Share Repurchase Activity

The company repurchased 515,000 shares of its common stock for $25.4 million during the three months ended September 23, 2012 and repurchased 1.5 million shares for $64.1 million during the nine months ended September 23, 2012. Subsequent to quarter-end through October 24, 2012, the company repurchased 107,000 shares for $5.6 million. Approximately $51.8 million remains available under the company’s share repurchase program.

There were 23.7 million and 24.1 million diluted weighted average shares outstanding for the three- and nine-month periods, representing decreases of 5.7% and 5.6% over the prior year comparable periods. Diluted earnings per share increased $0.03 and $0.10 for the three- and nine-month periods, respectively, due to the reductions in shares outstanding, primarily resulting from the share repurchase program. Approximately 23.1 million actual shares of the company’s common stock were outstanding as of September 23, 2012.

2012 Guidance Update

The company provided the following 2012 guidance updates:




Diluted earnings per share (a) $2.53 to $2.63 $2.45 to $2.55
North America comparable sales +3.0% to +4.0% +2.0% to +3.0%
International comparable sales +6.0% to +7.0% +4.0% to +5.5%
Capital expenditures $43 to $48 million $47 to $52 million

Worldwide net unit openings



North America






(a) The 2012 fiscal year will consist of 53 weeks. The impact of the 53 rd week of operations is expected to increase earnings per share by approximately $0.08 to $0.10, substantially offsetting the decrease in 2012 from the Incentive Contribution.

All other guidance remains unchanged.

The company will be announcing key operating assumptions and earnings guidance for 2013 in conjunction with its fourth quarter and full year 2012 earnings press release to be issued in late February 2013.

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