EX-99.1 2 p72990exv99w1.htm EXHIBIT 99.1 exv99w1
 

Exhibit 99.1

P.F. Chang’s China Bistro, Inc.
P.F. CHANG’S THIRD QUARTER REVENUES GROW 14%
SCOTTSDALE, ARIZONA (October 4, 2006) P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) reported today consolidated revenues of $231.0 million for the third quarter ended October 1, 2006 compared to $203.0 million for the third quarter of 2005. Sales at the company’s P.F. Chang’s China Bistro units accounted for $184.9 million of consolidated revenues while sales at the company’s Pei Wei Asian Diner units accounted for $46.1 million of consolidated revenues.
For the 13 weeks ended October 1, 2006, comparable store sales decreased 0.5% at the Bistro (taking into account a 2.5% effective price increase) and decreased 1.5% at Pei Wei (taking into account a 2.7% effective price increase) as compared to the 13 weeks ended October 2, 2005. Comparable store sales decreased 0.8%, 0.2% and 0.4% for July, August and September, respectively, at the Bistro and decreased 3.1% and 2.1% for July and August, respectively, and increased 1.2% for September at Pei Wei.
During the third quarter of 2006, the company opened five new Bistro restaurants and nine new Pei Wei restaurants. In addition, a new Bistro restaurant opened in Hawaii during the third quarter under a joint venture arrangement.
The company intends to release its third quarter earnings results on October 25, 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.pfcb.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.

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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.   (480) 888-3000
 
            
 
  Media:   Laura Cherry   laura.cherry@pfcb.com
 
  Investor:   Mark Mumford   mark.mumford@pfcb.com

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P.F. Chang’s China Bistro
Supplemental Sales Information (Company Owned)
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       10       142  
 
                                                                                
Sales (000)
 
                                                                                
1Q06
     35,219       19,601       24,305       19,457       18,619       25,317       20,612       22,895       900       186,924  
2Q06
     35,003       19,072       23,712       18,567       17,679       24,593       20,345       21,388       3,345       183,705  
3Q06
     34,479       18,590       23,310       18,045       17,125       24,413       20,430       20,913       7,557       184,862  
2006
     104,702       57,263       71,327       56,070       53,423       74,322       61,386       65,197       11,802       555,490  
 
                                                                                
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  
2Q06
     122,389       112,852       114,001       109,866       97,137       105,098       86,943       91,404       95,583       104,914  
3Q06
     120,557       109,999       112,067       106,778       94,091       104,329       87,308       89,373       94,457       102,930  
2006
     122,889       112,944       114,306       110,591       97,843       105,872       87,445       92,873       94,416       105,466  
 
                                                                                
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 %
2Q06
     0.0 %     -1.3 %     -2.3 %     -0.7 %     0.5 %     0.3 %     -3.7 %     -11.3 %     —       -1.3 %
3Q06
     -0.2 %     -1.9 %     -1.7 %     -0.3 %     0.6 %     1.0 %     -1.0 %     -11.4 %     —       -1.2 %
2006
     0.5 %     -0.6 %     -1.3 %     0.1 %     1.0 %     1.5 %     -2.4 %     -11.0 %     —       -0.6 %
 
                                                                                
Year-Over-Year Change Comp Store Sales (3)
 
                                                                                
Units
     21       13       16       13       14       18       18       3       —       116  
 
                                                                                
1Q06
     1.3 %     1.3 %     0.2 %     1.1 %     1.8 %     3.0 %     0.1 %     —       —       1.3 %
2Q06
     -0.1 %     -1.3 %     -2.3 %     -0.7 %     0.5 %     0.3 %     -3.6 %     —       —       -1.0 %
3Q06
     -0.1 %     -1.9 %     -1.7 %     -0.3 %     0.6 %     1.0 %     -1.0 %     -2.6 %     —       -0.5 %
2006
     0.4 %     -0.6 %     -1.3 %     0.1 %     1.0 %     1.5 %     -1.7 %     -2.6 %     —       -0.1 %
 
(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   2006   Total
     
Units
     1       4       11       17       20       24       20       97  
 
                                                                
Sales (000)
 
                                                                
1Q06
     810       2,332       6,315       9,244       10,670       11,084       1,233       41,689  
2Q06
     763       2,150       5,967       8,990       10,373       10,802       3,231       42,277  
3Q06
     744       2,097       5,887       8,950       10,257       10,814       7,360       46,109  
2006
     2,317       6,579       18,170       27,184       31,300       32,700       11,824       130,075  
 
                                                                
Average Weekly Sales (AWS)
 
                                                                
1Q06
     62,282       44,839       44,164       41,828       41,040       35,527       41,105       40,435  
2Q06
     58,727       41,350       41,728       40,678       39,897       34,621       36,716       38,822  
3Q06
     57,240       40,334       41,170       40,499       39,449       34,659       35,726       38,201  
2006
     59,416       42,174       42,354       41,002       40,129       34,936       36,381       39,085  
 
                                                                
Year-Over-Year Change in AWS (2)
 
                                                                
1Q06
     -13.3 %     -3.8 %     0.4 %     -1.7 %     -4.4 %     -16.5 %     —       -3.0 %
2Q06
     -15.0 %     -6.1 %     -2.1 %     -2.7 %     -4.4 %     -10.6 %     —       -4.3 %
3Q06
     0.8 %     -4.8 %     -1.1 %     -1.7 %     -0.5 %     -5.6 %     —       -2.1 %
2006
     -9.8 %     -4.9 %     -0.9 %     -2.0 %     -3.2 %     -7.4 %     —       -3.1 %
 
                                                                
Year-Over-Year Change Comp Store Sales (3)
 
                                                                
Units
     1       4       11       17       20       2       —       55  
 
                                                                
1Q06
     -13.3 %     -3.8 %     0.4 %     -1.7 %     -2.3 %     —       —       -2.0 %
2Q06
     -15.0 %     -6.1 %     -2.1 %     -2.7 %     -4.4 %     -13.8 %     —       -3.9 %
3Q06
     0.8 %     -4.8 %     -1.1 %     -1.7 %     -0.5 %     -7.6 %     —       -1.5 %
2006
     -9.8 %     -4.9 %     -0.9 %     -2.0 %     -2.5 %     -8.8 %     —       -2.5 %
 
(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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