Exhibit 99.1

P.F. CHANG’S EARNS $0.26 PER SHARE

SCOTTSDALE, Arizona, April 23, 2003 – P.F. Chang’s China Bistro, Inc. (NASDAQ:PFCB) today reported earnings of $6.8 million for the first quarter ended March 30, 2003 compared to $5.1 million in the first quarter of the prior year. Earnings per share for the first quarter increased to $0.26 from $0.20 in the first quarter of the prior year after taking into consideration the two-for-one stock split paid in the form of a stock dividend on May 1, 2002.

(000 except per share data)	1Q03		4Q02		1Q02
Revenues	$	131,595	$	115,889	$	97,500
Net Income	$	6,797	$	6,484	$	5,120
Diluted Earnings Per Share	$	0.26	$	0.25	$	0.20
Shares Used in EPS calculation		26,038		25,954		25,894

2003 Expectations

The company anticipates opening 18 new Bistro units (five of which are already open) and 15 new Pei Wei units (four of which are already open) in 2003. Based on this development schedule, and assuming comparable store sales growth at the Bistro units of 2% to 3%, the company expects consolidated revenues of $550 million in 2003, a 30% increase over fiscal 2002. Net income is anticipated to be $28 million, which equates to earnings per share of $1.06. Included in these assumptions are Pei Wei pre-tax losses of approximately $600,000. The company will report its second quarter 2003 revenue results on July 2nd, 2003 and its second quarter earnings results on July 23rd, 2003.

The company is hosting a conference call today at 1:00 pm ET. A webcast of the call can be accessed through the company’s website at http://www.pfchangs.com.

Page 1 of 9

P.F. Chang’s China Bistro, Inc. owns and operates two restaurant concepts in the Asian niche. P.F. Chang’s China Bistro features a blend of high-quality, traditional Chinese cuisine and American hospitality in a sophisticated, contemporary bistro setting. Pei Wei Asian Diner offers a modest menu of freshly prepared Asian cuisine in a relaxed, warm environment offering attentive counter service and take-out flexibility.

The statements contained in this press release that are not purely historical, including the company’s estimates of its revenues, earnings and comparable sales, as well as statements concerning the company’s development schedule, are forward looking statements. The accuracy of these forward-looking statements may be affected by certain risks and uncertainties, including, but not limited to, the company’s ability to locate acceptable restaurant sites, open new restaurants and operate its restaurants profitably; the company’s ability to hire, train and retain skilled management and other personnel; the company’s ability to access sufficient financing on acceptable terms; changes in consumer tastes and trends, and national, regional and local economic and weather conditions; changes in costs related to food, utilities and labor; and other risks described in the company’s recent SEC filings. In addition, the supplemental sales information is provided to investors to help gauge the company’s performance and is not indicative of future results.

Contact:	P.F. Chang’s China Bistro, Inc.	(602) 957-8986
	Media:	Laura Cherry	laurac@pfchangs.com
	Investor:	Kristina Cashman	kristinac@pfchangs.com

Page 2 of 9

P.F. Chang’s China Bistro, Inc.
Consolidated Statements of Income
(In thousands, except per share amounts)
(Unaudited)

	13 Weeks Ended			13 Weeks Ended			13 Weeks Ended
	Mar 30			Dec 29			Mar 31
	2003			2002			2002
Revenues		131,595		$	115,889		$	97,500
Cost of sales		35,249			30,787			26,449
Labor		41,668			36,545			30,683
Operating		21,608			19,525			16,026
Occupancy		7,419			6,688			6,120
Restaurant operating profit		25,651			22,344			18,222
General & administrative		6,782			4,870			4,936
Depreciation & amortization		4,288			3,876			3,336
Preopening expenses		1,984			1,896			620
Income from operations		12,597			11,702			9,330
Interest (expense) income and other income		41			36			(10	)
Minority interests		(2,340	)		(1,832	)		(1,443	)
Income before provision for income taxes		10,298			9,906			7,877
Provision for income taxes		(3,501	)		(3,422	)		(2,757	)
Net income	$	6,797		$	6,484		$	5,120
Basic net income (loss) per share	$	0.27		$	0.26		$	0.21
Diluted net income (loss) per share	$	0.26		$	0.25		$	0.20
Shares used in calculation of basic EPS		25,137			24,994			24,088
Shares used in calculation of diluted EPS		26,038			25,954			25,894

	Percentage of Revenues
	Mar 30			Dec 29			Mar 31
	2003			2002			2002
Revenues		100.0	%		100.0	%		100.0	%
Cost of sales		26.8	%		26.6	%		27.1	%
Labor		31.7	%		31.5	%		31.5	%
Operating		16.4	%		16.8	%		16.4	%
Occupancy		5.6	%		5.8	%		6.3	%
Restaurant operating profit		19.5	%		19.3	%		18.7	%
General & administrative		5.2	%		4.2	%		5.1	%
Depreciation & amortization		3.3	%		3.3	%		3.4	%
Preopening expenses		1.5	%		1.6	%		0.6	%
Income from operations		9.6	%		10.1	%		9.6	%
Interest (expense) income and other income		0.0	%		0.0	%		0.0	%
Minority interests		-1.8	%		-1.6	%		-1.5	%
Income before provision for income taxes		7.8	%		8.5	%		8.1	%
Provision for income taxes		-2.7	%		-3.0	%		-2.8	%
Net income		5.2	%		5.6	%		5.3	%

Certain percentage amounts do not sum to total due to rounding.

