STARBUCKS COFFEE COMPANY

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEARS ENDING DECEMBER 31 2004-2007
(IN MILLIONS OF DOLLARS)

INCOME STATEMEN
2004
NET SALES $ 5,294.00
LESS:OPERATING COST $ 4,160.00
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES $ 304.00
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA) $ 830.00
LESS: DEPRECIATION AND AMORTIZATION $ 280.00
EARNINGS BEFORE INTEREST AND TAXES (EBIT) $ 550.00
ADD:NON-OPERATING INCOME $ 75.00
LESS: INTEREST $ -
EARNINGS BEFORE TAXES (EBT) $ 625.00
LESS: TAXES $ 232.00
NET INCOME BEFORE PREFERRED DIVIDENDS $ 393.00
LESS: PREFERRED DIVIDENDS $ -
INCOME FROM CONTINUING OPERATION BEFORE EXTRA ORDINARY ITEMS $ 393.00
LESS: EXTRAORDINARY ITEMS $ -
NET INCOME AFTER PREFERRED DIVIDENDS $ 393.00
LESS: COMMON DIVIDENDS $ -
ADDITION TO RETAINED EARNINGS $ 393.00

NET INCOME PER SHARE:

BASIC $ 0.49
DIVIDENDS PER SHARE 0
FFEE COMPANY
PREHENSIVE INCOME
DECEMBER 31 2004-2007
OF DOLLARS)

INCOME STATEMENTS COMMON SIZE INCOME STATEMENTS

2005 2006 2007 2004 2005 2006 2007
$ 6,369.00 $ 7,787.00 $ 9,411.00 100.00% 100.00% 100.00% 100.00%
$ 4,963.00 $ 6,120.00 $ 7,509.00 78.58% 77.92% 78.59% 79.79%
$ 362.00 $ 479.00 $ 489.00 5.74% 5.68% 6.15% 5.20%
$ 1,044.00 $ 1,188.00 $ 1,413.00 15.68% 16.39% 15.26% 15.01%
$ 340.00 $ 387.00 $ 467.00 5.29% 5.34% 4.97% 4.96%
$ 704.00 $ 801.00 $ 946.00 10.39% 11.05% 10.29% 10.05%
$ 93.00 $ 117.00 $ 152.00 1.42% 1.46% 1.50% 1.62%
$ 1.00 $ 11.00 $ 42.00 0.00% 0.02% 0.14% 0.45%
$ 796.00 $ 907.00 $ 1,056.00 11.81% 12.50% 11.65% 11.22%
$ 302.00 $ 325.00 $ 384.00 4.38% 4.74% 4.17% 4.08%
$ 494.00 $ 582.00 $ 672.00 7.42% 7.76% 7.47% 7.14%
$ - $ - $ - 0.00% 0.00% 0.00% 0.00%
$ 494.00 $ 582.00 $ 672.00 7.42% 7.76% 7.47% 7.14%
$ - $ 17.00 $ - 0.00% 0.00% 0.22% 0.00%
$ 494.00 $ 565.00 $ 672.00 7.42% 7.76% 7.26% 7.14%
$ - $ - $ - 0.00% 0.00% 0.00% 0.00%
$ 494.00 $ 565.00 $ 672.00 7.42% 7.76% 7.26% 7.14%

$ 0.63 $ 0.74 $ 0.90

0 0 0
 PANERA BREAD'S
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARS ENDING DECEMBER 31 2004-2007
(IN THOUSANDS OF DOLLARS)

