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Panera Bread Company Reports Q1 2014 Diluted EPS of $1.55

ST. LOUIS, MO -- (Marketwired) -- 04/29/14 -- Panera Bread Company (NASDAQ: PNRA)

HIGHLIGHTS
- Q1 2014 Revenue increased 8% to $605 million
- Q1 2014 Company-owned new bakery-cafe AWS of $55,230
- Q1 2014 Company-owned comparable net bakery-cafe sales up 0.1%
- Unfavorable weather impacted Company-owned comparable net bakery-cafe sales by 150 to 200 basis points
- Q2 2014 EPS target of $1.70 to $1.76
- FY 2014 EPS target narrowed to $6.80 to $7.00

Panera Bread Company (NASDAQ: PNRA) today reported net income of $42 million, or $1.55 per diluted share, for fiscal Q1 2014. The fiscal Q1 2014 results compare to net income of $48 million, or $1.64 per diluted share, for fiscal Q1 2013, which included a $2.2 million, or $0.05 per diluted share, benefit from resolution of legal and tax matters.

The Company's fiscal Q1 2014 consolidated statements of comprehensive income and margin analyses are attached to this release as Schedule I. The following table sets forth, for the periods indicated, certain items included in the Company's consolidated statements of comprehensive income (in thousands, except per share data and percentages):


                                          For the 13 Weeks Ended
                                         -----------------------
                                           April 1,   March 26,  Percentage
                                             2014        2013       Change
                                         ----------- ----------- ----------

Total revenue                               $605,337    $561,779          8%
Net income                                   $42,395     $48,117        -12%
Diluted earnings per share                     $1.55       $1.64         -5%
Shares used in diluted EPS                    27,405      29,326

Fiscal Q1 2014 Results and Business Review

Comparable Net Bakery-Cafe Sales Growth

In fiscal Q1 2014, Company-owned, franchise-operated, and system-wide comparable net bakery-cafe sales on a calendar basis each increased 0.1% compared to the comparable period in fiscal 2013. The Company estimates severe weather negatively impacted fiscal Q1 2014 Company-owned comparable net bakery-cafe sales results by approximately 150 to 200 basis points. The Company further estimates these fiscal Q1 2014 Company-owned comparable net bakery-cafe sales results were positively impacted by approximately 50 basis points from the shift of the Easter holiday from calendar Q1 2013 to calendar Q2 2014.

Note that on a fiscal basis, Company-owned comparable net bakery-cafe sales increased 0.7%. However, the Company believes that the calendar basis comparison better reflects the performance of the business as it eliminates the impact of the extra week in fiscal 2013 and compares consistent calendar weeks.

The Company-owned comparable net bakery-cafe sales increase of 0.1% in fiscal Q1 2014 was comprised of year-over-year average check growth of 2.9% and transaction decline of 2.8%. After adjusting for weather and the Easter holiday shift, the decline in fiscal Q1 2014 transactions was approximately 1.3% to 1.8%. Average check growth was comprised of retail price increases of approximately 1.7% and positive mix impact of approximately 1.2%. A schedule of comparable net bakery-cafe sales information is attached to this release as Schedule III.

Operating Margin

In fiscal Q1 2014, the Company experienced a decline in operating margin of approximately 250 basis points compared to fiscal Q1 2013. This decline was primarily the result of continued investments related to key initiatives designed to improve the Company's operational capabilities, technical resources, and customer experience, as well as increased marketing expenses and the untoward impact of unusually severe winter weather in fiscal Q1 2014.

New Bakery-Cafe Development and AWS

During fiscal Q1 2014, the Company opened 16 new bakery-cafes and its franchisees opened 11 new bakery-cafes. As a result, there were 1,800 bakery-cafes open system-wide as of April 1, 2014.


