Panera Bread 2010 Annual Report Download - page 4

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Future
We believe that our model of increasing our store profit through investing in the quality of our customers’
experience to drive differentiation and competitive advantage; unit growth; driving operating leverage and
deploying our excess capital in high ROI investments positions us well to continue to deliver our targeted
long-term EPS growth rate of 15% — 20% annually.
Sincerely,
William W. Moreton
President and Chief Executive Officer