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Segment Reporting
 6 Months Ended
Jul. 13, 2013
Segment Reporting

15. SEGMENT REPORTING

The company’s DSD segment produces fresh and frozen packaged bread, rolls, tortillas, and snack products and the warehouse segment produces frozen bread, rolls, tortillas and snack products. The company evaluates each segment’s performance based on income or loss before interest and income taxes, excluding unallocated expenses and charges which the company’s management deems to be an overall corporate cost or a cost not reflective of the segments’ core operating businesses. Information regarding the operations in these reportable segments is as follows (amounts in thousands):

 

     For the
Twelve Weeks Ended		     For the
Twenty-Eight Weeks Ended		  
     July 13, 2013     July 14, 2012     July 13, 2013     July 14, 2012  

SALES:

         

DSD segment

    $ 756,981      $ 571,554      $ 1,702,167      $ 1,317,257   

Warehouse segment

      189,245        141,879        440,465        337,828   

Eliminations: Sales from warehouse delivery to DSD

      (31,562 )      (24,727 )      (74,376 )      (59,768 ) 

Sales from DSD to warehouse delivery

      (16,511 )      (7,145 )      (39,293 )      (15,550 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
   $ 898,153      $ 681,561      $ 2,028,963      $ 1,579,767   
  

 

 

    

 

 

    

 

 

    

 

 

  

DEPRECIATION AND AMORTIZATION:

         

DSD segment

    $ 21,729      $ 18,148      $ 50,424      $ 41,968   

Warehouse segment

      3,882        4,147        9,197        10,073   

Unallocated corporate costs

      132        (40 )      311        (47 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
   $ 25,743      $ 22,255      $ 59,932      $ 51,994   
  

 

 

    

 

 

    

 

 

    

 

 

  

INCOME FROM OPERATIONS:

         

DSD segment

    $ 76,442      $ 51,569      $ 228,930      $ 115,391   

Warehouse segment

      15,158        6,320        33,818        15,914   

Unallocated corporate costs (1)

      (16,750 )      (10,472 )      (36,694 )      (24,671 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
   $ 74,850      $ 47,417      $ 226,054      $ 106,634   
  

 

 

    

 

 

    

 

 

    

 

 

  

NET INTEREST EXPENSE

    $ (2,700 )    $ (2,935 )    $ (7,255 )    $ (2,959 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

INCOME BEFORE INCOME TAXES

    $ 72,150      $ 44,482      $ 218,799      $ 103,675   
  

 

 

    

 

 

    

 

 

    

 

 

  

The assets by segment as of July 13, 2013 and December 29, 2012 were as follows (amounts in thousands):

 

     As of  
     July 13, 2013      December 29, 2012  

Assets:

      

DSD segment

    $ 1,782,866       $ 1,638,826   

Warehouse segment

      246,275         245,195   

Other(2)

      126,325         111,828   
  

 

 

     

 

 

  
   $ 2,155,466       $ 1,995,849   
  

 

 

     

 

 

  

 

(1) Represents the company’s corporate head office amounts and acquisition costs.
(2) Represents the company’s corporate head office assets including primarily cash and cash equivalents, debt, deferred taxes, and deferred financing costs.

 

Sales by product category in each reportable segment are as follows (amounts in thousands):

 

     For the Twelve Weeks Ended
July 13, 2013		      For the Twelve Weeks Ended
July 14, 2012		  
     DSD      Warehouse delivery      Total      DSD      Warehouse delivery      Total  

Branded Retail

    $ 457,613       $ 34,478       $ 492,091       $ 335,044       $ 23,043       $ 358,087   

Store Branded Retail

      126,861         33,399         160,260         98,945         26,189         125,134   

Non-retail and Other

      155,996         89,806         245,802         130,420         67,920         198,340   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 740,470       $ 157,683       $ 898,153       $ 564,409       $ 117,152       $ 681,561   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
     For the Twenty-Eight Weeks Ended
July 13, 2013		      For the Twenty-Eight Weeks Ended
July 14, 2012		  
     DSD      Warehouse delivery      Total      DSD      Warehouse delivery      Total  

Branded Retail

    $ 1,022,937       $ 81,044       $ 1,103,981       $ 769,730       $ 53,244       $ 822,974   

Store Branded Retail

      270,136         82,041         352,177         216,660         64,187         280,847   

Non-retail and Other

      369,801         203,004         572,805         315,317         160,629         475,946   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 1,662,874       $ 366,089       $ 2,028,963       $ 1,301,707       $ 278,060       $ 1,579,767