Panera Bread Reports Q3 2010 Diluted EPS of $0.75, up 23% Over Q3 2009, on 6.9% Growth in System-Wide Comparable Bakery-Cafe Sales

SOURCE: Panera Bread Company

ST. LOUIS, MO–(Marketwire – October 26, 2010) – Panera Bread Company (NASDAQ: PNRA)

HIGHLIGHTS

--  Company-owned new bakery-cafe AWS increased to $40,950 YTD vs. $37,068
    in 2009
--  Acquired 37 bakery-cafes from New Jersey franchisee, accretive in 2011
--  Q3 2010 share repurchase totaled $79 million lifting EPS by $0.01 for
    the quarter
--  Q4 2010 EPS target raised to $1.15 to $1.17 (up 21% to 23%)
--  Full Year 2010 EPS target increased to $3.57 to $3.59 (up 28% to 29%)
--  Full Year 2011 EPS target set at $4.30 to $4.35 (up 20% to 22%)

Panera Bread Company (NASDAQ: PNRA) today reported net income of $23
million, or $0.75 per diluted share, for the third quarter ended September
28, 2010. The third quarter of fiscal 2010 results compare to net income of
$19 million, or $0.61 per diluted share, for the third quarter ended
September 29, 2009, and represent a 23% year-over-year increase in diluted
earnings per share.

For the thirty-nine weeks ended September 28, 2010, net income was $75
million, or $2.42 per diluted share. These results compare to net income
of $56 million, or $1.82 per diluted share, for the thirty-nine weeks ended
September 29, 2009, and represent a 33% year-over-year increase in diluted
earnings per share.

The Company’s third quarter and year-to-date fiscal 2010 consolidated
statements of operations and margin analyses are attached as Schedule I.
The following tables set forth, for the periods indicated, certain items
included in the Company’s consolidated statements of operations (in
thousands, except per share data and percentages):

                                      For the 13 Weeks Ended
                                     -------------------------
                                    September 28, September 29, Percentage
                                         2010          2009       Change
                                     ------------ ------------ -----------
Total revenue                        $    371,994 $    335,018          11%
Net income                           $     22,797 $     18,894          21%
Diluted earnings per share           $       0.75 $       0.61          23%
Shares used in diluted EPS                 30,534       31,065

                                      For the 39 Weeks Ended
                                     -------------------------
                                    September 28, September 29, Percentage
                                         2010          2009       Change
                                     ------------ ------------ -----------
Total revenue                        $  1,114,328 $    986,521          13%
Net income                           $     75,342 $     56,356          34%
Diluted earnings per share           $       2.42 $       1.82          33%
Shares used in diluted EPS                 31,193       30,925


Third Quarter Fiscal 2010 Results and Business Review

Comparable Bakery-Cafe Sales Growth

In the third quarter of fiscal 2010, system-wide comparable bakery-cafe
sales increased 6.9%, Company-owned comparable bakery-cafe sales increased
5.5%, and franchise-operated comparable bakery-cafe sales increased 7.9%
versus the comparable period in fiscal 2009. Two year system-wide
comparable bakery-cafe sales increased 9.6%, two year Company-owned
comparable bakery-cafe sales increased 8.7% and two year franchise-operated
comparable bakery-cafe sales increased 10.3%.

The Company-owned comparable bakery-cafe sales increase of 5.5% in the
third quarter of fiscal 2010 included the following year-over-year
components: transaction growth of 0.2% and average check growth of 5.3%.
Average check growth in turn was comprised of retail price increases of
approximately 2.0% and mix impact of approximately 3.3%. A schedule of
comparable bakery-cafe sales information is attached as Schedule III.

Operating Margin

In the third quarter of fiscal 2010, the Company generated operating margin
improvement of approximately 20 basis points compared to the third quarter
of fiscal 2009. The current fiscal quarter results included approximately
80 basis points of expense related to the rollout of the Company’s new
MyPanera™ loyalty program.

Capital Deployment

During the third quarter of fiscal 2010, the Company opened 10 new
bakery-cafes and its franchisees opened 12 new bakery-cafes. As a result,
there are now 1,421 bakery-cafes open system-wide as of September 28, 2010.

