EXHIBIT 99.1

PRESS RELEASE
Contact:   William W. Moreton
           Chief Financial Officer
Phone:  (314) 633-7123


     PANERA BREAD REPORTS SYSTEM-WIDE COMPARABLE BAKERY-CAFE SALES INCREASED
                 4.4% FOR THE FOUR WEEKS ENDED SEPTEMBER 7, 2002


St. Louis, MO, September 26, 2002 - Panera Bread Company (Nasdaq:PNRA) today
reported that system-wide comparable bakery-cafe sales (excluding the one
specialty bakery-cafe and closed locations) increased 4.4% for the four weeks
ended September 7, 2002 and 4.9% for the eight weeks ended September 7, 2002.
The breakdown between company-owned and franchised bakery-cafes is as follows.

<Table>
<Caption>
                                          For the Four              For the Eight
                                          Weeks Ended                Weeks Ended
                                       September 7, 2002          September 7, 2002
                                       -----------------          -----------------
                                                            
Company-owned                                 3.4%                      4.0%
Franchised                                    4.8%                      5.3%
Total System                                  4.4%                      4.9%
</Table>


Average system-wide weekly sales (excluding the one specialty bakery-cafe and
closed locations) increased 4.3% to $35,453 for the four weeks ended September
7, 2002 compared to $33,979 for the four weeks ended September 8, 2001.

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 29, 2001.





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