EX-99.1 2 p71316exv99w1.htm EX-99.1 exv99w1
 

Exhibit 99.1
(P.F.CHANGS LOGO)
P.F. CHANG’S THIRD QUARTER REVENUES GROW 17%
SCOTTSDALE, ARIZONA (October 5, 2005) P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) reported today that revenues increased 17% to $203.0 million for the third quarter ended October 2, 2005 from $174.0 million in the third quarter of 2004. Sales at the company’s P.F. Chang’s China Bistro units accounted for $168.6 million of consolidated revenues while sales at the company’s Pei Wei Asian Diner units accounted for $34.4 million of consolidated revenues.
For the thirteen weeks ended October 2, 2005, comparable store sales declined 0.8% at the Bistro and increased 2.8% at Pei Wei as compared to the thirteen weeks ended October 3, 2004. The decline at the Bistro was the result of a decrease in customer traffic partially offset by a 1% price increase. The increase at Pei Wei was the result of customer traffic growth as well as a price increase of 1.5%. Comparable store sales declined 2.0% for July, increased 0.3% for August and declined 0.4% for September at the Bistro and increased 3.9%, 4.0% and 0.4% respectively for July, August and September at Pei Wei.
During the third quarter of 2005, the company opened 5 new Bistro units and 7 new Pei Wei units. One Bistro restaurant in Metairie, Louisiana was closed due to Hurricane Katrina. The Company has not set a definitive timeline for the reopening of the restaurant.
During the third quarter of 2005, the company lost 144 partial or whole days due to hurricane activity resulting in a revenue loss of approximately $1.3 million. At the Bistro, 104 lost days translated to roughly $1.1 million of revenues while Pei Wei lost 40 days and $0.2 million of revenues. The lost revenues negatively impacted comparable store sales at the Bistro by 0.4% and at Pei Wei by 0.5% for the third quarter.
The company intends to release its third quarter earnings results on October 26, 2005 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
P.F. Chang’s China Bistro, Inc. owns and operates two restaurant concepts in the Asian niche. P.F. Chang’s China Bistro combines high-quality, traditional Chinese cuisine with attentive service in a sophisticated contemporary bistro setting. Pei Wei Asian Diner offers a modest
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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.   (480) 888-3000
 
            
     
  Media:   Laura Cherry   laurac@pfchangs.com
     
  Investor:   Bert Vivian   bertv@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     2005     Total  
 
                                                                                
Units
     11       10       13       16       13       14       18       18       12       125  
 
Sales (000)
 
1Q05
     20,173       15,178       19,347       24,256       19,247       18,298       24,577       21,148       1,356       163,580  
2Q05
     20,041       14,949       19,315       24,273       18,690       17,588       24,510       21,121       5,930       166,418  
3Q05
     18,952       14,977       18,951       23,718       18,095       17,028       24,160       20,640       12,092       168,612  
2005
     59,167       45,105       57,613       72,247       56,032       52,914       73,246       62,909       19,378       498,609  
 
Average Weekly Sales (AWS)
 
1Q05
     129,314       116,753       114,477       116,617       113,885       100,538       105,028       90,375       135,612       109,637  
2Q05
     128,471       114,995       114,288       116,695       110,594       96,640       104,742       90,262       121,025       108,699  
3Q05
     125,512       115,211       112,138       114,028       107,068       93,560       103,247       88,203       103,347       105,779  
2005
     127,790       115,653       113,634       115,780       110,516       96,913       104,339       89,614       110,102       107,994  
 
Year-Over-Year Change in AWS (2)
 
1Q05
     4.3 %     1.2 %     4.6 %     3.3 %     2.1 %     3.4 %     1.0 %     -4.7 %     —       2.5 %
2Q05
     4.4 %     0.0 %     3.0 %     2.9 %     1.0 %     1.9 %     1.8 %     -6.1 %     —       1.6 %
3Q05
     2.9 %     -1.2 %     -0.4 %     -1.1 %     -0.7 %     -1.5 %     -0.3 %     -7.9 %     —       -1.1 %
2005
     3.9 %     0.0 %     2.4 %     1.7 %     0.8 %     1.3 %     0.8 %     -6.7 %     —       1.0 %
 
Year-Over-Year Change Comp Store Sales (3)
 
Units
     11       10       13       16       13       14       18       7       —       102  
1Q05
     3.3 %     1.2 %     4.6 %     3.3 %     2.1 %     3.4 %     1.6 %     —       —       2.9 %
2Q05
     2.4 %     0.0 %     3.0 %     2.9 %     1.0 %     1.9 %     1.7 %     -6.4 %     —       1.9 %
3Q05
     -0.2 %     -1.2 %     -0.4 %     -1.1 %     -0.7 %     -1.5 %     -0.3 %     -2.0 %     —       -0.8 %
2005
     1.9 %     0.0 %     2.4 %     1.7 %     0.8 %     1.3 %     0.9 %     -2.5 %     —       1.3 %
 
(1)   Includes all restaurants opened in the period indicated.
 
(2)   A unit becomes included in the year-over-year change in AWS in the thirteenth month of operation.
 
(3)   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     2005     Total  
 
                                                        
Units
     1       4       11       17       20       15       68  
Sales (000)
                                                         
1Q05
     934       2,424       6,292       9,401       11,167       416       30,634  
2Q05
     898       2,289       6,095       9,239       10,851       2,265       31,638  
3Q05
     738       2,203       5,957       9,109       10,314       6,117       34,437  
2005
     2,570       6,916       18,344       27,750       32,332       8,798       96,710  
Average Weekly Sales (AWS)
                                                         
1Q05
     71,822       46,621       44,001       42,537       42,949       46,224       43,888  
2Q05
     69,064       44,012       42,624       41,807       41,736       42,744       42,639  
3Q05
     56,784       42,366       41,653       41,218       39,670       39,461       40,802  
2005
     65,890       44,334       42,760       41,855       41,451       40,545       42,342  
Year-Over-Year Change in AWS (2)
                                                         
1Q05
     7.2 %     5.6 %     6.2 %     5.9 %     0.7 %     —       5.6 %
2Q05
     4.9 %     5.3 %     7.4 %     6.0 %     1.7 %     —       5.3 %
3Q05
     -12.0 %     4.4 %     5.8 %     2.3 %     -2.2 %     —       1.5 %
2005
     0.2 %     5.1 %     6.4 %     4.7 %     -0.5 %     —       4.0 %
Year-Over-Year Change Comp Store Sales (3)
                                                         
Units
     1       4       11       17       8       —       41  
 
                                                        
1Q05
     7.2 %     5.6 %     6.2 %     5.8 %     —       —       6.0 %
2Q05
     4.9 %     5.3 %     7.4 %     6.0 %     10.9 %     —       6.3 %
3Q05
     -12.0 %     4.4 %     5.8 %     2.3 %     1.5 %     —       2.8 %
2005
     0.2 %     5.1 %     6.4 %     4.6 %     1.8 %     —       4.9 %
 
(1)   Includes all restaurants opened in the period indicated.
 
(2)   A unit becomes included in the year-over-year change in AWS in the thirteenth month of operation.
 
(3)   A unit becomes comparable in the eighteenth month of operation.
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