Honey Baked Ham stores sell the company’s distinctive cooked ham alongside other pre-cooked foods. Founded in 1957, the company has been going strong through decades of financial and social change as well as shifting tastes, but its iconic ham and its wider menu remain popular enough to support hundreds of stores. While it’s an old brand, it’s kept up with the times through updates to its menu and a relatively recent rebranding exercise.
A Honey Baked Ham store has four revenue streams – retail, catering, lunches, and gifts, with the ham’s place in holiday feasts helping publicize the wider business. That gives stores a certain amount of flexibility in the markets they target, as different groups of customers are likely to be more focused on different elements of its offering.
Its appeal to potential franchisees focuses on the ease of running one of its stores. Because everything is pre-cooked, franchisees don’t have to deal with cooking and all its equipment, while small staffs and reasonable opening hours take away potential sources of stress. There is space for hands-off management, but the company’s outreach focuses on owner-operators, aiming for franchisees who will build community connections, and it might be a better fit for someone seeking a single business than one aiming for an empire.
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Section I – Estimated initial investment (franchise costs) for The Honey Baked Ham Company franchise, based on Item 7 of the company’s 2025 FDD
Section II – Initial franchise fee, royalty fee, and marketing fee for The Honey Baked Ham Company franchise, based on Items 5 and 6 of the company’s 2025 FDD
Section III – Number of franchised and company-owned The Honey Baked Ham Company outlets at the start of the year and the end of the year for 2022, 2023, and 2024, based on Item 20 of the company’s 2025 FDD
Section IV – News updates on The Honey Baked Ham Company franchise opportunity
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- 2024 average, median, high, and low net sales for the 188 franchised HoneyBaked Stores that were in operation for HoneyBaked’s last three fiscal years, which includes the period from September 28, 2021 to September 29, 2024
- 2023 average net sales, cost of goods sold, gross profit, hourly labor, store operating profit after COGS and hourly labor, other operating expenses, and EBITDA for the 175 franchised HoneyBaked Stores that were open during the entire 2023 calendar year and that provided year-end profit and loss statements to HoneyBaked on its standardized form for this period, grouped by range of net sales (less than $700,000, $700,001 to $1,000,000, greater than $1,000,000, and all 175)
Section VI – Key ratios, comparables, computations, and analyses for The Honey Baked Ham Company franchise opportunity (exclusive content for Platinum subscribers)
Section I – The Honey Baked Ham Company Franchise Costs
- The Honey Baked Ham Company franchise costs, based on Item 7 of the company’s 2025 FDD:
- Development Fee: $15,000
- Franchise Fee: $15,000
- Travel and Living Expenses While Training: $2,000 to $7,500
- Real Estate and Improvements: $245,000 to $425,000
- Architectural Fees: $11,500 to $18,350
- Equipment, Decor, and Fixtures: $170,000 to $200,000
- Rent: $12,200 to $40,000
- Security Deposit: $5,000 to $13,000
- Other Deposits and Licenses: $2,700 to $4,600
- Signs: $16,000 to $27,500
- Opening Advertising Costs: $10,000 to $25,000
- Opening Inventory, Products, Supplies, Smallwares, and Training Materials: $15,000 to $20,000
- CMS/Point-of-Sale System: $12,000 to $16,000
- Additional Funds: $50,000
- Total Estimated The Honey Baked Ham Company Franchise Costs: $581,400 to $876,950
Section II – The Honey Baked Ham Company’s Initial Franchise Fee, Royalty Fee, and Marketing Fee
- The Honey Baked Ham Company’s initial franchise fee, royalty fee, and marketing fee, based on Items 5 and 6 of the company’s 2025 FDD:
- Development Fee: $15,000
- Initial Franchise Fee: $15,000
- Royalty: 6% of net sales
- Monthly Marketing Obligation: up to 5% of net sales; currently, 4.25% of net sales. Currently, your Monthly Marketing Obligation consists of your contribution to the Advertising Fund (3.25% of net sales) and your local advertising expenditures (1% of net sales).
Section III – Number of Franchised and Company-Owned The Honey Baked Ham Company Outlets
Franchised
2022
- Outlets at the Start of the Year: 209
- Outlets at the End of the Year: 215
- Net Change: +6
2023
- Outlets at the Start of the Year: 215
- Outlets at the End of the Year: 209
- Net Change: -6
2024
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- Outlets at the End of the Year: 208
- Net Change: -1
Company-Owned
2022
- Outlets at the Start of the Year: 200
- Outlets at the End of the Year: 225
- Net Change: +25
2023
- Outlets at the Start of the Year: 225
- Outlets at the End of the Year: 230
- Net Change: =5
2024
- Outlets at the Start of the Year: 230
- Outlets at the End of the Year: 231
- Net Change: +1
Section IV – News Updates on The Honey Baked Ham Company Franchise
Section V – Financial Performance Representations (Average Revenues and/or Profits) for The Honey Baked Ham Company Franchise (Item 19, 2025 FDD)
Part 1 – Net Sales for Fiscal Year 2024 of 188 Franchised Stores Open at Least Three Years During the Period from September 28, 2021 to September 29, 2024
- Part 1 displays the average and median Net Sales of 188 franchised HoneyBaked Stores during HoneyBaked’s fiscal year that ended on September 29, 2024 and that were in operation for HoneyBaked’s last three fiscal years, which includes the period from September 28, 2021 to September 29, 2024 (the “Three Year Reporting Period”).