                                            Company-  Franchise-   Total
                                             owned     operated    System
                                           ---------- ---------- ----------

Bakery-cafes as of June 29, 2010                  595        804      1,399
Bakery-cafes opened                                10         12         22
Bakery-cafes closed                                 -          -          -
                                           ---------- ---------- ----------
Bakery-cafes as of September 28, 2010             605        816      1,421
                                           ========== ========== ==========

Average weekly sales (“AWS”) for Company-owned new units year-to-date
through the third quarter of fiscal 2010 was $40,950 compared to $37,068 in
the same period of fiscal 2009. AWS for Company-owned new units in the
third quarter of fiscal 2010 was $39,990 compared to $36,930 in the third
quarter of fiscal 2009. AWS for franchise-operated new units year-to-date
through the third quarter of fiscal 2010 was $37,719 compared to $35,680 in
the same period of fiscal 2009. AWS for franchise-operated new units in
the third quarter of fiscal 2010 was $36,643 compared to $35,133 in the
third quarter of fiscal 2009. A schedule of the third quarter fiscal
2010 AWS is attached as Schedule II.

On September 29, 2010, the Company completed the purchase of substantially
all the assets and certain liabilities of 37 bakery-cafes owned by its New
Jersey franchisee. The Company’s results for the third quarter of fiscal
2010 were not impacted by the purchase as the acquisition was completed
following the close of the quarter.

During the third quarter of fiscal 2010, the Company repurchased 1,007,984
shares at an average share price of $78.51. The share buyback had a
favorable impact of $0.01 on the Company’s third quarter earnings per
diluted share. To date, the Company has repurchased a total of 1,932,969
shares under the program for an aggregate purchase price of approximately
$152 million, which represents a year-to-date impact of $0.04 per diluted
share. The Company has approximately $448 million available under the
existing $600 million repurchase authorization.

Fourth Quarter 2010 Outlook

Fourth Quarter Targets

Diluted EPS Target

For the fourth quarter of fiscal 2010, the Company is raising its target
for earnings per diluted share to $1.15 to $1.17 versus $0.95 per diluted
share in the fourth quarter of fiscal 2009 based on $0.03 accretion from
shares repurchased since the second quarter earnings call and $0.01 impact
from an improved operating margin outlook. This earnings per diluted share
target does not assume any additional share buyback. The Company expects
the acquisition of its New Jersey bakery-cafes to have only minimal impact
on its fourth quarter earnings as a result of integration and transaction
costs associated with the acquisition. If the Company meets its $1.15 to
$1.17 target, diluted earnings per share will grow 21% to 23% in the fourth
quarter of fiscal 2010 versus the comparable period in fiscal 2009.

This fourth quarter of fiscal 2010 diluted earnings per share target
includes the following key assumptions:

Comparable Bakery-Cafe Sales Growth

The range for the Company’s fourth quarter fiscal 2010 Company-owned
comparable bakery-cafe sales growth remains targeted at 4.0% to 6.0% versus
the comparable period in fiscal 2009. The two year Company-owned
comparable bakery-cafe sales target is 11.3% to 13.3%. The assumptions
underlying this comparable bakery-cafe sales growth target for the fourth
quarter are transaction growth of 1.0% to 3.0% and average check growth of
approximately 3.0%, with average check growth comprised of retail price
increases of approximately 2.0% and favorable mix impact of approximately
1.0%.

The Company announced today system-wide comparable bakery-cafe sales in the
first 27 days of the fourth quarter of fiscal 2010 were up approximately
4.9%, Company-owned comparable bakery-cafe sales were up approximately
4.4%, and franchise-operated comparable bakery-cafe sales were up
approximately 5.4%, during the same period. Two year comparable system-wide
bakery-cafe sales growth for the same period was 11.9%, Company-owned
comparable bakery-cafe sales growth was 11.2%, and franchise-operated
comparable bakery-cafe sales growth was 12.5%, during the same two year
period. The Company expects its comparable bakery-cafe sales to accelerate
in November and December given an increased sequential media spend and the
rollout of our loyalty program in Company-owned locations to be nearly
complete by the end of October 2010.

Operating Margin Improvement

In the fourth quarter of fiscal 2010, the Company is targeting 25 to 75
basis points of improvement in operating margin.

Full Year Fiscal 2010 Targets

Updating Full Year Fiscal 2010 Targets

Diluted EPS Target

The Company is raising its full year earnings per diluted share target to
$3.57 to $3.59 based on its third quarter of fiscal 2010 performance and
the impact of its share repurchases since the second quarter earnings call.
If the Company meets its target, it would generate diluted earnings per
share growth of 28% to 29% in fiscal 2010.

