EX-99.1 2 p72158exv99w1.htm EX-99.1 exv99w1
 

Exhibit 99.1

(P.F. CHANG’S LOGO)
P.F. CHANG’S FIRST QUARTER REVENUES GROW 18%
SCOTTSDALE, ARIZONA (April 5, 2006) P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) reported today consolidated revenues of $228.6 million for the first quarter ended April 2, 2006 compared to $194.2 million for the first quarter of 2005. Sales at the company’s P.F. Chang’s China Bistro units accounted for $186.9 million of consolidated revenues while sales at the company’s Pei Wei Asian Diner units accounted for $41.7 million of consolidated revenues.
For the 13 weeks ended April 2, 2006, comparable store sales increased 1.3% at the Bistro (taking into account a 1.3% effective price increase) and decreased 2.0% at Pei Wei (taking into account a 1.5% effective price increase) as compared to the 13 weeks ended April 3, 2005. Comparable store sales increased 2.0%, 0.8% and 1.1%, respectively, for January, February and March at the Bistro and decreased 0.5%, 3.4% and 2.3%, respectively, for January, February and March at Pei Wei.
During the first quarter of 2006, the company opened one new Bistro restaurant, reopened its Bistro restaurant located in Metairie, Louisiana (which had been temporarily closed due to Hurricane Katrina) and four new Pei Wei restaurants.
The company intends to release its first quarter earnings results on April 26, 2006 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 menu of freshly prepared Asian cuisine served in a relaxed, warm environment offering attentive counter service and take-out flexibility.

Page 1 of 4


 

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    

Page 2 of 4


 

P.F. Chang’s China Bistro
Supplemental Sales Information
Year of Unit Opening (1)
                                                                                 
    Pre-1999   1999   2000   2001   2002   2003   2004   2005   2006   Total
Units
    22       13       16       13       14       18       18       18       1       133  
 
                                                                               

Sales (000)
 
                                                                               
1Q06
    35,219       19,601       24,305       19,457       18,619       25,317       20,612       22,895       900       186,924  
 
                                                                               

Average Weekly Sales (AWS)
 
                                                                               
1Q06
    125,783       115,983       116,851       115,129       102,303       108,191       88,083       97,841       90,015       108,677  
 
                                                                               

Year-Over-Year Change in AWS (2)
 
                                                                               
1Q06
    1.8 %     1.3 %     0.2 %     1.1 %     1.8 %     3.0 %     -2.5 %     -5.2 %           0.9 %
 
                                                                               

Year-Over-Year Change Comp Store Sales (3)
 
                                                                               
Units
    21       13       16       13       14       18       15                   110  
 
                                                                               
1Q06
    1.3 %     1.3 %     0.2 %     1.1 %     1.8 %     3.0 %     0.1 %                 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.

Page 3 of 4


 

Pei Wei Asian Diner
Supplemental Sales Information
Year of Unit Opening (1)
                                                                 
    2000   2001   2002   2003   2004   2005   2006   Total
     
Units
    1       4       11       17       20       24       4       81  
 
                                                               

Sales (000)
 
                                                               
1Q06
    810       2,332       6,315       9,244       10,670       11,084       1,233       41,689  
 
                                                               

Average Weekly Sales (AWS)
 
                                                               
1Q06
    62,282       44,839       44,164       41,828       41,040       35,527       41,105       40,435  
 
                                                               

Year-Over-Year Change in AWS (2)
 
                                                               
1Q06
    -13.3 %     -3.8 %     0.4 %     -1.7 %     -4.4 %     -16.5 %           -3.0 %
 
                                                               

Year-Over-Year Change Comp Store Sales (3)
 
                                                               
Units
    1       4       11       17       18                   51  
 
                                                               
1Q06
    -13.3 %     -3.8 %     0.4 %     -1.7 %     -2.3 %                 -2.0 %
 
(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.

Page 4 of 4