BWLD

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A
DuPont Analysis of Buffalo Wild Wings (BWLD)
Financial Statement Data ($ millions)
Sales
EBIT
Interest Expense (Non-0perating)
Tax Expense
Net Income (Income for Primary EPS)
Assets
Equity

2010
613.3
57.0
0.0
18.6
38.4
380.4
256.8

2009
538.9
45.4
0.0
14.8
30.7
309.1
209.8

2008
422.4
36.4
0.0
11.9
24.4
243.8
171.6

2007
329.7
28.5
0.0
8.9
19.7
197.1
141.7

2006
278.2
23.8
0.0
7.6
16.3
161.2
116.2

6.3%
1.78
1.48
16.5%

5.7%
1.95
1.45
16.1%

5.8%
1.92
1.41
15.6%

6.0%
1.84
1.39
15.3%

5.9%
1.89
1.38
15.3%

2005 2004
209.7 171.0
14.3 11.3
0.0
0.0
5.4
4.1
8.9
7.2
133.1 119.0
96.8 85.7

Three-Step DuPont Model:

Net Profit Margin (Net Income Sales)
Asset Turnover (Sales Average Assets)
Equity Multiplier (Average Assets Average Equity)
Return on Equity

4.2%
1.66
1.38
9.8%

Five-Step DuPont Model:

Pre-Interest Pretax Margin (EBIT Sales)
Asset Turnover (Sales Average Assets)
Interest Burden [(EBIT - Interest Expense) EBIT]
Tax Efficiency [1 - (Tax Expense (EBIT - Interest Expense))]
Equity Multiplier (Average Assets Average Equity)
Return on Equity

9.3%
8.4%
8.6%
8.6%
8.6%
6.8%
1.78
1.95
1.92
1.84
1.89
1.66
100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
67.4% 67.4% 67.3% 68.8% 68.1% 62.2%
1.48
1.45
1.41
1.39
1.38
1.38
16.5% 16.0% 15.6% 15.2% 15.2%
9.8%

Source: AAII's Stock Investor Pro/Thomson Reuters.

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CBRL

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A
DuPont Analysis of Cracker Barrel Old Country Store, Inc. (CBRL)
Financial Statement Data ($ millions)
Sales
EBIT
Interest Expense (Non-0perating)
Tax Expense
Net Income (Income for Primary EPS)
Assets
Equity

2011
2010
2009
2008
2007
2006
2005
2,434.4 2,404.5 2,367.3 2,384.5 2,351.6 2,219.5 2,190.9
167.2
164.7
142.3
150.9
175.9
162.6
168.9
51.5
49.0
52.2
57.4
59.4
22.2
8.6
30.5
30.5
24.1
28.2
40.5
44.9
55.0
85.2
85.3
66.0
65.3
76.0
95.5
105.4
1,310.9 1,292.1 1,245.2 1,313.7 1,265.0 1,681.3 1,533.3
268.0
191.6
135.6
92.8
104.1
302.3
870.0

Three-Step DuPont Model:

Net Profit Margin (Net Income Sales)
Asset Turnover (Sales Average Assets)
Equity Multiplier (Average Assets Average Equity)
Return on Equity

3.5%
1.87
5.66
37.1%

3.5%
1.90
7.75
52.1%

2.8%
1.85
11.20
57.8%

2.7%
1.85
13.10
66.3%

3.2%
1.60
7.25
37.4%

4.3%
1.38
2.74
16.3%

6.9%
1.87
69.2%
73.6%
5.66
37.1%

6.8%
1.90
70.2%
73.6%
7.75
52.1%

6.0%
1.85
63.3%
73.3%
11.20
57.8%

6.3%
1.85
62.0%
69.8%
13.10
66.3%

7.5%
1.60
66.2%
65.2%
7.25
37.4%

7.3%
1.38
86.3%
68.0%
2.74
16.3%

Five-Step DuPont Model:

Pre-Interest Pretax Margin (EBIT Sales)
Asset Turnover (Sales Average Assets)
Interest Burden [(EBIT - Interest Expense) EBIT]
Tax Efficiency [1 - (Tax Expense (EBIT - Interest Expense))]
Equity Multiplier (Average Assets Average Equity)
Return on Equity
Source: AAII's Stock Investor Pro/Thomson Reuters.

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