                                        Company-    Franchise-     Total
                                         owned       operated      System
                                      -----------  -----------  -----------
Bakery-cafes as of December 31, 2013          867          910        1,777
Bakery-cafes opened                            16           11           27
Bakery-cafes closed                            (2)          (2)          (4)
                                      -----------  -----------  -----------
Bakery-cafes as of April 1, 2014              881          919        1,800
                                      ===========  ===========  ===========

Average weekly sales ("AWS") for Company-owned new bakery-cafes in fiscal Q1 2014 were $55,230 compared to $61,912 in the same period of fiscal 2013, which represents the second highest opening AWS in the Company's history for fiscal Q1. AWS for franchise-operated new bakery-cafes in fiscal Q1 2014 was $58,891 compared to $51,543 in the same period of fiscal 2013. AWS for Company-owned new traditional bakery-cafes in fiscal Q1 2014 was $56,737 compared to $64,593 in the same period of fiscal 2013. AWS for Company-owned new non-traditional bakery-cafes in the fiscal Q1 2014 was $35,901 compared to $52,779 in the same period of fiscal 2013. Non-traditional bakery-cafes refers to a range of alternate formats that the Company believes will allow it to more deeply penetrate existing and new territories with a range of different formats.

A schedule of fiscal Q1 2014 AWS is attached to this release as Schedule II.

Use of Capital

During fiscal Q1 2014, the Company repurchased 271,412 shares at an average price of $184.22 per share for an aggregate purchase amount of approximately $50 million. The share repurchases had a nominal impact on the Company's fiscal Q1 2014 earnings per diluted share. The Company has approximately $198 million remaining under its existing $600 million repurchase authorization as of the date of this release.

Fiscal Q2 2014 Outlook

The Company is targeting fiscal Q2 2014 diluted earnings per share of $1.70 to $1.76, which would represent a range of a decrease of 2% to an increase of 1% in fiscal Q2 2014 versus the comparable period in fiscal 2013. The Company is announcing today that Company-owned comparable net bakery-cafe sales growth on a calendar basis in the first 27 days of fiscal Q2 2014 were approximately 0.4%. The Company estimates the shift of the Easter holiday from calendar Q1 2013 to calendar Q2 2014 negatively impacted the comparable sales results for the first 27 days by approximately 150 basis points.

Updated Fiscal Full Year 2014 Outlook

Diluted EPS

The Company is today narrowing its target range for fiscal 2014 earnings per diluted share to $6.80 to $7.00. This range assumes the Company will continue to make investments in key initiatives consistent with its strategic plan throughout fiscal 2014. This range also includes the Company's expectation that it will continue to repurchase shares consistently throughout the year but likely at lower targeted amounts compared to fiscal 2013.

This full year fiscal 2014 diluted earnings per share target range is based on the following key assumptions:

Comparable Net Bakery-Cafe Sales Growth

The range for the Company's fiscal 2014 Company-owned comparable net bakery-cafe sales growth is now narrowed to 2.0% to 3.5%. The Company continues to expect both comparable net bakery-cafe sales growth and transaction growth to strengthen in the second half of fiscal 2014 as a result of the timing and momentum of initiatives that are underway.

Operating Margin

For fiscal 2014, the Company continues to expect operating margin will be down 75 to 125 basis points when compared to fiscal 2013. This target reflects the full year impact of the key initiatives and related investments that are underway.

New Bakery-Cafe Development and AWS

The Company is maintaining its previous target of 115 to 125 system-wide new bakery-cafe openings in fiscal 2014 and its average weekly net sales performance target for new Company-owned bakery-cafes of $41,000 to $43,000 for fiscal 2014.

Concluding Comment

Ron Shaich, Chairman and CEO, commented, "Investors should view Q1 against the backdrop of Panera's comprehensive effort - extending over multiple years - to shape the future of our company. Historically, every five to ten years, Panera has re-staged its business to drive future growth. Each time, these efforts have yielded material and sustained earnings growth. We are intent on doing that yet again. In March, at our Investor Day, we laid out our vision and plans to enhance Panera's competitive position while, at the same time, expand opportunities for growth. We believe that these initiatives have the potential, over the next few years, to create a new inflection point for Panera."