INCOME STATEMENTS
2004 2005
REVENUES:
BAKERY-CAF SALES $ 362,121.00 $ 499,422.00
FRANCHISE ROYALTIES AND FEES $ 44,449.00 $ 54,309.00
FRESH DOUGH SALES TO FRANCHISE $ 72,569.00 $ 86,544.00
TOTAL REVENUES $ 479,139.00 $ 640,275.00
LESS: OPERATING COST
COST OF FOOD AND PAPER PRODUCTS $ 101,832.00 $ 142,675.00
FRESH DOUGH COST OF SALES TO FRANCHISEES $ 65,627.00 $ 75,036.00
LABOR $ 110,790.00 $ 151,524.00
OCCUPANCY $ 26,730.00 $ 35,558.00
PRE-OPERATING EXPENSES $ 2,642.00 $ 5,072.00
OTHER OPERATING EXPENSES $ 51,044.00 $ 70,003.00
TOTAL OPERATING EXPENSES $ 358,665.00 $ 479,868.00
GENERAL AND ADMINISTRATIVE EXPENSES $ 33,338.00 $ 46,301.00
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION $ 87,136.00 $ 114,106.00
LESS: DEPRECIATION AND AMORTIZATION $ 25,298.00 $ 33,011.00
EARNINGS BEFORE INTEREST AND TAXES $ 61,838.00 $ 81,095.00
LESS: INTEREST EXPENSE $ 18.00 $ 50.00
ADD/(LESS): OTHER INCOME/EXPENSES $ (1,065.00) $ 1,133.00
INCOME BEFORE MINORITY INTEREST AND TAXES $ 60,755.00 $ 82,178.00
LOSS ALLOCABLE TO MINORITY INTEREST $ - $ -
INCOME BEFORE TAXES $ 60,755.00 $ 82,178.00
LESS: INCOME TAXES $ 22,175.00 $ 29,995.00
NET INCOME $ 38,580.00 $ 52,183.00

NET INCOME PER SHARE :

BASIC 1.28 1.69
DILUTED 1.25 1.65
WEIGHTED AVERAGE SHARES OF COMMON AND COMMON EQUIVALENT
SHARES OUTSTANDING :
BASIC 30,154 30,871
DILUTED 30,768 31,651
READ'S
REHENSIVE INCOME
ECEMBER 31 2004-2007
OF DOLLARS)

INCOME STATEMENTS COMMON SIZE INCOME STATEMENTS

2006 2007 2004 2005 2006 2007

$ 666,141.00 $ 894,902.00 75.58% 78.00% 80.36% 83.90%

$ 61,531.00 $ 67,188.00 9.28% 8.48% 7.42% 6.30%
$ 101,299.00 $ 104,601.00 15.15% 13.52% 12.22% 9.81%
$ 828,971.00 $ 1,066,691.00 100.00% 100.00% 100.00% 100.00%

$ 197,182.00 $ 277,715.00 21.25% 22.28% 23.79% 26.04%

$ 85,618.00 $ 86,579.00 13.70% 11.72% 10.33% 8.12%
$ 204,956.00 $ 286,238.00 23.12% 23.67% 24.72% 26.83%
$ 48,602.00 $ 70,398.00 5.58% 5.55% 5.86% 6.60%
$ 6,173.00 $ 8,289.00 0.55% 0.79% 0.74% 0.78%
$ 92,176.00 $ 121,325.00 10.65% 10.93% 11.12% 11.37%
$ 634,707.00 $ 850,544.00 74.86% 74.95% 76.57% 79.74%
$ 59,306.00 $ 68,966.00 6.96% 7.23% 7.15% 6.47%
$ 134,958.00 $ 147,181.00 18.19% 17.82% 16.28% 13.80%
$ 44,166.00 $ 57,903.00 5.28% 5.16% 5.33% 5.43%
$ 90,792.00 $ 89,278.00 12.91% 12.67% 10.95% 8.37%
$ 92.00 $ 483.00 0.00% 0.01% 0.01% 0.05%
$ 1,976.00 $ (333.00) -0.22% 0.18% 0.24% -0.03%
$ 92,676.00 $ 88,462.00 12.68% 12.83% 11.18% 8.29%
$ - $ 428.00 0.00% 0.00% 0.00% 0.04%
$ 92,676.00 $ 88,890.00 12.68% 12.83% 11.18% 8.33%
$ 33,827.00 $ 31,434.00 4.63% 4.68% 4.08% 2.95%
$ 58,849.00 $ 57,456.00 8.05% 8.15% 7.10% 5.39%

1.88 1.81
1.84 1.79

31,313 31,708
32,044 32,178
 STARBUCKS COFFEE COMPANY
STATEMENT OF FINANCIAL POSITION
2004-2007
(in million of dollars)

