Panera Bread 2008 Annual Report Download - page 98

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COMPARISON OF CUMULATIVE TOTAL RETURN
(Assumes $100 Investment on December 27, 2003)
The following graph and chart compares the cumulative annual stockholder return on our Class A Common
Stock over the period commencing December 27, 2003 and ending on December 30, 2008, to that of the total return for
The NASDAQ Composite Index and the Standard & Poor’s MidCap Restaurants Index, assuming an investment of
$100 on December 27, 2003. In calculating total annual stockholder return, reinvestment of dividends, if any, is
assumed. The indices are included for comparative purposes only. They do not necessarily reflect management’s
opinion that such indices are an appropriate measure of the relative performance of our Class A Common Stock and
are not intended to forecast or be indicative of future performance of the Class A Common Stock. This graph is not
“soliciting material,” is not deemed filed with the Securities and Exchange Commission and is not to be incorporated
by reference in any of our filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of
1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language
in any such filing. We obtained information used on the graph from Research Data Group, Inc., a source we believe to
be reliable, but we disclaim any responsibility for any errors or omissions in such information.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
Among Panera Bread Company, The NASDAQ Composite Index
And S&P MidCap Restaurants
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
12/27/03 12/25/04 12/27/05 12/26/06 12/25/07 12/30/08
Panera Bread Company NASDAQ Composite S&P MidCap Restaurants
* $100 invested on 12/27/03 in stock & 12/31/03 in index-including reinvestment of dividends.
Indexes calculated on month-end basis.
Base Period
December 27,
2003
December 25,
2004
December 27,
2005
December 26,
2006
December 25,
2007
December 30,
2008
Panera Bread Company $100.00 $100.58 $169.90 $140.43 $ 92.08 $127.14
NASDAQ Composite Index $100.00 $110.08 $112.88 $126.51 $138.13 $ 80.47
S&P MidCap Restaurants Index $100.00 $103.64 $113.81 $116.22 $106.87 $ 54.96
For the S&P MidCap Restaurants Index and the NASDAQ Composite Index, the total return to stockholders is
based on the values of such indices as of the last trading day of the relevant calendar year, which may be different
from the end of our fiscal year.