Notes:

The Company will host a conference call that will be broadcast on the Internet at 8:30 A.M. Eastern Time on Wednesday, April 30, 2014 to discuss the fiscal Q1 2014 results, preliminary comparable net bakery-cafe sales results for the first 27 days of fiscal Q2 2014, and earnings targets and business outlook for fiscal Q2 2014 and full year fiscal 2014. 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, and the release will be archived for one year.

The Company includes in this release information on Company-owned, franchise-operated, and system-wide comparable net bakery-cafe sales percentages. Company-owned comparable net bakery-cafe sales percentages are based on net sales from Company-owned bakery-cafes included in base store bakery-cafes. Franchise-operated comparable net bakery-cafe sales percentages are based on net sales from franchised bakery-cafes, as reported by franchisees, that are included in base store bakery-cafes. Acquired Company-owned and franchise-operated bakery-cafes and other restaurant or bakery-cafe concepts are included in the Company's comparable net bakery-cafe sales percentages after it has acquired a 100 percent ownership interest and if such acquisition occurred prior to the first day of the Company's prior fiscal year. Comparable net bakery-cafe sales exclude closed locations.

The Company does not record franchise-operated net bakery-cafe sales as revenues. However, royalty revenues are calculated based on a percentage of franchise-operated net bakery-cafe sales, as reported by franchisees. The Company uses franchise-operated and net system-wide sales information internally in connection with store development decisions, planning, and budgeting analyses. The Company believes franchise-operated and net system-wide sales information is useful in assessing consumer acceptance of its brand; facilitates an understanding of its financial performance and the overall direction and trends of sales and operating income; helps the Company appreciate the effectiveness of its advertising and marketing initiatives which its franchisees also contribute based on a percentage of their net sales; and provides information that is relevant for comparison within the industry.

About Panera Bread Company

Panera Bread Company owns and franchises 1,800 bakery-cafes as of April 1, 2014 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 the United States 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 our 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, future earnings per share, and the impact of our investments in sales-building initiatives and operational capabilities on future sales and earnings, contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are often identified by the words "believe," "positioned," "estimate," "project," "target," "plan," "goal," "assumption," "continue," "intend," "expect," "future," "anticipate," and other similar expressions, whether in the negative or the affirmative, that are not statements of historical fact. These forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict, and you should not place undue reliance on our forward-looking statements. 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 reports filed with the Securities and Exchange Commission, including our annual report on Form 10-K for the fiscal year ended December 31, 2013 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 COMPREHENSIVE INCOME
                                (unaudited)
                  (In thousands, except per share amounts)

                                                    For the 13 Weeks Ended
                                                     April 1,    March 26,
                                                       2014         2013
                                                   -----------  -----------
Revenues:
  Bakery-cafe sales, net                           $   535,549  $   497,519
  Franchise royalties and fees                          28,892       26,577
  Fresh dough and other product sales to
   franchisees                                          40,896       37,683
                                                   -----------  -----------
      Total revenues                                   605,337      561,779
Costs and expenses:
  Bakery-cafe expenses:
      Cost of food and paper products              $   158,894  $   146,417
      Labor                                            162,463      148,598
      Occupancy                                         39,251       36,153
      Other operating expenses                          75,817       67,945
                                                   -----------  -----------
        Total bakery-cafe expenses                     436,425      399,113
  Fresh dough and other product cost of sales to
   franchisees                                          35,634       32,598
  Depreciation and amortization                         29,442       24,365
  General and administrative expenses                   35,007       28,307
  Pre-opening expenses                                   1,824        1,091
                                                   -----------  -----------
      Total costs and expenses                         538,332      485,474
                                                   -----------  -----------
Operating profit                                        67,005       76,305
Interest expense                                           623          302
Other (income) expense, net                             (1,212)      (2,420)
                                                   -----------  -----------
Income before income taxes                              67,594       78,423
Income taxes                                            25,199       30,306
                                                   -----------   ----------
      Net income                                   $    42,395  $    48,117
                                                   ===========  ===========

