har including specialty footwear stores, Deckers Outdoor Buffalo Wild Wings 2013 2008 2012 2014 2015 2016 381 510 434 559 491 591 631 609 579 McDonald's Corporation franchises and operates more than 36.000 fast-service restaurants around the world. Buffalo Wild Wings franchises and operates more than 1,000 restaurants in North America. Buffalo Wild Wings features chicken wings and a full bar in its restaurants Financial information for each company follows. The data for Buffalo Wild Wings predates franchise fee rate, which is stated as a percentage of each franchisee's sales revenue. 3. Perform a cause-of-change analysis from 2008 to 2012 for each company to disaggregate the increase in revenues from company-owned stores between growth in the average num- ber of average stores open and growth in revenues per store. Also perform a cause-of- 4. Perform similar analyses for franchise fee revenues. 5. What do your analyses from requirements 3 and 4 tell you about the companies' growth strategies and how they differ from each other and over time? Crocs designs, develops, and manufactures consumer products from specialty resins. The compa- ny's primary product line is Crocs-branded footwear for men, women, and children. It sells its 6-64 CHAPTER 6 Essentials of Financial Statement Analysis CASES C6-1 McDonald's and Buffalo Wild Wings: Comparing two restaurant chains its acquisition by Inspire Brands in February 2018 (LO 6-1) Selected Financial Data 2007 2009 2010 2011 Number of stores operating at year-end: 161 197 232 Company-owned 259 319 332 363 Franchised 420 473 498 Revenues ($ in millions): $379.7 $488.7 $555.2 $717.4 $ 9640 91.185.4 $1,423,0 $1.7150 $1.291.6 Company-owned store sales Franchise fees 42.7 50.2 58.1 67.1 76.6 81.4 93,2 Total 422.4 538.9 613.3 784.5 1.040.6 97.1 1.266.8 95.2 1,516.2 1.812.7 1986,8 McDonald's 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Number of stores operating at year-end: Company-owned 6,906 6.502 6.262 6,399 6,435 6,598 6.738 6,714 6,444 5,669 Franchised 24,471 25,465 26,216 26.338 27.075 27.882 28.691 29,544 30,081 31.230 Revenues ($ in millions): Company-owned store sales $16,560.9 $15,458.5 $16.233.3 $18,292.8 $18,602.5 $18.874.2 $18,169.3 $16,488.0 $15.295.0 Franchise fees 6,961.S 7.286.2 8.713.2 8.964.S 9,231.5 9.272.0 8,925.0 9.327.0 Total 23,522.4 22,744.7 24,074.6 27,006,0 27.567.0 28,105.7 27.441.3 25,413.0 24.622.0 Source: Form 10-Ks for Buffalo Wild Wings and McDonald's Cornerstion for 2007-2016 Required: 1. Determine the amounts of sales revenue per company-owned store and franchise fees per franchised store for each year and each company. In these computations, use the average number of stores open during the year. 2. Assume that for both companies sales at company-owned stores are the same (on a per Store basis) as sales for the same company's franchised stores. Estimate each company's change analysis from 2012 to 2016. C6-2 cs and Deckers Outdoor; ustainable footwear. The company's