2007 2006
ASSETS
Cash and Cash Equivalents $ 281.00 $ 313.00
Short term investments 157.00 141.00
Accounts Receivable 288.00 224.00
Inventories 692.00 636.00
Prepaid Insurance and lease 149.00 127.00
Deferred Income taxes (net)- Income taxes not paid 129.00 89.00
Total Current Assets $ 1,696.00 $ 1,530.00
Long term investment(available for sale) 21.00 6.00
Equity and other investment 259.00 219.00
Net plant and equipment (net of depreciation) 2,890.00 2,288.00
Other assets 219.00 187.00
Other intangiible assets(cash deposit from unearned sale) 42.00 38.00
Goodwill 216.00 161.00
Total Assets $ 5,343.00 $ 4,429.00

Liabilities and Equity

Accounts Payable $ 391.00 $ 341.00
Commercial paper and short term borrowing (Notes Payable) 710.00 700.00
Accuals(Compensation, Occupancy) 664.00 568.00
Accrued taxes 93.00 94.00
Other Liabilities 296.00 231.00
Current portion of long term debt 1.00 2.00
Total Current Liabilities $ 2,155.00 $ 1,936.00
Deferred Income taxes - -
Long-term bonds 550.00 2.00
Other Long term liabilities (Deferred Rent, asset retirement obligations, etc.) 354.00 263.00
Total debt $ 3,059.00 $ 2,201.00
Common stock (50,000,000 shares) 1.00 1.00
Paid in capital 39.00 39.00
Retained Earnings(include repurchase of common stocks) 2,244.00 2,188.00
Total Common Equity $ 2,284.00 $ 2,228.00
Total Liabilities and Equity $ 5,343.00 $ 4,429.00
 STARBUCKS COFFEE COMPANY
COMMON SIZE STATEMENT OF FINANCIAL POSITION
2004-2007
(in million of dollars)

2005 2004 2007 2006 2005 2004

$ 174.00 $ 145.00 5.26% 7.07% 4.95% 4.28%

133.00 508.00 2.94% 3.18% 3.78% 14.99%
191.00 140.00 5.39% 5.06% 5.44% 4.13%
546.00 423.00 12.95% 14.36% 15.54% 12.48%
94.00 71.00 2.79% 2.87% 2.68% 2.09%
71.00 64.00 2.41% 2.01% 2.02% 1.89%
$ 1,209.00 $ 1,351.00 31.74% 34.55% 34.41% 39.85%
60.00 136.00 0.39% 0.14% 1.71% 4.01%
202.00 168.00 4.85% 4.94% 5.75% 4.96%
1,842.00 1,551.00 54.09% 51.66% 52.42% 45.75%
73.00 87.00 4.10% 4.22% 2.08% 2.57%
35.00 28.00 0.79% 0.86% 1.00% 0.83%
93.00 69.00 4.04% 3.64% 2.65% 2.04%
$ 3,514.00 $ 3,390.00 100.00% 100.00% 100.00% 100.00%

$ 221.00 $ 199.00 7.32% 7.70% 6.29% 5.87%

277.00 - 13.29% 15.80% 7.88% 0.00%
475.00 362.00 12.43% 12.82% 13.52% 10.68%
78.00 63.00 1.74% 2.12% 2.22% 1.86%
175.00 121.00 5.54% 5.22% 4.98% 3.57%
1.00 1.00 0.02% 0.05% 0.03% 0.03%
$ 1,227.00 $ 746.00 40.33% 43.71% 34.92% 22.01%
- 21.00 0.00% 0.00% 0.00% 0.62%
3.00 4.00 10.29% 0.05% 0.09% 0.12%
194.00 145.00 6.63% 5.94% 5.52% 4.28%
$ 1,424.00 $ 916.00 57.25% 49.70% 40.52% 27.02%
- - 0.02% 0.02% 0.00% 0.00%
130.00 996.00 0.73% 0.88% 3.70% 29.38%
1,960.00 1,478.00 42.00% 49.40% 55.78% 43.60%
$ 2,090.00 $ 2,474.00 42.75% 50.30% 59.48% 72.98%
$ 3,514.00 $ 3,390.00 100.00% 100.00% 100.00% 100.00%
 PANERA BREAD'S
STATEMENT OF FINANCIAL POSITION
2004-2007
(in thousands of dollars)