Earnings per common share:
  Basic                                            $      1.55  $      1.65
                                                   ===========  ===========
  Diluted                                          $      1.55  $      1.64
                                                   ===========  ===========
Weighted average shares of common and common
 equivalent shares outstanding:
  Basic                                                 27,269       29,150
                                                   ===========  ===========
  Diluted                                               27,405       29,326
                                                   ===========  ===========

Other comprehensive loss, net of tax:
  Foreign currency translation adjustment          $      (394) $      (366)
                                                   -----------  -----------
    Other comprehensive loss                              (394)        (366)
                                                   -----------  -----------
Comprehensive income                               $    42,001  $    47,751
                                                   ===========  ===========



                                                      Schedule I (continued)

                            PANERA BREAD COMPANY
               CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                               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 comprehensive income for the period indicated. Percentages may not add due to rounding:


                                                     For the 13 Weeks Ended
                                                      April 1,    March 26,
                                                        2014        2013
                                                     ----------  ----------
Revenues:
  Bakery-cafe sales, net                                   88.5%       88.6%
  Franchise royalties and fees                              4.8         4.7
  Fresh dough and other product sales to franchisees        6.8         6.7
                                                     ----------  ----------
      Total revenues                                      100.0%      100.0%
Costs and expenses:
  Bakery-cafe expenses (1):
    Cost of food and paper products                        29.7%       29.4%
    Labor                                                  30.3        29.9
    Occupancy                                               7.3         7.3
    Other operating expenses                               14.2        13.7
                                                     ----------  ----------
      Total bakery-cafe expenses                           81.5        80.2
  Fresh dough and other product cost of sales to
   franchisees (2)                                         87.1        86.5
  Depreciation and amortization                             4.9         4.3
  General and administrative expenses                       5.8         5.0
  Pre-opening expenses                                      0.3         0.2
                                                     ----------  ----------
    Total costs and expenses                               88.9        86.4
                                                     ----------  ----------
Operating profit                                           11.1        13.6
Interest expense                                            0.1         0.1
Other (income) expense, net                                (0.2)       (0.4)
                                                     ----------  ----------
Income before income taxes                                 11.2        14.0
Income taxes                                                4.2         5.4
                                                     ----------  ----------
    Net income                                              7.0%        8.6%

Other comprehensive loss                                   (0.1)       (0.1)
                                                     ----------  ----------
    Comprehensive income                                    6.9%        8.5%
                                                     ==========  ==========
(1) As a percentage of net bakery-cafe sales.

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



                                                                 Schedule II

                            PANERA BREAD COMPANY
               Supplemental Sales and Bakery-Cafe Information

                        System-Wide Average Weekly Sales ("AWS")
               2014[a]       2013         2012         2011         2010
            ------------ ------------ ------------ ------------ ------------
AWS              $46,925      $47,403      $46,676      $44,313      $42,852

[a] Represents year-to-date system-wide AWS at the end of the first quarter
    fiscal 2014.


                           2014 Company-Owned AWS By Year Opened
               ------------------------------------------------------------
                                        2012
                  2014       2013     Opens &         2013
               Opens [b]  Opens [b]    Prior    Acquisitions [d]    Total
               ---------  ---------  ---------  ----------------  ---------
 Bakery-Cafes         16         63        801                 1        881
     Q1 14       $55,230    $40,919  $  47,539           $55,601    $47,142



                                Year-Over-Year Change in
                                    Company-Owned AWS
                             ------------------------------
                               2013       2012
                               Opens     Opens &      AWS
                                [c]       Prior      Total
                             --------   --------   --------
                Bakery-Cafes
                    Q1 14      -33.9%       1.0%       0.0%

[b] 2014 and 2013 Company-owned AWS excludes acquisition data.

[c] Change in Company-owned AWS in 2014 from 2013 compares 63 bakery-cafes
    in 2014 against 10 bakery-cafes at the end of the first quarter fiscal
    2013.

[d] Represents one Panera bakery-cafe in 2013.


