Panera Bread Reports Q2 2010 Diluted EPS of $0.85, Up 31% Over Q2 2009, on 9.9% Growth in System-Wide Comparable Bakery-Cafe Sales

SOURCE: Panera Bread Company

ST. LOUIS, MO–(Marketwire – July 27, 2010) – Panera Bread Company (NASDAQ: PNRA)

HIGHLIGHTS
--  Q2 2010 net income increased 33% versus Q2 2009 to $27 million
--  Operating margin increased 230 bps in Q2 2010 over Q2 2009
--  Repurchased $71 million of shares in Q2 2010
--  Full Year 2010 EPS target increased to $3.50 to $3.52 (up 26% to 27%
    versus FY 2009)

Panera Bread Company (NASDAQ: PNRA) today reported net income of $27
million, or $0.85 per diluted share, for the second quarter ended June 29,
2010. These results include the favorable impact of $0.01 per diluted
share from the Company’s repurchase of 897,556 shares under its $600
million share repurchase authorization. This favorable impact was offset
by the negative impact of $0.05 per diluted share related to an on-going
unclaimed property audit. The second quarter of fiscal 2010 results
compare to net income of $20 million, or $0.65 per diluted share, for the
second quarter ended June 30, 2009, and represent a 31% year-over-year
increase in diluted earnings per share.

For the twenty-six weeks ended June 29, 2010, net income was $53 million,
or $1.67 per diluted share. These results compare to net income of $37
million, or $1.21 per diluted share, for the twenty-six weeks ended June
30, 2009, and represent a 38% year-over-year increase in diluted earnings
per share.

The Company’s second quarter and year-to-date fiscal 2010 consolidated
statements of operations and margin analysis 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
                                           ---------------------
                                           June 29,   June 30,   Percentage
                                             2010       2009       Change
                                           ---------- ---------- ---------
Total revenue                              $  378,124 $  330,794        14%
Net income                                 $   26,704 $   20,029        33%
Diluted earnings per share                 $     0.85 $     0.65        31%
Shares used in diluted EPS                     31,512     30,959



                                             For the 26 Weeks
                                                   Ended
                                           ---------------------
                                           June 29,   June 30,   Percentage
                                             2010       2009       Change
                                           ---------- ---------- ---------
Total revenue                              $  742,334 $  651,503        14%
Net income                                 $   52,549 $   37,461        40%
Diluted earnings per share                 $     1.67 $     1.21        38%
Shares used in diluted EPS                     31,519     30,849

Second Quarter Fiscal 2010 Results and Business Review

Comparable Bakery-Cafe Sales Growth

System-wide comparable bakery-cafe sales increased 9.9% in the second
quarter of fiscal 2010 versus the comparable period in fiscal 2009.
Company-owned comparable bakery-cafe sales increased 9.6% in the second
quarter of fiscal 2010 versus the comparable period in fiscal 2009 and
franchise-operated comparable bakery-cafe sales increased 10.1% in the
second quarter of fiscal 2010 versus the comparable period in fiscal 2009.

The Company-owned comparable bakery-cafe sales increase of 9.6% in the
second quarter of fiscal 2010 included the following year-over-year
components: transaction growth of 1.9% and average check growth of 7.7%.
Average check growth in turn was comprised of retail price increases of
approximately 2.5% and mix impact of approximately 5.2%. A schedule of
comparable bakery-cafe sales information is attached as Schedule III.

Operating Margin Improvement

In the second quarter of fiscal 2010, the Company generated operating
margin improvement of approximately 230 basis points compared to the second
quarter of fiscal 2009, driven primarily by leverage from comparable
bakery-cafe sales increases, purchasing efficiencies, and category
management initiatives. This is the ninth consecutive quarter of
year-over-year operating margin expansion of 100 basis points or greater.

Capital Deployment

During the second quarter of fiscal 2010, the Company repurchased 897,556
shares at an average share price of $78.95. An additional 101,001 shares
were repurchased through the first 27 days of the third quarter of fiscal
2010 at an average share price of $74.64. To date, the Company has
repurchased a total of 1,025,986 shares under the program for an aggregate
purchase price of $80 million, leaving approximately $520 million under the
existing $600 million repurchase authorization.