2007 2006 2005

ASSETS
Cash and cash equivalents $ 68,242.00 $ 52,097.00 $ 24,451.00
Short term investments 23,198.00 20,025.00 36,200.00
Trade Accounts Receivabble. Net 25,152.00 19,041.00 18,229.00
Other Accounts Receivable 11,640.00 11,878.00 6,929.00
Inventories 11,394.00 8,714.00 7,358.00
Prepaid Expenses 5,299.00 12,036.00 5,736.00
Deferred Income Taxes 7,199.00 3,827.00 3,871.00
Total Current Assets $ 152,124.00 $ 127,618.00 $ 102,774.00
Property and Equipment, net 429,992.00 345,977.00 268,809.00
Investment in Government Securities - - 10,108.00
Goodwill 87,092.00 57,192.00 48,540.00
Other Intangiible Assets, net 21,827.00 6,604.00 3,219.00
Deposits and Other 7,717.00 5,218.00 4,217.00
Total Assets $ 698,752.00 $ 542,609.00 $ 437,667.00

Liabilities and Equity

Accounts Payable $ 6,326.00 $ 5,800.00 $ 4,422.00
Accrued Expenses 120,047.00 102,718.00 81,559.00
Deferred Revenue 1,393.00 1,092.00 884.00
Total Current Liabilities $ 127,766.00 $ 109,610.00 $ 86,865.00
Deferred Income taxes - - 5,022.00
Long term debt 75,000.00 - -
Deferred Rent 33,569.00 27,684.00 23,935.00
Other Long-term liabilities 14,238.00 7,649.00 4,867.00
Total Liabilities $ 250,573.00 $ 144,943.00 $ 120,689.00
Minority Interest 2,015.00 - -
Common stock, $.0001 par value:
Class A 3.00 3.00 3.00
Class B - - -
Treasury Stock.carried at cost (1,188.00) (900.00) (900.00)
Additional paid-in capital 168,386.00 176,241.00 158,984.00
Retained Earnings 278,963.00 222,322.00 163,473.00
Unearned Deferred Compensation - - (4,582.00)
Total Equity $ 446,164.00 $ 397,666.00 $ 316,978.00
Total Liabilities and Equity $ 698,752.00 $ 542,609.00 $ 437,667.00
 PANERA BREAD'S
STATEMENT OF FINANCIAL POSITION
2004-2007
(in million of dollars)

2004 2007 2006 2005 2004

$ 29,639.00 9.77% 9.60% 5.59% 9.13%

2,022.00 3.32% 3.69% 8.27% 0.62%
11,714.00 3.60% 3.51% 4.17% 3.61%
5,542.00 1.67% 2.19% 1.58% 1.71%
5,398.00 1.63% 1.61% 1.68% 1.66%
1,658.00 0.76% 2.22% 1.31% 0.51%
2,247.00 1.03% 0.71% 0.88% 0.69%
$ 58,220.00 21.77% 23.52% 23.48% 17.93%
201,725.00 61.54% 63.76% 61.42% 62.13%
26,393.00 0.00% 0.00% 2.31% 8.13%
35,327.00 12.46% 10.54% 11.09% 10.88%
159.00 3.12% 1.22% 0.74% 0.05%
2,848.00 1.10% 0.96% 0.96% 0.88%
$ 324,672.00 100.00% 100.00% 100.00% 100.00%

$ 5,840.00 0.91% 1.07% 1.01% 1.80%

48,905.00 17.18% 18.93% 18.63% 15.06%
960.00 0.20% 0.20% 0.20% 0.30%
$ 55,705.00 18.28% 20.20% 19.85% 17.16%
5,647.00 0.00% 0.00% 1.15% 1.74%
- 10.73% 0.00% 0.00% 0.00%
20,181.00 4.80% 5.10% 5.47% 6.22%
1,776.00 2.04% 1.41% 1.11% 0.55%
$ 83,309.00 35.86% 26.71% 27.58% 25.66%
- 0.29% 0.00% 0.00% 0.00%

3.00 0.00% 0.00% 0.00% 0.00%

- 0.00% 0.00% 0.00% 0.00%
(900.00) -0.17% -0.17% -0.21% -0.28%
130,970.00 24.10% 32.48% 36.33% 40.34%
111,290.00 39.92% 40.97% 37.35% 34.28%
- 0.00% 0.00% -1.05% 0.00%
$ 241,363.00 63.85% 73.29% 72.42% 74.34%
$ 324,672.00 100.00% 100.00% 100.00% 100.00%