              2014 Franchise-Operated AWS By Year  Year-Over-Year Change in
                             Opened                 Franchise-Operated AWS
              ----------------------------------- -------------------------
                2014     2013     2012              2013     2012
                Opens    Opens   Opens &           Opens   Opens &    AWS
                 [e]      [e]     Prior    Total    [f]     Prior    Total
              -------- -------- -------- -------- -------  -------  -------
 Bakery-Cafes       11       70      838      919
    Q1 14      $58,891  $43,874  $46,881  $46,717   -14.9%     0.2%    -0.2%

[e] 2014 and 2013 Franchise-operated AWS excludes acquisition data.

[f] Change in Franchise-operated AWS in 2014 from 2013 compares 70 bakery-
    cafes in 2014 against 12 bakery-cafes at the end of the first quarter
    fiscal 2013.


                                 Traditional and Non-Traditional AWS [g]
                             -----------------------------------------------
                                                Franchise-
                              Company-Owned      Operated      System-Wide
                             --------------- --------------- ---------------
                               2014    2013    2014    2013    2014    2013
                              Opens   Opens   Opens   Opens   Opens   Opens
                             ------- ------- ------- ------- ------- -------
  Traditional Bakery-Cafes      13      9       10      12      23      21
Non-Traditional Bakery-Cafes    3       1       1       --      4       1
       Traditional AWS       $56,737 $64,593 $58,739 $51,543 $57,518 $56,191
     Non-Traditional AWS     $35,901 $52,779 $59,033    --   $44,082 $52,779
                             ------- ------- ------- ------- ------- -------
            Total            $55,230 $61,912 $58,891 $51,543 $56,647 $55,863

[g] Represents year-to-date bakery-cafe openings and AWS for the first
    quarter fiscal 2014 and the first quarter fiscal 2013. Traditional
    bakery-cafes generally represent bakery-cafes opened in suburban
    geographies approximating our standard 4,200 square foot design. Non-
    traditional bakery-cafes reflect all other bakery-cafes including urban,
    small footprint formats, and delivery units.


                   Bakery-Cafe Openings (excluding acquisitions) [h]
           -----------------------------------------------------------------
            Company Franchise   Total            Company  Franchise   Total
           -------- --------- --------          --------- --------- --------
   Q1 14      16        11       27      Q1 13      10        12       22
   Q2 14                                 Q2 13      18        19       37
   Q3 14                                 Q3 13      17        15       32
   Q4 14                                 Q4 13      18        24       42
           -------- --------- --------          --------- --------- --------

 2014 YTD     16        11       27    2013 YTD     63        70       133
[Bakery-cafes opened in first quarter fiscal 2014 exclude openings of one
hCompany-owned catering hub. As of first quarter fiscal 2014, there were
]seven Company-owned catering hubs operating.
                                                                Schedule III

                            PANERA BREAD COMPANY
                Comparable Net Bakery-Cafe Sales Information

Set forth below is comparable net bakery-cafe sales growth information on a calendar basis comparing the first quarter fiscal 2014 to comparable periods in the prior year:


                   For the 4 Weeks   For the 5     For the 4     For the 13
                        Ended       Weeks Ended   Weeks Ended   Weeks Ended
                  January 28, 2014 March 4, 2014 April 1, 2014 April 1, 2014
                  ---------------- ------------- ------------- -------------
Company-owned          (3.1)%           0.2%          3.0%          0.1%
Franchise-
 operated              (3.2)%           0.6%          2.7%          0.1%
System-wide            (3.1)%           0.4%          2.8%          0.1%

Set forth below is Company-owned comparable net bakery-cafe sales growth information for the first quarter fiscal 2014 adjusted for the estimated impact of the Easter shift between calendar quarters and severe weather:



                               For the 13 Weeks Ended For the 13 Weeks Ended
                                    April 1, 2014          April 1, 2014
                               ---------------------- ----------------------
                                    Low Estimate           High Estimate
                               ---------------------- ----------------------
Company-owned As Reported               0.1%                   0.1%
Severe Weather                          1.5%                   2.0%
Easter Shift                           (0.5)%                 (0.5)%
                               ---------------------- ----------------------
Adjusted Company-owned                  1.1%                   1.6%

Contact:
Michele Harrison
Vice President, Investor Relations
(314-984-4966)

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