The fiscal 2010 diluted earnings per share target assumes the following key
assumptions:

Comparable Bakery-Cafe Sales Growth

The Company is maintaining its fiscal 2010 target for Company-owned
comparable bakery-cafe sales growth of 7.0% to 8.0%. The two year
Company-owned bakery-cafe sales growth target is 9.4% to 10.4%. The 2010
target assumes transaction growth between 1.5% and 2.0% and average check
growth of 5.5% to 6.0%.

Operating Margin Improvement

The Company’s target remains an improvement of approximately 100 to 150
basis points in operating margin for fiscal 2010.

Capital Deployment

The Company is targeting new unit development at the low end of its
original range of 80 to 90 system-wide new unit openings for fiscal 2010
with average weekly sales for Company-owned new units at or above the
high-end of its original $36,000 to $38,000 target range.

The Company’s full year diluted EPS target includes $0.10 impact from share
buyback completed to date in 2010 and minimal impact from the acquisition
of the New Jersey bakery-cafes.

Full Year 2011 Targets

Establishing Full Year Fiscal 2011 Targets

Diluted EPS Target

The Company is today setting its initial target for fiscal 2011 diluted
earnings per share at $4.30 to $4.35, which would represent an increase of
20% to 22% in year-over-year diluted earnings per share from the fiscal
2010 target.

Comparable Bakery-Cafe Sales Growth

The Company’s fiscal 2011 target assumes Company-owned comparable
bakery-cafe sales growth of 4.0% to 6.0%. The two-year Company-owned
bakery-cafe sales growth target is 11.5% to 13.5%. This fiscal 2011
Company-owned target assumes transaction growth between 2.0% and 4.0%,
supported by the loyalty program, increased media spending and average
check growth of approximately 2.0%. The Company is projecting that it will
take modest price increases of approximately 1.5% during fiscal 2011 to
cover inflation.

Capital Deployment

The Company is targeting approximately 95 to 105 new unit openings in
fiscal 2011. Average weekly sales for new Company-owned units is targeted
to be $36,000 to $38,000 in fiscal 2011.

The earnings per diluted share target includes accretion of $0.06 to $0.08
from the acquisition of the New Jersey bakery-cafes and the full year
impact of approximately $0.25 per diluted share of repurchases made during
fiscal 2010, but does not include any incremental share repurchases in the
fourth quarter of fiscal 2010 or full year of fiscal 2011.

Concluding Comment

Bill Moreton, CEO, commented, “We are pleased to report the investments
that we have made to improve the quality of our customers’ experience
continue to pay off. Our 23% year-over-year earnings growth in the third
quarter marks the ninth quarter out of the last 10 that we have generated
earnings growth of 20% or greater. Third quarter results were driven by our
6.9% increase in system-wide comparable bakery-cafe sales. We believe our
two year system-wide comparable bakery-cafe sales of 9.6% puts us among the
very best in our industry. We have been able to achieve these results at
the same time we have invested in a number of initiatives, including the
rollout of our MyPanera™ loyalty program, to elevate our customers’
experience and create real, sustainable points of competitive difference.
We believe these investments position us well for another year of 20% or
greater earnings growth in 2011.”

Notes:

The Company will host a conference call that will be broadcast on the
Internet at 8:30 A.M. Eastern Time on Wednesday, October 27, 2010 to
discuss third quarter fiscal 2010 results, preliminary comparable
bakery-cafe sales results for the first 27 days of the fourth quarter of
fiscal 2010, full year and fourth quarter fiscal 2010 targets and business
outlook for 2011. To access the call or view a copy of this release, go to
http://www.panerabread.com/investor. Access to the call will be made
available for 14 days after the call, and the release will be archived for
one year.