Average weekly sales (“AWS”) for Company-owned new units in the second
quarter of fiscal 2010 was $39,523 compared to $35,580 in the second
quarter of fiscal 2009. AWS for Company-owned new units year-to-date
through the second quarter of fiscal 2010 was $42,755 compared to $37,314
in the same period of fiscal 2009. A schedule of the Company’s second
quarter fiscal 2010 AWS is attached as Schedule II.

During the second quarter of fiscal 2010, the Company and its franchisees
opened 13 new bakery-cafes system-wide, resulting in 1,399 bakery-cafes
open system-wide as of June 29, 2010. Additionally, during the second
quarter of fiscal 2010, the Company sold three bakery-cafes in its Mobile,
Alabama market to an existing franchisee and acquired a majority interest
in three bakery-cafes in the Ontario, Canada market from a franchisee. The
breakdown of Company-owned and franchise-operated bakery-cafes are as
follows:

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

Bakery-cafes as of March 30, 2010                588        800      1,388
Bakery-cafes opened                                8          5         13
Bakery-cafes closed                               (1)        (1)        (2)
                                           ---------  ---------  ---------
Bakery-cafes as of June 29, 2010                 595        804      1,399
                                           =========  =========  =========

Third and Fourth Quarter Fiscal 2010 Outlook

Third Quarter Fiscal 2010 Targets

Diluted EPS Target

For the third quarter of fiscal 2010, the Company is targeting earnings per
diluted share of $0.71 to $0.73 versus $0.61 per diluted share in the third
quarter of fiscal 2009. This earnings per diluted share target does not
assume any additional share buyback beyond the $0.02 per diluted share
impact from the shares repurchased as of the date of this earnings release.
If the Company meets this target, diluted earnings per share will grow 16%
to 20% in the third quarter of fiscal 2010 versus the comparable period in
fiscal 2009. If the Company is able to deliver 16% to 20% diluted earnings
per share growth in the third quarter of fiscal 2010, this will be on top
of 35% year-over-year diluted earnings per share growth in the third
quarter of fiscal 2009.

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

Comparable Bakery-Cafe Sales Growth

The Company’s third quarter fiscal 2010 Company-owned comparable
bakery-cafe sales growth is targeted at 5.0% to 6.0% versus the comparable
period in fiscal 2009. The assumptions underlying this comparable
bakery-cafe sales growth target for the third quarter are flat transaction
growth and average check growth of approximately 5.0% to 6.0%, with average
check growth comprised of retail price increases of approximately 2.5% and
mix impact of approximately 2.5% to 3.5%.

The Company announced today system-wide comparable bakery-cafe sales in the
first twenty-seven days of the third quarter of fiscal 2010 were up
approximately 7.8%. Company-owned comparable bakery-cafe sales in the first
twenty-seven days of the third quarter of fiscal 2010 were up approximately
6.5% versus the comparable period in fiscal 2009, while franchise-operated
comparable bakery-cafe sales were up approximately 8.7% during the same
period.

Operating Margin Improvement

In the third quarter of fiscal 2010, the Company is targeting 0 to 50 basis
points of improvement in operating margin.

New Unit AWS and Development

The Company is targeting approximately 20 to 22 system-wide new unit
openings in the third quarter of fiscal 2010 with average weekly sales for
Company-owned new units consistent with its full year target of $36,000 to
$38,000.

Fourth Quarter Fiscal 2010 Targets

Diluted EPS Target

For the fourth quarter of fiscal 2010, the Company is targeting earnings
per diluted share of $1.11 to $1.13 versus $0.95 per diluted share in the
fourth quarter of fiscal 2009. This earnings per diluted share target does
not assume any additional share buyback, but does include the $0.03 per
diluted share impact of shares repurchased as of the date of this release.
If the Company meets this target, diluted earnings per share will grow 17%
to 19% 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 Company’s fourth quarter fiscal 2010 Company-owned comparable
bakery-cafe sales growth is targeted at 4.0% to 6.0% versus the comparable
period in fiscal 2009. 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 mix impact of approximately 1.0%.