Page 3 of 9

P.F. Chang’s China Bistro, Inc.
Supplemental Financial Information
(In thousands, except per share amounts)
(Unaudited)

	13 Weeks Ended March 30, 2003
	Total			Bistro			Pei Wei
Revenues		131,595			120,740			10,855
Cost of sales		35,249			32,124			3,125
Labor		41,668			38,062			3,606
Operating		21,608			19,951			1,657
Occupancy		7,419			6,699			720
Restaurant operating profit		25,651			23,904			1,747
General & administrative		6,782			5,935			847
Depreciation & amortization		4,288			3,889			399
Preopening expenses		1,984			1,671			313
Income (loss) from operations		12,597			12,409			188
Interest (expense) income and other income		41			41			0
Minority interests		(2,340	)		(2,203	)		(137	)
Income (loss) before provision for income taxes		10,298			10,247			51
Provision for income taxes		(3,501	)
Net income	$	6,797
Basic net income per share	$	0.27
Diluted net income per share	$	0.26
Shares used in calculation of basic EPS		25,137
Shares used in calculation of diluted EPS		26,038

	Percentage of Revenues
	Total			Bistro			Pei Wei
Revenues		100.0	%		100.0	%		100.0	%
Cost of sales		26.8	%		26.6	%		28.8	%
Labor		31.7	%		31.5	%		33.2	%
Operating		16.4	%		16.5	%		15.3	%
Occupancy		5.6	%		5.5	%		6.6	%
Restaurant operating profit		19.5	%		19.8	%		16.1	%
General & administrative		5.2	%		4.9	%		7.8	%
Depreciation & amortization		3.3	%		3.2	%		3.7	%
Preopening expenses		1.5	%		1.4	%		2.9	%
Income (loss) from operations		9.6	%		10.3	%		1.7	%
Interest (expense) income and other income		0.0	%		0.0	%		0.0	%
Minority interests		-1.8	%		-1.8	%		-1.3	%
Income (loss) before provision for income taxes		7.8	%		8.5	%		0.5	%
Provision for income taxes		-2.7	%
Net income		5.2	%

Certain percentage amounts do not sum to total due to rounding.

Page 4 of 9

P.F. Chang’s China Bistro, Inc.

Development Schedule

	P. F. Chang's China Bistro
	1Q03		2Q03		3Q03		4Q03
Units opened		5
Units under construction				1		6
Units in development								6
Total new unit development		5		1		6		6
Existing units		79		84		85		91
Total units		84		85		91		97

	Pei Wei Asian Diner
	1Q03		2Q03		3Q03		4Q03
Units opened		4
Units under construction				3		1
Units in development						3		4
Total new unit development		4		3		4		4
Existing units		16		20		23		27
Total units		20		23		27		31

Page 5 of 9

P.F.Chang’s China Bistro

Supplemental Sales Information

Year of Unit Opening (1)

	Pre-1996			1996			1997			1998			1999			2000			2001			2002			2003		Total
Units		4			3			6			10			13			16			13			14			5		84
Sales (000)
1Q03		6,434			5,908			9,060			15,753			18,800			23,236			18,815			17,983			4,751		120,740
Average Weekly Sales (AWS)
1Q03		123,738			151,474			116,157			121,175			111,239			111,713			111,331			98,808			143,980		113,906
Year-Over-Year Change in AWS
1Q03		0.2	%		3.7	%		6.0	%		5.1	%		5.0	%		11.0	%		5.4	%		-1.7	%		—		4.4	%
Year-Over-Year Change Comp Store Sales (2)
Units		4			3			6			10			13			16			10			—			—		62
1Q03		0.2	%		3.7	%		6.0	%		5.1	%		5.0	%		11.0	%		6.6	%		—			—		6.4	%

(1)	Includes all restaurants opened in the period indicated.
(2)	A unit becomes comparable in the eighteenth month of operation

Page 6 of 9

Pei Wei Asian Diner

Supplemental Sales Information

Year of Unit Opening (1)

