EXHIBIT 1

Selected Consolidated Financial Data for Panera Bread, 20092014 (in thousands, except for per-share amounts)

income Statement Data	2014	2013	2012	2011	2009
Revenues:
Bakery-Caf sales	$2,230,370	$2,108,908	$1,879,280	$1,592,951	$1,153,255
Franchise royalties and fees	123,686	112,641	102,076	92,793	78,367
Fresh dough and other product sales to franchisees	175,139	163,453	148,701	136,288	121,872
Total revenues	2,529,195	2,385,002	2,130,057	1,822,032	1,353,494
Bakery-Caf expenses:
Food and paper products	669,860	625,622	552,580	470,398	337,599
Labor	685,576	625,457	559,446	484,014	370,595
Occupancy	159,794	148,816	130,793	115,290	95,996
Other operating expenses	314,879	295,539	256,029	216,237	155,396
Total bakery-Caf expenses	1,830,109	1,695,434	1,498,848	1,285,939	959,586
Fresh dough and other product cost of sales to franchisees	152,267	142,160	131,006	116,267	100,229
Depreciation and amortization	124,109	106,523	90,939	79,899	67,162
General and administrative expenses	138,060	123,335	117,932	113,083	83,169
Pre-opening expenses	8,707	7,794	8,462	6,585	2,451
Total costs and expenses	2,253,252	2,075,246	1,847,187	1,601,773	1,212,597
Operating profit	275,943	309,756	282,870	220,259	140,897
Interest expense	1,824	1,053	1,082	822	700
Other (income) expense, net	(3,175)	(4,017)	(1,208)	(466)	273
Income taxes	98,001	116,551	109,548	83,951	53,073
Less net income (loss) attributable to noncontrolling interest	---	---	---	---	801
Net income to shareholders	$179,293	$196,169	$173,448	$ 135,952	$ 86,050
Earnings per share
Basic	$6.67	$6.85	$5.94	$4.59	$2.81
Diluted	6.64	6.81	5.89	4.55	2.78
Weighted average shares outstanding
Basic	26,881	28,629	29,217	29,601	30,667
Diluted	26,999	28,794	29,455	29,903	30,979
Balance Sheet Data
Cash and cash equivalents	$196,493	$125,245	$297,141	$ 222,640	$246,400
Current assets	406,384	302,716	478,842	353,119	322,084
Total assets	1,390,902	1,180,862	1,268,163	1,027,322	837,165
Current liabilities	352,712	303,325	277,540	238,334	142,259
Total liabilities	654,718	177,645	168,704	372,246	240,129
Stockholders equity	736,184	699,892	821,919	655,076	597,036
Cash Flow Data
Net cash provided by operating activities	$ 335,079	$ 348,417	$ 289,456	$ 236,889	$ 214,904
Net cash used in investing activities	(211,317)	(188,307)	(195,741)	(152,194)	(49,219)
Net cash (used in) provided by financing activities	(52,514)	(332,006)	(19,214)	(91,354)	6,005
Net (decrease) increase in cash and cash equivalents	71,248	(171,896)	74,501	(6,659)	171,690

Question: What does the data in case Exhibit 1 reveal about Panera Breads financial performance? How well is the company doing financially? Use the financial ratios in the Appendix (Gross profit margin, operating profit margin, total return on assets)as a guide in doing the calculations needed to arrive at an analysis-based answer to your assessment of Paneras recent financial performance.