Operating Margin Improvement

In the fourth quarter of fiscal 2010, the Company is targeting 0 to 50
basis points of improvement in operating margin.

New Unit AWS and Development

The Company is targeting approximately 39 to 41 system-wide new unit
openings in the fourth quarter of fiscal 2010 with average weekly sales for
Company-owned new units consistent with its full year target of $36,000 to
$38,000.

Full Year Fiscal 2010 Targets

Raising Full Year Fiscal 2010 Targets

Diluted EPS Target

The Company is raising its target earnings per diluted share to $3.50 to
$3.52. If the Company meets its target, it would generate diluted earnings
per share growth of 26% to 27% in fiscal 2010. This is an increase from
the Company’s prior full year fiscal 2010 earnings per diluted share target
of $3.40 to $3.44 and includes the $0.06 per diluted share impact from the
share repurchase activity as of the date of this release, the strength of
the second quarter fiscal 2010 results, and the Company’s greater
confidence in its expectations for Company-owned comparable bakery-cafe
sales growth.

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

Comparable Bakery-Cafe Sales Growth

The Company is raising its fiscal 2010 target for Company-owned comparable
bakery-cafe sales to growth of 7.0% to 8.0% from 6.5% to 7.5%. The
increase in assumption for Company-owned comparable bakery-cafe sales
growth reflects the strength of the business in the second quarter of
fiscal 2010. This target assumes transaction growth of between 1.5% and
2.0% and average check growth of approximately between 5.5% and 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.

New Unit AWS and Development

The Company now believes new unit development will end the year in the
lower half of the 80 to 90 system-wide new unit opening target for fiscal
2010 with average weekly sales for Company-owned new units of $36,000 to
$38,000.

Concluding Comment

Chief Executive Officer Bill Moreton commented, “I am pleased to report
another strong quarter with our earnings per share growing 31% over the
prior year. This comes on top of the 25% EPS growth on a year-over-year
basis in the second quarter of 2009. Our strategy of investing in the
quality of our customers’ experience to drive differentiation and
competitive advantage continues to pay dividends. Additionally, we have
increased our investments in marketing, operations and product development,
which we believe will contribute to our medium and longer term success. As
a result, we believe we will continue to be able to drive shareholder value
and are targeting a long-term growth rate of 15% to 20% annually for the
next 3 to 5 years.”

Notes:

The Company will host a conference call that will be broadcast on the
Internet at 8:30 A.M. Eastern Time on Wednesday, July 28, 2010 to discuss
second quarter fiscal 2010 results, preliminary comparable bakery-cafe
sales results for the first twenty-seven days of the third quarter of
fiscal 2010, and full year and third quarter fiscal 2010 targets and
business outlook. 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 1,399 bakery-cafes as of June 29,
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
                                                      June 29,   June 30,
                                                        2010       2009
                                                      ---------  ----------

Revenues:
  Bakery-cafe sales                                   $ 322,424  $  281,644
  Franchise royalties and fees                           21,641      19,157
  Fresh dough and other product sales to franchisees     34,059      29,993
                                                      ---------  ----------
    Total revenue                                       378,124     330,794
Costs and expenses:
  Bakery-cafe expenses:
    Cost of food and paper products                   $  90,714  $   84,059
    Labor                                               103,031      90,669
    Occupancy                                            24,651      24,086
    Other operating expenses                             43,923      38,677
                                                      ---------  ----------
      Total bakery-cafe expenses                        262,319     237,491
  Fresh dough and other product cost of sales to
   franchisees                                           27,802      24,992
  Depreciation and amortization                          16,915      16,579
  General and administrative expenses                    24,105      18,445
  Pre-opening expenses                                      880         405
                                                      ---------  ----------
    Total costs and expenses                            332,021     297,912
                                                      ---------  ----------
Operating profit                                         46,103      32,882
Interest expense                                            165         209
Other expense, net                                        3,010         160
                                                      ---------  ----------
Income before income taxes                               42,928      32,513
Income taxes                                             16,273      12,278
                                                      ---------  ----------
    Net income                                           26,655      20,235
Less: net (loss) income attributable to
 noncontrolling interest                                    (49)        206
                                                      ---------  ----------
    Net income attributable to Panera Bread Company   $  26,704  $   20,029
                                                      =========  ==========