	2000			2001			2002			2003		Total
Units		1			4			11			4		20
Sales (000)
1Q03		868			2,390			5,762			1,835		10,855
Average Weekly Sales (AWS)
1Q03		66,787			45,956			40,295			52,437		44,673
Year-Over-Year Change in AWS
1Q03		3.0	%		6.4	%		-15.1	%		—		-6.0	%
Year-Over-Year Change Comp Store Sales (2)
Units		1			1			—			—		2
1Q03		3.0	%		-1.2	%		—			—		1.1	%

(1)	Includes all restaurants opened in the period indicated.
(2)	A unit becomes comparable in the eighteenth month of operation

Page 7 of 9

P.F. Chang’s China Bistro, Inc.
2003 Forecast

	1Q03									2Q03E									3Q03E									4Q03E									2003E
	Bistro			Pei Wei			Total			Bistro			Pei Wei			Total			Bistro			Pei Wei			Total			Bistro			Pei Wei			Total			Bistro			Pei Wei			Total
Store weeks		1,060			243			1,303			1,094			282			1,376			1,134			328			1,462			1,223			370			1,593			4,511			1,223			5,734
Average weekly sales (000)		113.9			44.7			101.0			110.6			41.5			96.5			110.1			39.9			94.4			107.9			42.4			92.7			110.5			42.0			95.9
Revenues (millions)		120.7			10.9			131.6			121.0			11.7			132.7			124.9			13.1			138.0			132.0			15.7			147.7			498.7			51.4			550.0
Restaurant operating profit		23.9			1.7			25.7			23.4			1.8			25.1			24.0			1.8			25.8			25.8			2.4			28.2			97.0			7.7			104.8
General & administrative		5.9			0.8			6.8			5.7			1.0			6.7			5.8			1.1			6.9			5.9			1.2			7.0			23.3			4.1			27.4
Depreciation & amortization		3.9			0.4			4.3			4.0			0.5			4.5			4.2			0.5			4.7			4.4			0.6			5.1			16.5			2.1			18.6
Preopening expenses		1.7			0.3			2.0			1.0			0.4			1.4			1.8			0.5			2.3			1.6			0.5			2.1			6.1			1.7			7.8
Other income		(0.0	)		—			(0.0	)		(0.1	)		—			(0.1	)		(0.1	)		—			(0.1	)		(0.0	)		—			(0.0	)		(0.2	)		—			(0.2	)
Minority interest		2.2			0.1			2.3			2.0			0.1			2.1			2.1			0.1			2.2			2.2			0.2			2.4			8.5			0.5			9.0
Income (loss) before tax provision		10.2			0.1			10.3			10.7			(0.2	)		10.5			10.2			(0.4	)		9.8			11.7			(0.1	)		11.7			42.9			(0.6	)		42.2
Tax provision		3.5			0.0			3.5			3.6			(0.1	)		3.6			3.5			(0.1	)		3.3			4.0			(0.0	)		4.0			14.6			(0.2	)		14.4
Net income (loss)		6.8			0.0			6.8			7.0			(0.1	)		6.9			6.8			(0.3	)		6.5			7.7			(0.0	)		7.7			28.3			(0.4	)		27.9
FD shares		26.0			26.0			26.0			26.3			26.3			26.3			26.4			26.4			26.4			26.5			26.5			26.5			26.3			26.3			26.3
EPS	$	0.26		$	0.00		$	0.26		$	0.27		$	(0.01	)	$	0.26		$	0.26		$	(0.01	)	$	0.25		$	0.29		$	(0.00	)	$	0.29		$	1.08		$	(0.02	)	$	1.06
Revenues		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Restaurant operating profit		19.8	%		16.1	%		19.5	%		19.3	%		15.2	%		18.9	%		19.2	%		14.0	%		18.7	%		19.5	%		15.2	%		19.1	%		19.5	%		15.1	%		19.0	%
General & administrative		4.9	%		7.8	%		5.2	%		4.7	%		8.5	%		5.1	%		4.6	%		8.4	%		5.0	%		4.4	%		7.4	%		4.7	%		4.7	%		8.0	%		5.0	%
Depreciation & amortization		3.2	%		3.7	%		3.3	%		3.3	%		4.2	%		3.4	%		3.3	%		4.1	%		3.4	%		3.4	%		4.0	%		3.4	%		3.3	%		4.0	%		3.4	%
Preopening expenses		1.4	%		2.9	%		1.5	%		0.8	%		3.2	%		1.0	%		1.4	%		3.8	%		1.7	%		1.2	%		3.2	%		1.4	%		1.2	%		3.3	%		1.4	%
Other income		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Minority interest		1.8	%		1.3	%		1.8	%		1.6	%		1.0	%		1.6	%		1.6	%		0.9	%		1.6	%		1.7	%		1.0	%		1.6	%		1.7	%		1.0	%		1.6	%
Income (loss) before tax provision		8.5	%		0.5	%		7.8	%		8.8	%		-1.8	%		7.9	%		8.2	%		-3.2	%		7.1	%		8.9	%		-0.4	%		7.9	%		8.6	%		-1.3	%		7.7	%
Tax provision		34.0	%		34.0	%		34.0	%		34.0	%		34.0	%		34.0	%		34.0	%		34.0	%		34.0	%		34.0	%		34.0	%		34.0	%		34.0	%		34.0	%		34.0	%
Net income (loss)		5.6	%		0.3	%		5.2	%		5.8	%		-1.2	%		5.2	%		5.4	%		-2.1	%		4.7	%		5.9	%		-0.3	%		5.2	%		5.7	%		-0.8	%		5.1	%

