Industry News | January 16, 2003

Comparable Sales at Panera Bread Up By 3.5 Percent

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Panera Bread Company (today reported that system-wide comparable bakery-cafe sales (excluding the one specialty bakery-cafe and closed locations) increased 3.5% for the four weeks ended December 28, 2002 and 4.8% for the 12 weeks ended December 28, 2002.

Average system-wide weekly sales (excluding the one specialty bakery-cafe and closed locations) increased 3.1% to $36,843 for the four weeks ended December 28, 2002 compared to $35,720 for the four weeks ended December 29, 2001. Average system-wide sales (excluding the one specialty bakery-cafe and closed locations) increased 4.5% to $37,162 for the 12 weeks ended December 28, 2002, compared to $35,550 for the 12 weeks ended December 29, 2001.

Ron Shaich, chairman and chief executive officer commented, "Our comparable bakery-cafe sales were negatively impacted by the severe winter weather, the shift in the Thanksgiving holiday, and weakness in our mall locations (mall locations represent approximately 10% of our system's total bakery-cafes and had comparable bakery-cafe sales of -0.8% for the four weeks ended December 28, 2002)."

Shaich concluded, "Based on the overall strength of our business during the quarter and the fact that we met our overall development target of 115 bakery cafes for fiscal year 2002 (consisting of 23 company-owned and 92 franchised bakery-cafes), we continue to be comfortable with our fourth quarter earnings per share target of $0.24."