We include in this release information on Company-owned, franchise-operated
and system-wide comparable bakery-cafe sales percentages. Company-owned
comparable bakery-cafe sales percentages are based on sales from
Company-owned bakery-cafes included in our base store bakery-cafes. In
fiscal 2010 we modified the method by which we determine bakery-cafes
included in our comparable bakery-cafe sales percentages to include those
bakery-cafes with an open date prior to the first day of our prior fiscal
year. Previously, comparable bakery-cafe sales percentages were based on
bakery-cafes that had been in operation for 18 months. Similarly, for
fiscal 2010, franchise-operated bakery-cafes include only those
bakery-cafes with an open date prior to the first day of our prior fiscal
year.
Franchise-operated comparable bakery-cafe sales percentages are based on
sales from franchised bakery-cafes, as reported by franchisees, that are
included in our base store bakery-cafes. Acquired Company-owned and
franchise-operated bakery-cafes and other restaurant or bakery-cafe
concepts are included in our comparable bakery-cafe sales percentages after
we have acquired a 100 percent ownership interest and such acquisition
occurred prior to the first day of our prior fiscal year. Comparable
bakery-cafe sales exclude closed locations.

Comparable bakery-cafe sales percentages are non-GAAP financial measures,
which should not be considered in isolation or as a substitute for other
measures of performance prepared in accordance with Generally Accepted
Accounting Principles, or GAAP, and may not be equivalent to comparable
bakery-cafe sales as defined or used by other companies. We do not record
franchise-operated bakery-cafe sales as revenues. However, royalty
revenues are calculated based on a percentage of franchise-operated
bakery-cafe sales, as reported by franchisees. We use franchise-operated
and system-wide sales information internally in connection with store
development decisions, planning, and budgeting analyses. We believe
franchise-operated and system-wide sales information is useful in assessing
consumer acceptance of our brand; facilitates an understanding of our
financial performance and the overall direction and trends of sales and
operating income; helps us appreciate the effectiveness of our advertising
and marketing initiatives which our franchisees also contribute based on a
percentage of their sales; and provides information that is relevant for
comparison within the industry.

Panera Bread Company owns and franchises 1,421 bakery-cafes as of September
28, 2010 under the Panera Bread®, Saint Louis Bread Co.®, and Paradise
Bakery & Café® names. Our bakery-cafes are principally located in
suburban, strip mall and regional mall locations. We feature high quality,
reasonably priced food in a warm, inviting, and comfortable environment.
With our identity rooted in handcrafted, fresh-baked, artisan bread, we are
committed to providing great tasting, quality food that people can trust.
Nearly all of our bakery-cafes have a menu highlighted by antibiotic free
chicken, whole grain bread, and select organic and all-natural ingredients,
with zero grams of artificial trans fat per serving, which provide
flavorful, wholesome offerings. Our menu includes a wide variety of
year-round favorites complemented by new items introduced seasonally with
the goal of creating new standards in everyday food choices. In
neighborhoods across this country and in Ontario, Canada, our customers
enjoy our warm and welcoming environment featuring comfortable gathering
areas, relaxing decor, and free internet access. Our bakery-cafes
routinely donate bread and baked goods to community organizations in need.
Additional information is available on the Company’s website,
http://www.panerabread.com.

Matters discussed in this news release and in our public disclosures,
whether written or oral, relating to future events or our future
performance, including any discussion, express or implied, on our
anticipated growth, operating results, plans, objectives, and future
earnings per share, contain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These statements are often identified by
the words “believe”, “positioned”, “estimate”, “project”, “target”,
“continue”, “intend”, “expect”, “future”, “anticipate”, and similar
expressions that are not statements of historical fact. These statements
are not guarantees of future performance and involve certain risks,
uncertainties and assumptions that are difficult to predict. Our actual
results and timing of certain events could differ materially from those
anticipated in these forward-looking statements as a result of certain
factors, including, but not limited to, those discussed from time to time
in our Securities and Exchange Commission reports, including our Form 10-K
for the year ended December 29, 2009 and our quarterly reports on Form
10-Q. All forward-looking statements and the internal projections and
beliefs upon which we base our expectations included in this release are
made only as of the date of this release and may change. While we may
elect to update forward-looking statements at some point in the future, we
expressly disclaim any obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise.

                                                                 Schedule I

                           PANERA BREAD COMPANY
                  CONSOLIDATED STATEMENTS OF OPERATIONS
                                (unaudited)
                (In thousands, except per share amounts)

                                                   For the 13 Weeks Ended
                                                September 28, September 29,
                                                      2010         2009
                                                  -----------  ------------

