EX-99.1 2 p74070exv99w1.htm EX-99.1 exv99w1
 

Exhibit 99.1
P.F. Chang’s China Bistro, Inc.
P.F. CHANG’S SECOND QUARTER REVENUES GROW 18%
SCOTTSDALE, ARIZONA (July 5, 2007) P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) today reported consolidated revenues of $267.4 million for the second quarter ended July 1, 2007 compared to $226.0 million for the second quarter of 2006. Sales at the company owned P.F. Chang’s China Bistro restaurants accounted for $208.1 million of consolidated revenues, sales at the company’s Pei Wei Asian Diner restaurants accounted for $58.6 million of consolidated revenues and sales at the company’s Taneko Japanese Tavern restaurant accounted for $0.6 million of consolidated revenues.
For the 13 weeks ended July 1, 2007, comparable store sales decreased 1.3% at the Bistro (taking into account a 2% to 3% effective price increase) and increased 1.0% at Pei Wei (taking into account a 1% to 2% effective price increase) as compared to the 13 weeks ended July 2, 2006. Comparable store sales at the Bistro decreased 0.7%, 2.3% and 1.1% for April, May and June, respectively, and increased 1.9%, 0.4% and 0.6% for April, May and June, respectively, at Pei Wei.
During the second quarter of 2007, the company opened 4 new Bistro restaurants and 10 new Pei Wei restaurants.
The company intends to release its second quarter earnings results on July 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       5       157  
 
                                                                                
Sales (000)
 
                                                                                
1Q07
     54,138       23,539       18,803       18,201       24,965       20,158       21,081       25,819       283       206,987  
2Q07
     53,462       23,073       18,150       17,366       24,516       20,482       20,777       24,273       6,002       208,101  
 
                                                                                
2007
     107,600       46,612       36,953       35,567       49,481       40,640       41,858       50,092       6,285       415,088  
 
                                                                                
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  
2Q07
     117,500       110,928       107,398       95,418       104,771       87,530       88,792       93,357       115,426       102,615  
 
                                                                                
2007
     118,242       112,048       109,331       97,711       105,729       86,833       89,442       96,331       114,277       103,591  
 
                                                                                
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 %
2Q07
     -1.1 %     -2.7 %     -2.2 %     -1.8 %     -0.3 %     0.7 %     -2.9 %     -13.8 %     —       -1.6 %
 
                                                                                
2007
     -1.8 %     -2.9 %     -2.8 %     -2.0 %     -0.9 %     -0.8 %     -5.5 %     -18.8 %     —       -2.5 %
 
                                                                                
Year-Over-Year Change Comp Store Sales (3)
 
                                                                                
Units
     35       16       13       14       18       18       18       1       —       133  
 
                                                                                
1Q07
     -2.5 %     -3.2 %     -3.4 %     -2.2 %     -1.4 %     -2.2 %     -3.4 %     —       —       -2.5 %
2Q07
     -1.1 %     -2.7 %     -2.2 %     -1.8 %     -0.3 %     0.7 %     -1.8 %     -24.5 %     —       -1.3 %
 
                                                                                
2007
     -1.8 %     -2.9 %     -2.8 %     -2.0 %     -0.9 %     -0.8 %     -2.5 %     -24.5 %     —       -1.9 %
 
(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       19       126          
 
                                                                                
Sales (000)
 
                                                                                
1Q07
     782       2,278       6,196       9,378       10,689       11,502       13,784       2,040       56,649          
2Q07
     737       2,095       5,869       9,212       10,474       11,150       13,337       5,769       58,643          
 
                                                                                
2007
     1,519       4,373       12,065       18,590       21,163       22,652       27,121       7,809       115,293          
 
                                                                                
Average Weekly Sales (AWS)
 
                                                                                
1Q07
     60,181       43,804       43,330       42,436       41,111       36,866       35,343       37,086       39,177          
2Q07
     56,700       40,283       41,043       41,683       40,286       35,736       34,198       34,137       37,592          
 
                                                                                
2007
     58,440       42,044       42,187       42,060       40,698       36,301       34,771       34,861       38,354          
 
                                                                                
Year-Over-Year Change in AWS (2)
 
                                                                                
1Q07
     -3.4 %     -2.3 %     -1.9 %     1.5 %     0.2 %     3.8 %     -10.9 %     —       0.6 %        
2Q07
     -3.5 %     -2.6 %     -1.6 %     2.5 %     1.0 %     3.2 %     -4.7 %     —       0.8 %        
 
                                                                                
2007
     -3.4 %     -2.4 %     -1.8 %     2.0 %     0.6 %     3.5 %     -6.5 %     —       0.7 %        
 
                                                                                
Year-Over-Year Change Comp Store Sales (3)
 
                                                                                
Units
     1       4       11       17       20       24       2       —       79          
 
                                                                                
1Q07
     -3.4 %     -2.3 %     -1.9 %     1.5 %     0.2 %     2.9 %     —       —       0.5 %        
2Q07
     -3.5 %     -2.6 %     -1.6 %     2.5 %     1.0 %     2.7 %     -6.8 %     —       1.0 %        
 
                                                                                
2007
     -3.4 %     -2.4 %     -1.8 %     2.0 %     0.6 %     2.8 %     -6.8 %     —       0.7 %        
 
(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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