Panera Bread Company (Nasdaq: PNRA) today reported that
system-wide comparable bakery-cafe sales have increased 8.5% for the eight weeks ended February 24, 2001.
The breakdown between company-owned and franchised bakery-cafes is as follows for the two periods completed
in fiscal year 2001.

Ron Shaich, chairman and chief executive officer commented, “We are very pleased that our strong sales
momentum from 2000 has carried over into this year. Our sales continue to be positively impacted by the strong
consumer response to our concept, increasing market penetration and solid operational execution. Given the
strength of our comparable bakery-cafe sales to date, we are now increasing our first quarter earnings per share
target to $0.18.”

The company will begin reporting comparable bakery-cafe sales each four-week period going forward.

Panera Bread Company owns and franchises bakery-cafes under the Panera Bread and Saint Louis Bread Co.
names. The company is a leader in the emerging specialty bread/cafe category due to its unique bread combined
with a quick, casual dining experience. Additional information is available on the company’s website,
www.panerabread.com .