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Table of Contents

Table of Contents

Table of Contents

Table of Contents

On January 7, 2004, P.F. Chang’s China Bistro, Inc. (the “Company”) issued a press release describing selected financial results of the Company for the fourth quarter ended December 28, 2003. Pursuant to SEC Release No. 33-8216, this press release is attached hereto as Exhibit 99.1 and is being furnished, not filed, under Item 12, Results of Operations and Financial Condition, to this Report on Form 8-K.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SCOTTSDALE, ARIZONA (January 7, 2004) P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) reported today that revenues increased 31% to $151.3 million for the fourth quarter ended December 28, 2003 from $115.9 million in the fourth quarter of 2002. Sales at the company’s P.F. Chang’s China Bistro units accounted for $134.6 million of consolidated revenues while sales at the company’s Pei Wei Asian Diner units accounted for $16.7 million of consolidated revenues.

Comparable store sales at the Bistro increased 3.8% for the fourth quarter of 2003 as compared to the fourth 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 3.3% for the five-week period ending November 2nd, 4.3% for the four-week period ending November 30th and 3.9% for the four-week period ending December 28th.

During the fourth quarter of 2003, the company opened seven new Bistro units (Portland, OR; Long Beach, CA; Victor, NY; Durham, NC; Sacramento, CA; The Woodlands, TX and Glen Mills, PA) and six new Pei Wei units (Denver, CO; Dallas, TX; Southlake, TX; Lewisville, TX; Allen TX and Pasadena, CA).

The company intends to release its fourth quarter earnings on February 11, 2004 at approximately 7:00 am ET. A conference call will be held later that same day at 12:00 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.

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.


	Pre-1996			1996			1997			1998			1999			2000			2001			2002			2003		Total

Units		4			3			6			10			13			16			13			14			18		97
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
3Q03		6,190			5,970			8,914			15,428			18,804			23,842			18,108			16,850			11,639		125,745
4Q03		6,062			5,559			9,159			15,418			18,608			23,715			18,529			17,217			20,391		134,658
2003		24,924			23,392			36,313			62,144			75,249			94,547			74,028			69,264			45,201		505,062
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
3Q03		119,044			153,083			114,272			118,677			111,269			114,625			107,148			92,579			115,241		111,476
4Q03		116,570			142,538			117,424			118,600			110,104			114,012			109,642			94,602			110,220		111,104
2003		119,828			149,947			116,387			119,507			111,315			113,638			109,509			95,143			117,101		112,386
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	%
3Q03		0.4	%		1.1	%		6.7	%		-0.6	%		4.4	%		10.4	%		4.9	%		-3.7	%		—		2.7	%
4Q03		0.5	%		-3.1	%		5.0	%		-0.1	%		2.9	%		7.1	%		6.1	%		3.2	%		—		3.0	%
2003		0.2	%		0.9	%		6.2	%		1.4	%		4.4	%		9.7	%		5.4	%		0.4	%		—		3.3	%
Year-Over-Year Change Comp Store Sales (2)
Units		4			3			6			10			13			16			13			6			—		71
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	%
3Q03		0.4	%		1.1	%		6.7	%		-0.6	%		4.4	%		10.4	%		4.9	%		7.4	%		—		4.8	%
4Q03		0.5	%		-3.1	%		5.0	%		-0.1	%		2.9	%		7.1	%		6.1	%		6.3	%		—		3.8	%
2003		0.2	%		0.9	%		6.2	%		1.4	%		4.4	%		9.7	%		5.6	%		6.6	%		—		5.1	%


	2000			2001			2002			2003		Total

Units		1			4			11			17		33
Sales (000)
1Q03		868			2,390			5,762			1,835		10,855
2Q03		841			2,241			5,722			3,882		12,686
3Q03		814			2,141			5,603			5,426		13,984
4Q03		822			2,134			5,591			8,111		16,658
2003		3,345			8,906			22,678			19,254		54,183
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
3Q03		62,593			41,176			39,180			47,599		43,428
4Q03		63,295			41,039			39,098			40,553		40,830
2003		64,332			42,816			39,647			45,626		43,208
Year-Over-Year Change in AWS
1Q03		3.0	%		6.4	%		-15.1	%		—		-6.0	%
2Q03		4.2	%		-0.3	%		11.3	%		—		3.4	%
3Q03		6.2	%		-0.4	%		7.8	%		—		8.2	%
4Q03		3.0	%		-6.0	%		6.5	%		—		2.1	%
2003		4.1	%		-0.1	%		7.1	%		—		3.4	%
Year-Over-Year Change Comp Store Sales (2)
Units		1			4			6			—		11
1Q03		3.0	%		-1.2	%		—			—		1.1	%
2Q03		4.2	%		-2.5	%		2.1	%		—		-0.1	%
3Q03		6.2	%		-0.4	%		0.8	%		—		1.2	%
4Q03		3.0	%		-6.0	%		6.5	%		—		-0.2	%
2003		4.1	%		-2.9	%		4.6	%		—		0.4	%

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Delaware	0-25123	86-0815086

(State or other jurisdiction of incorporation)

15210 N. Scottsdale Road, Suite 300, Scottsdale, Arizona		85254
(Address of principal executive offices)		(Zip Code)


	Item 7. Financial Statements and Exhibits.
	Item 12. Results of Operations and Financial Condition
SIGNATURES
EXHIBIT INDEX
Exhibit 99.1


	P.F. Chang’s China Bistro, Inc.

Date: January 7, 2004	By:	/s/ Kristina K. Cashman

		Kristina K. Cashman Chief Financial Officer and Secretary

Exhibit

Description

January 7, 2004 Press Release by P.F. Chang’s China Bistro, Inc.

(1)		Includes all restaurants opened in the period indicated.

(2)		A unit becomes comparable in the eighteenth month of operation.