Exhibit 99.1

P.F. CHANG’S FIRST QUARTER REVENUES GROW 29%

SCOTTSDALE, ARIZONA (March 31, 2004) P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) reported today that revenues increased 29% to $169.8 million for the first quarter ended March 28, 2004 from $131.6 million in the first quarter of 2003. Sales at the company’s P.F. Chang’s China Bistro units accounted for $150.1 million of consolidated revenues while sales at the company’s Pei Wei Asian Diner units accounted for $19.7 million of consolidated revenues.

Comparable store sales at the Bistro increased 4.0% for the first quarter of 2004 as compared to the first quarter of 2003. The increase was primarily the result of customer traffic growth with approximately 0.5% resulting from a price increase implemented in February 2003. Comparable store sales increased 4.4% for the five-week period ending February 1st, 4.1% for the four-week period ending February 29th and 3.5% for the four-week period ending March 28th.

During the first quarter of 2004, the company opened six new Bistro units (Sugar Land, TX; San Jose, CA; Henderson, NV; Maple Grove, MN; West Chester, OH and Seattle, WA) and five new Pei Wei units (Torrance, CA; Dallas, TX; Albuquerque, NM; Tucson, AZ and Salt Lake City, UT).

As previously reported, the company will incur a one-time non-cash charge of $11.5 million (pre-tax) in the first quarter of 2004 relating to the modification of its partnership agreements. Also, the company estimates that it will incur an additional $400,000 of accounting and legal fees in the first quarter relating to the recent resolution of the accounting for its partnership program with the SEC. Additionally, the company settled all of its outstanding California litigation as of March 25, 2004 and thus will incur an additional $750,000 in the first quarter for the related settlement and legal costs of that litigation.

The company intends to release its first quarter earnings on April 21, 2004 at approximately 7:00 am ET. A conference call will be held later that same day at 1:00 pm ET. A webcast of the conference call can be accessed at www.pfchangs.com

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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.

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-1998			1998			1999			2000			2001			2002			2003			2004		Total
Units		13			10			13			16			13			14			18			6		103
Sales (000)
1Q04		21,930			15,815			19,467			24,629			19,831			18,613			25,687			4,151		150,123
Average Weekly Sales (AWS)
1Q04		129,761			121,654			115,188			118,409			117,347			102,268			109,773			101,238		115,302
Year-Over-Year Change in AWS
1Q04		2.5	%		0.4	%		3.6	%		6.0	%		5.4	%		3.5	%		-23.8	%		—		1.2	%
Year-Over-Year Change Comp Store Sales (2)
Units		13			10			13			16			13			11			—			—		76
1Q04		2.5	%		0.4	%		3.6	%		6.0	%		5.4	%		6.8	%		—			—		4.0	%

(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			2004		Total
Units		1			4			11			17			5		38
Sales (000)
1Q04		888			2,356			6,040			9,130			1,256		19,670
Average Weekly Sales (AWS)
1Q04		68,328			45,318			42,236			41,311			41,862		42,855
Year-Over-Year Change in AWS
1Q04		2.3	%		-1.4	%		4.8	%		21.2	%		—		-4.1	%
Year-Over-Year Change Comp Store Sales (2)
Units		1			4			11			—			—		16
1Q04		2.3	%		-1.4	%		4.2	%		—			—		2.3	%

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

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