Earnings per common share attributable to Panera
 Bread Company:
  Basic                                               $    0.86  $     0.65
                                                      =========  ==========
  Diluted                                             $    0.85  $     0.65
                                                      =========  ==========

Weighted average shares of common and common
 equivalent shares outstanding:
  Basic                                                  31,195      30,595
                                                      =========  ==========
  Diluted                                                31,512      30,959
                                                      =========  ==========




                                                  Schedule I (continued)

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



                                                        For the 26 Weeks
                                                             Ended
                                                      June 29,   June 30,
                                                        2010       2009
                                                      ---------  ---------

Revenues:
  Bakery-cafe sales                                   $ 634,924  $ 554,526
  Franchise royalties and fees                           42,504     37,784
  Fresh dough and other product sales to franchisees     64,906     59,193
                                                      ---------  ---------
    Total revenue                                       742,334    651,503
Costs and expenses:
  Bakery-cafe expenses:
    Cost of food and paper products                   $ 181,025  $ 165,050
    Labor                                               203,713    180,210
    Occupancy                                            49,041     47,358
    Other operating expenses                             83,458     74,857
                                                      ---------  ---------
      Total bakery-cafe expenses                        517,237    467,475
  Fresh dough and other product cost of sales to
   franchisees                                           52,637     49,771
  Depreciation and amortization                          33,924     32,998
  General and administrative expenses                    49,117     38,846
  Pre-opening expenses                                    1,156        745
                                                      ---------  ---------
    Total costs and expenses                            654,071    589,835
                                                      ---------  ---------
Operating profit                                         88,263     61,668
Interest expense                                            333        375
Other expense (income), net                               3,316       (158)
                                                      ---------  ---------
Income before income taxes                               84,614     61,451
Income taxes                                             32,114     23,189
                                                      ---------  ---------
    Net income                                           52,500     38,262
Less: net (loss) income attributable to
 noncontrolling interest                                    (49)       801
                                                      ---------  ---------
    Net income attributable to Panera Bread Company   $  52,549  $  37,461
                                                      =========  =========

Earnings per common share attributable to Panera
 Bread Company:
  Basic                                               $    1.69  $    1.23
                                                      =========  =========
  Diluted                                             $    1.67  $    1.21
                                                      =========  =========

Weighted average shares of common and common
 equivalent shares outstanding:
  Basic                                                  31,183     30,491
                                                      =========  =========
  Diluted                                                31,519     30,849
                                                      =========  =========




                                                     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
                                                      June 29,   June 30,
                                                        2010       2009
                                                      ---------  ---------

Revenues:
  Bakery-cafe sales                                        85.3%      85.1%
  Franchise royalties and fees                              5.7        5.8
  Fresh dough and other product sales to franchisees        9.0        9.1
                                                      ---------  ---------
    Total revenue                                         100.0%     100.0%
Costs and expenses:
  Bakery-cafe expenses (1):
    Cost of food and paper products                        28.1%      29.8%
    Labor                                                  32.0       32.2
    Occupancy                                               7.6        8.6
    Other operating expenses                               13.6       13.7
                                                      ---------  ---------
      Total bakery-cafe expenses                           81.4       84.3
  Fresh dough and other product cost of sales to
   franchisees (2)                                         81.6       83.3
  Depreciation and amortization                             4.5        5.0
  General and administrative expenses                       6.4        5.6
  Pre-opening expenses                                      0.2        0.1
                                                      ---------  ---------
    Total costs and expenses                               87.8       90.1
                                                      ---------  ---------
Operating profit                                           12.2        9.9
Interest expense                                              -        0.1
Other expense, net                                          0.8          -
                                                      ---------  ---------
Income before income taxes                                 11.4        9.8
Income taxes                                                4.3        3.7
                                                      ---------  ---------
    Net income                                              7.0%       6.1%
Less: net (loss) income attributable to
 noncontrolling interest                                      -        0.1
                                                      ---------  ---------
    Net income attributable to Panera Bread Company         7.1%       6.0%
                                                      =========  =========



