P.F. CHANG’S SECOND QUARTER REVENUES GROW 34%

SCOTTSDALE, ARIZONA (July 2, 2003) P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) reported today that revenues increased 34% to $136.6 million for the second quarter ended June 29, 2003 from $101.7 million in the second quarter of 2002. Sales at the company’s P.F. Chang’s China Bistro units accounted for $123.9 million of consolidated revenues while sales at the company’s Pei Wei Asian Diner units accounted for $12.7 million of consolidated revenues.

Comparable store sales at the Bistro increased 5.4% for the second quarter of 2003 as compared to the second quarter of 2002. The increase was primarily the result of customer traffic growth with approximately 1% resulting from a price increase implemented in February 2003. Comparable store sales increased 4.2% for the five-week period ending May 4th, 6.1% for the four-week period ending June 1st and 6.1% for the four-week period ending June 29th.

During the second quarter of 2003, the company opened one new Bistro (Dublin, OH) and three new Pei Wei units (Glendale, AZ; Shenandoah, TX and Newport Beach, CA).

The company will provide earnings results for its second quarter of 2003 and an update of its full-year forecast on July 23rd, 2003 at 7:00 am ET. The company’s release will be followed by a conference call later that day at 1:00 pm ET. A webcast of the conference call can be accessed at www.pfchangs.com

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 served in a relaxed, warm environment offering attentive counter service and take-out flexibility.

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The statements contained in this press release that are not purely historical, including the company’s estimates of its revenues, earnings and comparable store sales, 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; 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.

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

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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			6		85
Sales (000)
1Q03			6,434			5,908			9,060			15,753			18,800			23,236			18,815			17,983			4,751		120,740
2Q03			6,238			5,955			9,180			15,545			19,037			23,754			18,576			17,214			8,420		123,919
2003			12,672			11,863			18,240			31,298			37,837			46,990			37,391			35,197			13,171		244,659
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
2Q03			119,958			152,695			117,695			119,575			112,647			114,202			109,915			94,582			125,666		113,271
2003			121,848			152,084			116,926			120,375			111,943			112,957			110,623			96,695			131,709		113,583
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	%
2Q03			-0.4	%		1.9	%		7.3	%		1.4	%		5.3	%		10.4	%		5.1	%		-6.1	%		—		3.1	%
2003			-0.1	%		2.8	%		6.6	%		3.2	%		5.2	%		10.7	%		5.3	%		-4.0	%		—		3.7	%
Year-Over-Year Change Comp Store Sales (2)
	Units		4			3			6			10			13			16			13			1			—		66
1Q03			0.2	%		3.7	%		6.0	%		5.1	%		5.0	%		11.0	%		6.6	%		—			—		6.4	%
2Q03			-0.4	%		1.9	%		7.3	%		1.4	%		5.3	%		10.4	%		5.2	%		5.4	%		—		5.4	%
2003			-0.1	%		2.8	%		6.6	%		3.2	%		5.2	%		10.7	%		5.8	%		5.4	%		—		5.9	%

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

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Pei Wei Asian Diner

Supplemental Sales Information

Year of Unit Opening (1)

		2000			2001			2002			2003		Total
	Units		1			4			11			7		23
Sales (000)
1Q03			868			2,390			5,762			1,835		10,855
2Q03			841			2,241			5,722			3,882		12,686
2003			1,709			4,631			11,484			5,717		23,541
Average Weekly Sales (AWS)
1Q03			66,787			45,956			40,295			52,437		44,673
2Q03			64,652			43,092			40,017			53,176		45,144
2003			65,720			44,524			40,156			52,937		44,926
Year-Over-Year Change in AWS
1Q03			3.0	%		6.4	%		-15.1	%		—		-6.0	%
2Q03			4.2	%		-0.3	%		11.3	%		—		3.4	%
2003			3.6	%		3.0	%		1.9	%		—		-1.1	%
Year-Over-Year Change Comp Store Sales (2)
	Units		1			4			1			—		6
1Q03			3.0	%		-1.2	%		—			—		1.1	%
2Q03			4.2	%		-2.5	%		2.1	%		—		-0.1	%
2003			3.6	%		-2.1	%		2.1	%		—		0.3	%

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

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