Panera Bread 2009 Annual Report Download - page 96

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COMPARISON OF CUMULATIVE TOTAL RETURN
(Assumes $100 Investment on December 25, 2004)
The following graph and chart compares the cumulative annual stockholder return on our Class A common
stock over the period commencing December 25, 2004 and ending on December 29, 2009, 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 25, 2004. 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. The following
graph and related information shall not be deemed “soliciting material” or to be “filed” with the Securities and
Exchange Commission, nor shall such information 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
$200
12/25/04 12/27/05 12/26/06 12/25/07 12/30/08 12/29/09
Panera Bread Company NASDAQ Composite S&P MidCap Restaurants
* $100 invested on 12/25/04 in stock and 12/31/04 in index, including reinvestment of dividends.
Index calculated on month-end basis.
Base Period
December 25,
2004
December 27,
2005
December 26,
2006
December 25,
2007
December 30,
2008
December 29,
2009
Panera Bread Company $100.00 $168.92 $139.62 $ 91.54 $126.40 $172.74
NASDAQ Composite Index $100.00 $101.33 $114.01 $123.71 $ 73.11 $105.61
S&P MidCap Restaurants Index $100.00 $117.38 $115.73 $100.96 $ 64.89 $ 85.04
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.