2009 report card |
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Operating
Income Growth |
11% to 13%
(targeted rate of growth was 6% to 8% excluding the impact of a 2008 asset impairment and related closure costs) |
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| Operating income growth, excluding the impact of the $7.3 million in professional advisory and shareholder-related costs associated with our public company reorganization, was 12.6%, which represents performance at the high end of our targeted range. We believe that this level of growth is a better comparison of our 2010 operating income performance against our original targeted growth, which excluded the impact of such costs. |
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Canadian
Same-Store Sales
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| Same-store sales in Canada were slightly below target, but among the strongest in the industry, with growth of 2.9% driven by menu innovation, promotional and operational programs and some pricing in the midst of pervasive economic weakness. |
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U.S.
Same-Store Sales
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| The U.S. segment exceeded our target expectations. Same-store sales growth was driven by menu innovation, promotional and operational programs. In addition, our co-branding initiative with Cold Stone Creamery® was a significant contributor to our same-store sales growth. |
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Canadian
Restaurant Expansion
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| We acheived our Canadian new restaurant developmen target. |
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U.S.
Restaurant Expansion
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30 to 40
full serve restaurants
to be complemented by non-standard locations. |
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| We achieved our U.S. new restaurant development target. |
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U.S.
Operating Income
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| Our U.S. operating segment results exceeded the break-even operating income target mainly as a result of the positive impact in 2009 from the closure of 11 underperforming Company-operated restaurants, lower general and administrative costs and strong same-store sales growth, which included the significant contribution from our co-branding initiative with Cold Stone Creamery®. |
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