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P.F. Chang’s China Bistro, Inc.
2003 Forecast vs 2002 Actual

	1Q02			1Q03			Change			2Q02			2Q03E			Change			3Q02			3Q03E			Change			4Q02			4Q03E			Change			2002			2003E			Change
Store weeks		937			1,303			39.1	%		981			1,376			40.3	%		1,078			1,462			35.6	%		1,201			1,593			32.6	%		4,197			5,734			36.6	%
Average weekly sales (000)		104.1			101.0			-2.9	%		103.7			96.5			-7.0	%		99.4			94.4			-5.0	%		96.5			92.7			-3.9	%		100.6			95.9			-4.6	%
Revenues (millions)		97.5			131.6			35.0	%		101.7			132.7			30.5	%		107.1			138.0			28.9	%		115.9			147.7			27.5	%		422.1			550.0			30.3	%
Restaurant operating profit		18.2			25.7						19.6			25.1						19.6			25.8						22.3			28.2						79.7			104.8
General & administrative		5.0			6.8						5.5			6.7						5.3			6.9						4.9			7.0						20.6			27.4
Depreciation & amortization		3.3			4.3						3.5			4.5						3.7			4.7						3.9			5.1						14.4			18.6
Preopening expenses		0.6			2.0						1.5			1.4						2.3			2.3						1.9			2.1						6.3			7.8
Other income		—			(0.0	)					—			(0.1	)					—			(0.1	)					0.0			(0.0	)					0.0			(0.2	)
Elimination of minority interest		1.4			2.3						1.6			2.1						1.5			2.2						1.8			2.4						6.4			9.0
Income (loss) before tax provision		7.9			10.3						7.5			10.5						6.8			9.8						9.9			11.7						32.1			42.2
Tax provision		2.8			3.5						2.6			3.6						2.4			3.3						3.4			4.0						11.2			14.4
Net income (loss)		5.1			6.8			34.3	%		4.9			6.9			40.8	%		4.4			6.5			47.2	%		6.5			7.7			19.2	%		20.9			27.9			33.6	%
FD shares		25.9			26.0						26.0			26.3						25.8			26.4						26.0			26.5						25.9			26.3
EPS	$	0.20		$	0.26			33.6	%	$	0.19		$	0.26			39.2	%	$	0.17		$	0.25			43.8	%	$	0.25		$	0.29			16.8	%	$	0.81		$	1.06			30.8	%
Revenues		100.0	%		100.0	%					100.0	%		100.0	%					100.0	%		100.0	%					100.0	%		100.0	%					100.0	%		100.0	%
Restaurant operating profit		18.7	%		19.5	%					19.3	%		18.9	%					18.3	%		18.7	%					19.3	%		19.1	%					18.9	%		19.0	%
General & administrative		5.1	%		5.2	%					5.4	%		5.1	%					4.9	%		5.0	%					4.2	%		4.7	%					4.9	%		5.0	%
Depreciation & amortization		3.4	%		3.3	%					3.4	%		3.4	%					3.5	%		3.4	%					3.3	%		3.4	%					3.4	%		3.4	%
Preopening expenses		0.6	%		1.5	%					1.5	%		1.0	%					2.1	%		1.7	%					1.6	%		1.4	%					1.5	%		1.4	%
Other income		0.0	%		0.0	%					0.0	%		0.0	%					0.0	%		0.0	%					0.0	%		0.0	%					0.0	%		0.0	%
Elimination of minority interest		1.5	%		1.8	%					1.6	%		1.6	%					1.4	%		1.6	%					1.6	%		1.6	%					1.5	%		1.6	%
Income (loss) before tax provision		8.1	%		7.8	%					7.4	%		7.9	%					6.3	%		7.1	%					8.5	%		7.9	%					7.6	%		7.7	%
Tax provision		35.0	%		34.0	%					35.0	%		34.0	%					35.0	%		34.0	%					34.5	%		34.0	%					34.9	%		34.0	%
Net income (loss)		5.2	%		5.2	%					4.8	%		5.2	%					4.1	%		4.7	%					5.6	%		5.2	%					4.9	%		5.1	%

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