Panera Bread 2007 Annual Report Download - page 6

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acceptance in our industry, ranked 138 concepts by polling 84,000 customers in 70 major U.S. markets. I
am pleased to say that Panera ranked number 2 among all 138 chains. In fact, 57 percent of our customers
ranked us excellent on their last visit. And Panera posted “best in industry” in multiple categories,
including quality of ingredients, variety of menu items and restaurant cleanliness.
Let me also note that we began 2008 by strengthening our Board of Directors with the selection of
Dominic Colasacco as our Lead Independent Director and the appointments of W. Austin Ligon and
Charles J. Chapman III as new members of our Board. Dom has been a leader on our Board for the last
eight years and is the President and Chief Executive Officer of Boston Trust and Investment
Management. Austin is the co-founder and former President and CEO of CarMax, Inc. Chuck is the Chief
Operating Officer of Berkshire Hathaway’s American Dairy Queen Corporation. These changes bring
additional strength, new perspectives and valued experience to our Board.
To conclude, I’d like to be very direct. Panera is a powerful concept. The Sandelman survey, our
industry-leading average weekly sales in more than 1,200 locations and the fact that over $1 billion in
stockholder value has been created over the last decade all speak to that fact. At the same time, we realize
that your support of Panera in 2007 may have cost you something. It is to you, the stockholder who has
believed in us and invested in us, to whom we feel the greatest sense of responsibility. And we recognize
our obligation to deliver results for you that fuel increased stockholder value.
I want to take this opportunity to thank all of you who have stuck with us in a tough year for our industry
and our Company. Your support, combined with that of our Board, our Support Center teams, our
operators, our joint venture partners and our franchisees, really does mean something to us. Know that we
will do all in our power to deliver for you in 2008 and beyond.
All my best,
Ronald M. Shaich
Chairman and Chief Executive Officer