Revenues:
  Bakery-cafe sales                               $   315,231  $    285,871
  Franchise royalties and fees                         21,521        19,369
  Fresh dough and other product sales to
   franchisees                                         35,242        29,778
                                                  -----------  ------------
    Total revenue                                     371,994       335,018
Costs and expenses:
  Bakery-cafe expenses:
    Cost of food and paper products               $    89,869  $     83,715
    Labor                                             103,192        92,682
    Occupancy                                          25,071        24,200
    Other operating expenses                           45,786        39,880
                                                  -----------  ------------
      Total bakery-cafe expenses                      263,918       240,477
  Fresh dough and other product cost of sales to
   franchisees                                         30,272        24,812
  Depreciation and amortization                        16,300        16,988
  General and administrative expenses                  24,297        20,195
  Pre-opening expenses                                  1,211           624
                                                  -----------  ------------
    Total costs and expenses                          335,998       303,096
                                                  -----------  ------------
Operating profit                                       35,996        31,922
Interest expense                                          165           163
Other (income) expense, net                              (540)        1,248
                                                  -----------  ------------
Income before income taxes                             36,371        30,511
Income taxes                                           13,656        11,617
                                                  -----------  ------------
    Net income                                         22,715        18,894
Less: net loss attributable to noncontrolling
 interest                                                 (82)            -
                                                  -----------  ------------
    Net income attributable to Panera Bread
     Company                                      $    22,797  $     18,894
                                                  ===========  ============

Earnings per common share attributable to Panera
 Bread Company:
  Basic                                           $      0.75  $       0.61
                                                  ===========  ============
  Diluted                                         $      0.75  $       0.61
                                                  ===========  ============

Weighted average shares of common and common
 equivalent shares outstanding:
  Basic                                                30,273        30,748
                                                  ===========  ============
  Diluted                                              30,534        31,065
                                                  ===========  ============





                                                     Schedule I (continued)

                           PANERA BREAD COMPANY
                  CONSOLIDATED STATEMENTS OF OPERATIONS
                               (unaudited)
                 (In thousands, except per share amounts)

                                                   For the 39 Weeks Ended
                                                September 28, September 29,
                                                      2010         2009
                                                  -----------  ------------

Revenues:
  Bakery-cafe sales                               $   950,155  $    840,397
  Franchise royalties and fees                         64,025        57,153
  Fresh dough and other product sales to
   franchisees                                        100,148        88,971
                                                  -----------  ------------
    Total revenue                                   1,114,328       986,521
Costs and expenses:
  Bakery-cafe expenses:
    Cost of food and paper products               $   270,894  $    248,765
    Labor                                             306,905       272,892
    Occupancy                                          74,112        71,558
    Other operating expenses                          129,244       114,736
                                                  -----------  ------------
      Total bakery-cafe expenses                      781,155       707,951
  Fresh dough and other product cost of sales to
   franchisees                                         82,909        74,582
  Depreciation and amortization                        50,224        49,986
  General and administrative expenses                  73,414        59,041
  Pre-opening expenses                                  2,367         1,370
                                                  -----------  ------------
    Total costs and expenses                          990,069       892,930
                                                  -----------  ------------
Operating profit                                      124,259        93,591
Interest expense                                          498           537
Other expense, net                                      2,776         1,090
                                                  -----------  ------------
Income before income taxes                            120,985        91,964
Income taxes                                           45,774        34,807
                                                  -----------  ------------
    Net income                                         75,211        57,157
Less: net (loss) income attributable to
 noncontrolling interest                                 (131)          801
                                                  -----------  ------------
    Net income attributable to Panera Bread
     Company                                      $    75,342  $     56,356
                                                  ===========  ============

Earnings per common share attributable to Panera
 Bread Company:
  Basic                                           $      2.44  $       1.84
                                                  ===========  ============
  Diluted                                         $      2.42  $       1.82
                                                  ===========  ============

Weighted average shares of common and common
 equivalent shares outstanding:
  Basic                                                30,879        30,577
                                                  ===========  ============
  Diluted                                              31,193        30,925
                                                  ===========  ============




                                                     Schedule I (continued)

                           PANERA BREAD COMPANY
                  CONSOLIDATED STATEMENTS OF OPERATIONS
                             MARGIN ANALYSIS
                               (unaudited)

The following table sets forth the percentage relationship to total
revenues, except where otherwise indicated, of certain items included
in the Company's consolidated statements of operations for the period
indicated.  Percentages may not add due to rounding:

                                                   For the 13 Weeks Ended
                                                September 28, September 29,
                                                      2010         2009
                                                  -----------  -----------

