Fiscal Year 2012 GuidelinesThe Company is providing the following updated guidelines for the 52-week period and as noted.
- 66 to 72 system-wide openings, including 14 to 15 Company-owned restaurants, 12 to 14 franchise restaurants, and 40 to 43 license restaurants.
- Capital expenditures of $24 million to $26 million.
- Commodity inflation of 2% to 3%.
- The Company has secured price protection for all of its wheat and coffee requirements, respectively.
- General and administrative expenses of $10 million to $11 million for the fourth quarter, which includes incentive compensation expenditures.
- An annual effective tax rate of approximately 39%; however, the Company will continue to only pay minimal cash-taxes for the next several years.