Panera Bread Company has reported that system-wide comparable bakery-cafe sales increased 2.0% for the four weeks ended January 25, 2003. That increase breaks down into a 0.8% increase for company-owned stores and a 2.5% increase for franchised locations.

Average system-wide weekly sales (excluding the one specialty bakery-cafe and closed locations) increased 4.0% to $34,753 for the four weeks ended January 25, 2003 compared to $33,425 for the four weeks ended January 26, 2002.

The Company reiterated the 2003 earnings per share target of $0.99. This target is based on comparable system-wide bakery-cafe sales increases of 3% and the development of 120 new bakery-cafes (28 company-owned and 92 franchised).

The Company will release its fourth quarter and full year 2002 earnings on February 25, 2003 prior to market open.