Revenues:
  Bakery-cafe sales                                      84.7%        85.3%
  Franchise royalties and fees                            5.8          5.8
  Fresh dough and other product sales to
   franchisees                                            9.5          8.9
                                                  -----------  -----------
    Total revenue                                       100.0%       100.0%
Costs and expenses:
  Bakery-cafe expenses (1):
    Cost of food and paper products                      28.5%        29.3%
    Labor                                                32.7         32.4
    Occupancy                                             8.0          8.5
    Other operating expenses                             14.5         14.0
                                                  -----------  -----------
      Total bakery-cafe expenses                         83.7         84.1
  Fresh dough and other product cost of sales to
   franchisees (2)                                       85.9         83.3
  Depreciation and amortization                           4.4          5.1
  General and administrative expenses                     6.5          6.0
  Pre-opening expenses                                    0.3          0.2
                                                  -----------  -----------
    Total costs and expenses                             90.3         90.5
                                                  -----------  -----------
Operating profit                                          9.7          9.5
Interest expense                                            -            -
Other (income) expense, net                              (0.1)         0.4
                                                  -----------  -----------
Income before income taxes                                9.8          9.1
Income taxes                                              3.7          3.5
                                                  -----------  -----------
    Net income                                            6.1%         5.6%
Less: net loss attributable to noncontrolling
 interest                                                   -            -
                                                  -----------  -----------
    Net income attributable to Panera Bread
     Company                                              6.1%         5.6%
                                                  ===========  ===========
(1) As a percentage of Company bakery-cafe sales.

(2) As a percentage of fresh dough and other product sales to franchisees.





                                                     Schedule I (continued)

                           PANERA BREAD COMPANY
                  CONSOLIDATED STATEMENTS OF OPERATIONS
                              MARGIN ANALYSIS
                                (unaudited)

The following table sets forth the percentage relationship to total
revenues, except where otherwise indicated, of certain items included in
the Company's consolidated statements of operations for the period
indicated.  Percentages may not add due to rounding:

                                                   For the 39 Weeks Ended
                                                September 28, September 29,
                                                      2010         2009
                                                  -----------  -----------

Revenues:
  Bakery-cafe sales                                      85.3%        85.2%
  Franchise royalties and fees                            5.7          5.8
  Fresh dough and other product sales to
   franchisees                                            9.0          9.0
                                                  -----------  -----------
    Total revenue                                       100.0%       100.0%
Costs and expenses:
  Bakery-cafe expenses (1):
    Cost of food and paper products                      28.5%        29.6%
    Labor                                                32.3         32.5
    Occupancy                                             7.8          8.5
    Other operating expenses                             13.6         13.7
                                                  -----------  -----------
      Total bakery-cafe expenses                         82.2         84.2
  Fresh dough and other product cost of sales to
   franchisees (2)                                       82.8         83.8
  Depreciation and amortization                           4.5          5.1
  General and administrative expenses                     6.6          6.0
  Pre-opening expenses                                    0.2          0.1
                                                  -----------  -----------
    Total costs and expenses                             88.8         90.5
                                                  -----------  -----------
Operating profit                                         11.2          9.5
Interest expense                                            -          0.1
Other expense, net                                        0.2          0.1
                                                  -----------  -----------
Income before income taxes                               10.9          9.3
Income taxes                                              4.1          3.5
                                                  -----------  -----------
    Net income                                            6.7%         5.8%
Less: net (loss) income attributable to
 noncontrolling interest                                    -          0.1
                                                  -----------  -----------
    Net income attributable to Panera Bread
     Company                                              6.8%         5.7%
                                                  ===========  ===========

(1) As a percentage of Company bakery-cafe sales.

(2) As a percentage of fresh dough and other product sales to franchisees.




                           PANERA BREAD COMPANY
       Schedule II - Supplemental Sales and Bakery-Cafe Information

            Historical System-Wide AWS
                2009    2008    2007    2006
              ------- ------- ------- --------
  AWS         $39,926 $39,239 $38,668 $ 39,150

