EX-99.1 2 p73686exv99w1.htm EXHIBIT 99.1 exv99w1
 

Exhibit 99.1
P.F. Chang’s China Bistro, Inc.
P.F. CHANG’S FIRST QUARTER REVENUES GROW 16%
SCOTTSDALE, ARIZONA (April 4, 2007) P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) today reported consolidated revenues of $264.4 million for the first quarter ended April 1, 2007 compared to $228.6 million for the first quarter of 2006. Sales at the company owned P.F. Chang’s China Bistro restaurants accounted for $207.0 million of consolidated revenues, sales at the company’s Pei Wei Asian Diner restaurants accounted for $56.7 million of consolidated revenues and sales at the company’s Taneko Japanese Tavern restaurant accounted for $0.7 million of consolidated revenues.
For the 13 weeks ended April 1, 2007, comparable store sales decreased 2.5% at the Bistro (taking into account a 2% to 3% effective price increase) and increased 0.5% at Pei Wei (taking into account a 2% to 3% effective price increase) as compared to the 13 weeks ended April 2, 2006. Comparable store sales at the Bistro decreased 2.9%, 1.6% and 3.0% for January, February and March, respectively, and decreased 1.4% in January and increased 2.7% and 0.5% for February and March, respectively, at Pei Wei.
During the first quarter of 2007, the company opened one new Bistro restaurant and 10 new Pei Wei restaurants.
The company intends to release its first quarter earnings results on April 25, 2007 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 three 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 in a relaxed, warm environment offering attentive counter service and take-out flexibility. Taneko Japanese Tavern features natural, organic and seasonal ingredients highlighting the diverse cooking styles of Japan.

 

 

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; customer acceptance of new concepts; 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-2000   2000   2001   2002   2003   2004   2005   2006   2007   Total
     
Units
     35       16       13       14       18       18       18       20       1       153  
Sales (000)
1Q07
     54,138       23,539       18,803       18,201       24,965       20,158       21,081       25,819       283       206,987  
Average Weekly Sales (AWS)
1Q07
     118,984       113,168       111,264       100,004       106,687       86,144       90,092       99,305       94,358       104,592  
Year-Over-Year Change in AWS (2)
1Q07
     -2.5 %     -3.2 %     -3.4 %     -2.2 %     -1.4 %     -2.2 %     -7.9 %     -37.5 %     —       -3.3 %
Year-Over-Year Change Comp Store Sales (3)
Units
     35       16       13       14       18       18       13       —       —       127  
1Q07
     -2.5 %     -3.2 %     -3.4 %     -2.2 %     -1.4 %     -2.2 %     -3.4 %     —       —       -2.5 %
 
(1)   Includes all restaurants opened in the period indicated.
 
(2)   A unit is 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   2007   Total        
             
Units
     1       4       11       17       20       24       30       10       117          
Sales (000)
1Q07
     782       2,278       6,196       9,378       10,689       11,502       13,784       2,047       56,656          
Average Weekly Sales (AWS)
1Q07
     60,181       43,804       43,330       42,436       41,111       36,866       35,343       35,908       39,127          
Year-Over-Year Change in AWS (2)
1Q07
     -3.4 %     -2.3 %     -1.9 %     1.5 %     0.2 %     3.8 %     -10.9 %     —       0.6 %        
Year-Over-Year Change Comp Store Sales (3)
Units
     1       4       11       17       20       19       —       —       72          
1Q07
     -3.4 %     -2.3 %     -1.9 %     1.5 %     0.2 %     2.9 %     —       —       0.5 %        
 
(1)  Includes all restaurants opened in the period indicated.
(2)  A unit is 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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