Strong Financial Performance & Growth Strategy
COMPELLING
UNIT ECONOMICS
DRIVEN BY
FLEXIBLE REAL
ESTATE MODEL
ILLUSTRATIVE NEW STORE TARGET CASH BUILD-OUT COST²
No Oven
No Expensive Kitchen Equipment
No Grill No Vents No Fryers No Hoods No Freezers No Microwaves
$260K
Target Cash Build-Out Cost²
(North America)
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1
Stores range in size from fewer than 300 square feet
to greater than 2,500 square feet in urban business
districts, suburban settings, university campuses and
retail stores
Franchise partners open stores with modest cash
build-out costs and generate attractive cash-on-cash
returns¹
33% of new locations opened during fiscal 2016 were
opened by existing traditional franchise partners
"Cash-on-Cash Returns" means estimated year two store level operating profit after royalties and advertising, but
before the impact of store owner operator or manager salaries, divided by the target cash build-out costs of
approximately $260,000 (in local currency).
Location: Liberty Village
Toronto, ON, Canada
Square Footage: 425
Build-Out Cost: C$245,790
Location: Kenaston Commons
Winnipeg, MB, Canada
Square Footage: 1,033
Build-Out Cost: C$293,000
Location: Avery Road
Columbus, OH, USA
Square Footage: 1,200
Build-Out Cost: $234,000
ATTRACTIVE NEW UNIT ECONOMICS
FAT
Location: The Harrison
Fort Wayne, IN, USA
Square Footage: 1,862
Build-Out Cost: $254,000
(NORTH AMERICAN TRADITIONAL STORES ONLY)
Illustrative Return on Investment:
Target Cash Build-Out Cost² (incl. franchise fee³)
Sales-to-Investment Ratio
Cash-on-Cash Returns¹
$260,000
Greater than 2.0x
In Excess of 40%
2 "Target Cash Build-Out Costs" means the estimated target investment costs for new stores across North America, including, but not limited to, initial franchise fees,
kitchen equipment and small-ware, leasehold and construction costs, furniture, signage, menu boards, point of sale equipment, other technology equipment,
architectural costs and other miscellaneous costs, and excluding pre-opening expenses, lease costs and working capital, in each case payable in the local currency and
based in part on estimates derived from information reported to us by our franchise partners.
3
In local currency.
4
"Sales-to-Investment ratio" means year two AUV divided by the target cash build-out costs of approximately $260,000 (in local currency).
CONFIDENTIAL
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