8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 18, 2003

PANERA BREAD COMPANY

(Exact name of registrant as specified in its charter)

Delaware
(State or Other Jurisdiction of
Incorporation) 000-19253
(Commission File Number) 04-2723701
(IRS Employer Identification No.)

6710 Clayton Road
Richmond Heights, MO
(Address of principal executive offices) 63117
(Zip Code)

314-633-7100
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

TABLE OF CONTENTS

EX-99.1 Press Release

Item 7. Exhibit

Exhibit No.	Exhibit
99.1	Press Release, dated September 18, 2003 (furnished pursuant to Items 9 and 12)

Item 9. Regulation FD Disclosure

     Attached as Exhibit 99.1, and incorporated herein by reference, is a copy of the registrant’s press release dated September 18, 2003, announcing its comparable store sales for the four weeks ended September 6, 2003.

Item 12. Results of Operations and Financial Condition

     Attached as Exhibit 99.1, and incorporated herein by reference, is a copy of the registrant’s press release dated September 18, 2003, announcing its comparable store sales for the four weeks ended September 6, 2003.

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PANERA BREAD COMPANY
By:		/s/ Mark E. Hood
	Name:	Mark E. Hood
	Title:	Senior Vice President, Chief Financial Officer

Date: September 18, 2003

EXHIBIT INDEX

Exhibit No.	Exhibit
99.1	Press Release, dated September 18, 2003 (furnished pursuant to Items 9 and 12)

EX-99.1 3 c79648exv99w1.htm EX-99.1 PRESS RELEASE

PRESS RELEASE
Contact:	Mark E. Hood
	SVP, Chief Financial Officer (314-633-7255)

Panera Bread Reports System-Wide Average Weekly Sales Increased 1.0% and Comparable
Bakery-Cafe Sales Increased 0.5% for the Four Weeks Ended September 6, 2003

St. Louis, MO, September 18, 2003 — Panera Bread Company (Nasdaq:PNRA) today reported that system-wide comparable bakery-cafe sales increased 0.5% for the four weeks ended September 6, 2003. The breakdown between Company-owned and franchised bakery-cafes is as follows:

	For the 4 weeks ended			For the 8 weeks ended
	September 6, 2003			September 6, 2003
Company-owned		1.6	%		2.3	%
Franchised		0.0	%		0.1	%
Total System		0.5	%		0.8	%

Average system-wide weekly sales (excluding closed locations) increased 1.0% to $35,802 for the four weeks ended September 6, 2003 compared to $35,453 for the four weeks ended September 7, 2002.

The reported comparable sales increases for the four weeks ended September 6, 2003 were negatively impacted by sales lost during the power outage and related lack of safe drinking water that occurred during the August 14th to August 18th time frame. The Company estimates that these lost sales decreased the reported system-wide comparable sales increase by 0.5% (1.0% lower Company-owned and 0.2% lower franchise).

Included above are franchised and system-wide comparable bakery-cafe sales increases and system-wide average weekly sales. Management believes system-wide sales information, particularly average weekly sales, is useful in assessing consumer acceptance of the Company’s bakery-cafe concept as it measures the impact of both comparable sales and new stores. Franchise sales information also provides an understanding of the Company’s revenues as royalties from franchisees are based on their sales.

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.

Matters discussed in this news release, including any discussion or impact, express or implied, on the Company’s anticipated growth, operating results 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. The statements identified by the words “believe”, “positioned”, “estimate”, “project”, “target”, “continue”, “will”, “intend”, “expect”, “future”, “anticipates”, and similar expressions express management’s present belief, expectations, or intentions regarding the Company’s future performance. The Company’s actual results could differ materially from those set forth in the forward-looking statements due to known and unknown risks and uncertainties and could be negatively impacted by a number of factors. These factors include but are not limited to the following: the availability of sufficient capital to the Company and the developers party to franchise development agreements with the Company; variations in the number and timing of bakery-cafe openings; public acceptance of new bakery-cafes; competition; national and regional weather conditions; changes in restaurant operating costs, particularly food and labor; and other factors that may affect retailers in general. These and other risks are discussed from time to time in the Company’s SEC reports, including its Form 10-K/A for the year ended December 28, 2002.

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EX-99.1

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