- Part 1 excludes data from: (i) 9 franchised HoneyBaked Stores that opened during the Three Year Reporting Period; (ii) 12 franchised HoneyBaked Stores that temporarily closed for periods of time during the Three Year Reporting Period; (iii) 7 franchised HoneyBaked Stores that permanently closed during the Three Year Reporting Period; and (iv) 7 franchised HoneyBaked Stores that were acquired by HoneyBaked’s affiliate during the Three Year Reporting Period.
- The data in Part 1 is based on sales reports received from HoneyBaked’s CMS Point-of-Sale system. HoneyBaked has not audited or verified any of this information.
All Stores
- Range of Net Sales: $2,777,087 to $309,355
- Average Net Sales: $989,787
- Median Net Sales: $924,379
- Number of Stores: 188
- Number and Percentage of Stores at or Above Average: 77 / 41.0%
Top Third
- Range of Net Sales: $2,777,087 to $1,102,252
- Average Net Sales: $1,467,219
- Median Net Sales: $1,363,531
- Number of Stores: 63
- Number and Percentage of Stores at or Above Average: 25 / 39.7%
Middle Third
- Range of Net Sales: $1,099,991 to $749,721
- Average Net Sales: $916,053
- Median Net Sales: $924,379
- Number of Stores: 62
- Number and Percentage of Stores at or Above Average: 34 / 54.8%
Bottom Third
- Range of Net Sales: $747,592 to $309,355
- Average Net Sales: $584,918
- Median Net Sales: $609,259
- Number of Stores: 63
- Number and Percentage of Stores at or Above Average: 36 / 57.1%
Part 2 – Historical Sales and Certain Expenses for 175 Franchised Stores for Calendar Year 2023
- Part 2 presents Net Sales, Cost of Goods Sold, and Hourly Labor expense data for 175 franchised HoneyBaked Stores that were open during the entire 2023 calendar year and that provided year-end profit and loss statements to HoneyBaked on its standardized form for this period.
- Part 2 does not include any data related to: (i) 19 franchised HoneyBaked Stores that were open during the entire 2023 calendar year that did not provide profit and loss statements to HoneyBaked, or whose statements were not provided to HoneyBaked in the correct format; (ii) 8 franchised HoneyBaked Stores that opened during the 2023 calendar year; (iii) 5 franchised HoneyBaked Stores that closed during the 2023 calendar year; and (iv) 4 franchised HoneyBaked Stores that were acquired by HoneyBaked’s affiliate during the 2023 calendar year.
- HoneyBaked has not audited or verified this information.
- Cost of Goods Sold includes the total costs of food and beverage sales as well as paper and packaging supplies.
- Gross Profit is calculated by subtracting Cost of Goods Sold from Average Net Sales.
- Hourly Labor Costs include only hourly employee wages.
- Store Operating Profit after COGS and Hourly Labor is calculated by subtracting Cost of Goods Sold and Total Hourly Labor Costs from Average Net Sales.
- Other Operating Expenses are expenses that are not included in Cost of Goods Sold or Hourly Labor and include expenses such as rent, management salaries, utilities, insurance, royalty fees, Advertising Fund contributions, technology fees, etc.
- EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is calculated by subtracting Other Operating Expenses from Store Operating Profit after COGS and Hourly Labor.
175 Stores
- Net Sales Range: $2,287,114 to $258,949
- Number of Stores: 175
- Net Sales Average: $952,819
- Net Sales Median: $911,256
- Cost of Goods: $358,976 (37.7%)
- Gross Profit: $593,843 (62.3%)
- Hourly Labor: $201,156 (21.1%)
- Store Operating Profit After COGS and Hourly Labor: $392,686 (41.2%)
- Other Operating Expenses: $278,243 (29.2%)
- EBITDA: $114,444 (12.0%)
Stores with Net Sales Less Than $700,000
- Net Sales Range: $674,534 to $258,949
- Number of Stores: 51
- Net Sales Average: $533,300
- Net Sales Median: $555,924
- Cost of Goods: $201,996 (37.9%)
- Gross Profit: $331,304 (62.1%)
- Hourly Labor: $112,049 (21.0%)
- Store Operating Profit After COGS and Hourly Labor: $219,255 (41.1%)
- Other Operating Expenses: $179,519 (33.7%)
- EBITDA: $39,736 (7.5%)
Stores with Net Sales Between $700,001 and $1,000,000
- Net Sales Range: $992,727 to $703,402
- Number of Stores: 57
- Net Sales Average: $861,665
- Net Sales Median: $872,019
- Cost of Goods: $322,061 (37.4%)
- Gross Profit: $539,605 (62.6%)
- Hourly Labor: $184,431 (21.4%)
- Store Operating Profit After COGS and Hourly Labor: $355,174 (41.2%)
- Other Operating Expenses: $252,559 (29.3%)
- EBITDA: $102,615 (11.9%)
Stores with Net Sales Greater Than $1,000,000
- Net Sales Range: $2,287,114 to $1,005,551
- Number of Stores: 67
- Net Sales Average: $1,349,703
- Net Sales Median: $1,270,250
- Cost of Goods: $509,875 (37.8%)
- Gross Profit: $839,829 (62.2%)
- Hourly Labor: $283,214 (21.0%)
- Store Operating Profit After COGS and Hourly Labor: $556,615 (41.2%)
- Other Operating Expenses: $375,241 (27.8%)
- EBITDA: $181,374 (13.4%)
- The franchised Stores reflected in this financial performance representation offer inventory and services for sale that are substantially similar to the inventory and services that you will offer for sale in your HoneyBaked Store. The data has not been audited.
Section VI – The Honey Baked Ham Company Franchise Ratios, Comparables, Computations, and Analyses (Exclusive Content for Platinum Subscribers) ⬇️
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