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): June 24, 2004

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

	Item 7. Exhibit
	Item 9. Regulation FD Disclosure
	Item 12. Results of Operations and Financial Condition
SIGNATURE
EXHIBIT INDEX
Press Release

Item 7. Exhibit

Exhibit No.	Exhibit
99.1	Press Release, dated June 24, 2004 (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 June 24, 2004, announcing its comparable store sales for the four weeks ended June 12, 2004.

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 June 24, 2004, announcing its comparable store sales for the four weeks ended June 12, 2004.

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: June 24, 2004

EXHIBIT INDEX

Exhibit No.	Exhibit
99.1	Press Release, dated June 24, 2004 (furnished pursuant to Items 9 and 12)

EX-99.1

PRESS RELEASE
Contact: Mark E. Hood

SVP, Chief Financial Officer (314-633-7255)

Panera Bread Reports System-Wide Comparable Bakery-Cafe Sales
Decreased 0.9% For the Four Weeks Ended June 12, 2004

St. Louis, MO, June 24, 2004 – Panera Bread Company (Nasdaq:PNRA) today reported that system-wide comparable bakery-cafe sales decreased 0.9% for the four weeks ended June 12, 2004. The breakdown between Company-owned and franchised bakery-cafes is as follows:

	For the 4 weeks ended			For the 8 weeks ended
	June 12, 2004			June 12, 2004
Company-owned		-0.1	%		2.0	%
Franchised		-1.3	%		1.4	%
Total System		-0.9	%		1.5	%

System-wide annualized average unit volumes for the 52 weeks ended June 12, 2004 increased by 0.3% to $1.85 million.

Included above are franchised and system-wide comparable bakery-cafe sales increases and system-wide annualized average unit volumes. Management believes system-wide sales information, particularly annualized average unit volumes, is useful in assessing consumer acceptance of the Company’s bakery-cafe concept as it measures the impact of both comparable bakery-cafes and new bakery-cafes. Franchisee 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 for the year ended December 27, 2003.