(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 26 Weeks
                                                              Ended
                                                      June 29,   June 30,
                                                        2010       2009
                                                      ---------  ---------

Revenues:
  Bakery-cafe sales                                        85.5%      85.1%
  Franchise royalties and fees                              5.7        5.8
  Fresh dough and other product sales to franchisees        8.7        9.1
                                                      ---------  ---------
    Total revenue                                         100.0%     100.0%
Costs and expenses:
  Bakery-cafe expenses (1):
    Cost of food and paper products                        28.5%      29.8%
    Labor                                                  32.1       32.5
    Occupancy                                               7.7        8.5
    Other operating expenses                               13.1       13.5
                                                      ---------  ---------
      Total bakery-cafe expenses                           81.5       84.3
  Fresh dough and other product cost of sales to
   franchisees (2)                                         81.1       84.1
  Depreciation and amortization                             4.6        5.1
  General and administrative expenses                       6.6        6.0
  Pre-opening expenses                                      0.2        0.1
                                                      ---------  ---------
    Total costs and expenses                               88.1       90.5
                                                      ---------  ---------
Operating profit                                           11.9        9.5
Interest expense                                              -        0.1
Other expense  (income), net                                0.4          -
                                                      ---------  ---------
Income before income taxes                                 11.4        9.4
Income taxes                                                4.3        3.6
                                                      ---------  ---------
    Net income                                              7.1%       5.8%
Less: net (loss) income attributable to
 noncontrolling interest                                      -        0.1
                                                      ---------  ---------
    Net income attributable to Panera Bread Company         7.1%       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


                         2010 Company-Owned AWS       Year-Over-Year Change
                            By Year Opened             in Company-Owned AWS
               ---------------------------------------  ------------------
                                                              2008
                 2010    2009    2008    2010          2009   Opens
                Opens   Opens  Opens &  Acqui-         Opens    &     AWS
                 [a]     [a]    Prior  sitions   Total  [b]   Prior  Total
               ------- ------- ------- ------- ------- -----  -----  -----
Bakery-Cafes        11      30     551       3     595
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%
2010 YTD       $42,755 $36,863 $41,758 $32,542 $41,492  -1.2%  10.1%   9.4%

[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 8 bakery-cafes at the end of the second quarter of
    2009.

                                                          Year-Over-Year
                    2010 Franchise-Operated AWS        Change in Franchise-
                         By Year Opened                    Operated AWS
               ---------------------------------------  ------------------
                                                              2008
                 2010    2009    2008    2010          2009   Opens
                Opens   Opens  Opens &  Acqui-         Opens    &     AWS
                 [c]     [c]    Prior  sitions   Total  [d]   Prior  Total
               ------- ------- ------- ------- ------- -----  -----  -----
Bakery-Cafes        10      38     753       3     804
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%
2010 YTD       $39,398 $37,518 $43,444 $32,565 $43,120   3.6%  10.4%   9.7%

[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 20 bakery-cafes at the end of the
    second 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                                    Q3 09       9     10      19
Q4 10                                    Q4 09      13      9      22
               ------- ------- -------         -------  -----   -----
2010 YTD            11      10      21  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   26 weeks
                       ended      ended      ended      ended      ended
                     April 27,   June 1,     June     June 29,   June 29,
                       2010       2010     29, 2010     2010       2010
                    ---------- ---------- ---------- ---------- ----------
Company-owned             10.3%      10.3%       8.2%       9.6%       9.8%
Franchise-operated        10.5%      10.3%       9.5%      10.1%       9.7%
System-wide               10.4%      10.3%       9.0%       9.9%       9.7%

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 have 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 b
akery-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.

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