:  13
• Lowest Weeks Open:  3
• Highest Weeks Open:  13
• Number Open All Weeks:  86

Quarter 4

• Average Net Sales:  $147,905
• Percent Change from 2019:  -4%
• Number and Percent at or Above Average Net Sales:  42 / 45%
• Median Net Sales:  $142,789
• Lowest Net Sales:  $27,831
• Highest Net Sales:  $451,765

• Average Weeks Open:  13
• Median Weeks Open:  13
• Lowest Weeks Open:  13
• Highest Weeks Open:  13
• Number Open All Weeks:  94

Full Year

• Average Net Sales:  $430,405
• Percent Change from 2019:  -23%
• Number and Percent at or Above Average Net Sales:  43 / 46%
• Median Net Sales:  $423,729
• Lowest Net Sales:  $63,205
• Highest Net Sales:  $1,200,381

• Average Weeks Open:  43.19
• Median Weeks Open:  44
• Lowest Weeks Open:  28
• Highest Weeks Open:  49
• Number Open All Weeks:  0

Fiscal Year 2019 – Outlet Center Franchises (93 Locations)

Quarter 1

• Average Net Sales:  $107,885
• Number and Percent at or Above Average Net Sales:  42 / 45%
• Median Net Sales:  $102,116
• Lowest Net Sales:  $27,321
• Highest Net Sales:  $240,754

• Average Weeks Open:  12.98
• Median Weeks Open:  13
• Lowest Weeks Open:  11
• Highest Weeks Open:  13
• Number Open All Weeks:  92

Quarter 2

• Average Net Sales:  $137,812
• Number and Percent at or Above Average Net Sales:  45 / 48%
• Median Net Sales:  $131,684
• Lowest Net Sales:  $30,309
• Highest Net Sales:  $350,935

• Average Weeks Open:  12.98
• Median Weeks Open:  13
• Lowest Weeks Open:  12
• Highest Weeks Open:  13
• Number Open All Weeks:  91

Quarter 3

• Average Net Sales:  $160,781
• Number and Percent at or Above Average Net Sales:  47 / 51%
• Median Net Sales:  $163,186
• Lowest Net Sales:  $32,198
• Highest Net Sales:  $383,905

• Average Weeks Open:  12.99
• Median Weeks Open:  13
• Lowest Weeks Open:  12
• Highest Weeks Open:  13
• Number Open All Weeks:  92

Quarter 4

• Average Net Sales:  $154,757
• Number and Percent at or Above Average Net Sales:  44 / 47%
• Median Net Sales:  $151,270
• Lowest Net Sales:  $39,858
• Highest Net Sales:  $470,668

• Average Weeks Open:  12.98
• Median Weeks Open:  13
• Lowest Weeks Open:  12
• Highest Weeks Open:  13
• Number Open All Weeks:  91

Full Year

• Average Net Sales:  $561,235
• Number and Percent at or Above Average Net Sales:  44 / 47%
• Median Net Sales:  $552,210
• Lowest Net Sales:  $144,451
• Highest Net Sales:  $1,400,408

• Average Weeks Open:  51.92
• Median Weeks Open:  52
• Lowest Weeks Open:  50
• Highest Weeks Open:  52
• Number Open All Weeks:  87

• The Fiscal Year 2020 data includes 94 Outlet Center Franchises that were active franchises throughout the entire Fiscal Year 2020 (out of 95 Outlet Center Franchises that were active franchises as of the end of Fiscal Year 2020). It does not include (i) one Outlet Center Franchise that opened during Fiscal Year 2020 and (ii) three Outlet Center Franchises that permanently closed during Fiscal Year 2020. No Outlet Center Franchises were reacquired by Auntie Anne’s or both opened and closed during Fiscal Year 2020.

• The Fiscal Year 2019 data includes 93 Outlet Center Franchises that were active franchises throughout the entire Fiscal Year 2019 (out of 97 Outlet Center Franchises that were active franchises as of the end of Fiscal Year 2019). It does not include (i) four Outlet Center Franchises that opened during Fiscal Year 2019 and (ii) two Outlet Center Franchises that permanently closed during Fiscal Year 2019. No Outlet Center Franchises were reacquired by Auntie Anne’s or both opened and closed during Fiscal Year 2019.

• Auntie Anne’s has presented for the Fiscal Year 2020 data set the percentage change in Average Net Sales compared to the same time period in Fiscal Year 2019. As noted above, the Outlet Center Franchises included in the Fiscal Year 2019 data set are not identical to those in the Fiscal Year 2020 data set, as three Outlet Center Franchises included in the Fiscal Year 2019 data set permanently closed in Fiscal Year 2020 (and were not included in the Fiscal Year 2020 data set) and four Outlet Center Franchises included in the Fiscal Year 2020 data set opened in Fiscal Year 2019 (and were not included in the Fiscal Year 2019 data set).

• Some Shops have sold or earned this amount. Your individual results may differ. There is no assurance that you will sell or earn as much.

• These sales figures do not reflect the costs of sales, operating expenses, or other costs or expenses that must be deducted from the gross revenue or gross sales figures to obtain your net income or profit.

• Auntie Anne’s calculated the figures in the tables in these financial performance representations using financial reports submitted by franchisees. Auntie Anne’s has not audited or independently verified these financial reports nor has it asked questions of the submitting franchisees to determine whether they are in fact accurate and complete, although Auntie Anne’s has no information or other reason to believe that they are unreliable. No certified public accountant has audited these figures or expressed his or her opinion concerning their content or form.

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