                                                         Year-Over-Year
                                                            Change in
               2010 Company-Owned AWS By Year Opened    Company-Owned AWS
              ---------------------------------------- -------------------
               2010    2009    2008     2010           2009   2008
              Opens   Opens   Opens   Acquisi-         Opens  Opens   AWS
                [a]     [a]   & Prior  tions    Total   [b]  & Prior Total
              ------- ------- ------- -------- ------- -----  -----  -----
Bakery-Cafes       21      30     551        3     605
  Q1 10       $56,113 $37,384 $41,193        - $41,040 -10.8%  10.2%   9.8%
  Q2 10       $39,523 $36,343 $42,326 $ 32,542 $41,940   2.1%  10.0%   9.0%
  Q3 10       $39,990 $34,841 $40,871 $ 29,144 $40,487  -5.7%   4.2%   3.3%
 2010 YTD     $40,950 $36,184 $41,448 $ 27,338 $41,121  -2.4%   8.1%   7.3%

[a] 2010 Company-owned AWS excludes 2010 and 2009 acquisition data.
[b] Change in Company-owned AWS in 2010 from 2009 compares 30 bakery-cafes
    in 2010 against 17 bakery-cafes at the end of the third quarter
    of 2009.

                                                         Year-Over-Year
                    2010 Franchise-Operated AWS       Change in Franchise-
                           By Year Opened                 Operated AWS
              ---------------------------------------- -------------------
               2010    2009    2008     2010           2009   2008
              Opens   Opens   Opens   Acquisi-         Opens  Opens  AWS
                [c]     [c]   & Prior  tions    Total   [d]  & Prior Total
              ------- ------- ------- -------- ------- -----  -----  -----
Bakery-Cafes       22      38     753        3     816
  Q1 10       $44,220 $36,610 $42,927        - $42,620   4.6%   9.5%   8.8%
  Q2 10       $38,330 $38,448 $43,960 $ 32,565 $43,615   4.6%  11.2%  10.5%
  Q3 10       $36,643 $37,868 $43,206 $ 32,503 $42,797   7.8%   7.8%   7.2%
 2010 YTD     $37,719 $37,634 $43,370 $ 32,528 $43,016   5.5%   9.1%   8.5%
[c] 2010 Franchise-operated AWS excludes 2010 and 2009 acquisition data.
[d] Change in Franchise-operated AWS in 2010 from 2009 compares 38
    bakery-cafes in 2010 against 30 bakery-cafes at the end of the third
    quarter of 2009.


                                Bakery-Cafe Openings
              --------------------------------------------------------
              Company Franchise Total          Company Franchise Total
              ------- --------- -----          ------- --------- -----
  Q1 10             3         5     8    Q1 09       4        10    14
  Q2 10             8         5    13    Q2 09       4        10    14
  Q3 10            10        12    22    Q3 09       9        10    19
  Q4 10                                  Q4 09      13         9    22
              ------- --------- -----          ------- ---------  ----
 2010 YTD          21        22    43 2009 YTD      30        39    69

AWS - average weekly sales for the time periods indicated.




                           PANERA BREAD COMPANY
          Schedule III - Comparable Bakery-Cafe Sales Information

                     For the 4  For the 5  For the 4   For the    For the
                       weeks      weeks      weeks    13 weeks   39 weeks
                       ended      ended      ended      ended      ended
                     July 27,     August   September  September  September
                       2010     31, 2010   28, 2010   28, 2010   28, 2010
                     ---------  ---------  ---------  ---------  ---------
Company-owned              6.1%       5.7%       4.5%       5.5%       8.3%
Franchise-operated         8.7%       8.3%       6.6%       7.9%       9.1%
System-wide                7.6%       7.2%       5.7%       6.9%       8.8%

Company-owned comparable bakery-cafe sales percentages are based on sales
from Company-owned bakery-cafes included in our base store bakery-cafes.
In fiscal 2010 we modified the method by which we determine bakery-cafes
included in our comparable bakery-cafe sales percentages to include those
bakery-cafes with an open date prior to the first day of our prior fiscal
year. Previously, comparable bakery-cafe sales percentages were based on
bakery-cafes that had been in operation for 18 months. Similarly, for
fiscal 2010, franchise-operated bakery-cafes include only those
bakery-cafes with an open date prior to the first day of our prior fiscal
year. Franchise-operated comparable bakery-cafe sales percentages are
based on sales from franchised bakery-cafes, as reported by franchisees,
that are included in our base store bakery-cafes. Acquired Company-owned
and franchise-operated bakery-cafes and other restaurant or bakery-cafe
concepts are included in our comparable bakery-cafe sales percentages after
we have acquired a 100 percent ownership interest and such acquisition date
occurred prior to the first day of our prior fiscal year. Comparable
bakery-cafe sales exclude closed locations.