Exhibit 99.1

P.F. CHANG’S CHINA BISTRO, INC.

P.F. CHANG’S EARNS $0.40 PER SHARE

SCOTTSDALE, ARIZONA, (April 23, 2008) - P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) today reported consolidated net income of $9.6 million for the first quarter ended March 30, 2008 compared to $10.5 million for the first quarter of the prior year. Net income per diluted share for the first quarter of both fiscal 2008 and the prior year was $0.40.

(000 except per share data)	1Q08		1Q07
Revenues	$	308,580	$	263,684
Income from continuing operations	$	9,692	$	10,758
Net income	$	9,649	$	10,465
Income from continuing operations per diluted share	$	0.40	$	0.41
Net income per diluted share	$	0.40	$	0.40
Weighted average shares — diluted		24,295		26,046

Net income for both years includes a loss from discontinued operations related to the Company’s previously announced decision to exit operation of its Taneko business. The Company did not reach a definitive agreement with the anticipated buyer announced in early January 2008 and continues to actively pursue the sale of Taneko’s long-lived assets during 2008.

For the first quarter of 2008, consolidated revenues were $308.6 million compared to $263.7 million for the first quarter of 2007. Sales at company-owned P.F. Chang’s China Bistro restaurants accounted for $236.1 million of consolidated revenues and sales at the Company’s Pei Wei Asian Diner restaurants accounted for $72.5 million of consolidated revenues.

For the 13 weeks ended March 30, 2008, comparable store sales increased 0.1% at the Bistro (including a 5% to 6% increase in the average check reflecting the net impact of price and menu mix changes) and decreased 2.4% at Pei Wei (including a slight increase in average check reflecting the net impact of price and menu mix changes) compared to the 13 weeks ended April 1, 2007. Comparable store sales at the Bistro increased 2.7% in January and decreased 1.5% and 1.2% for February and March, respectively. Comparable store sales at Pei Wei decreased 1.1%, 2.7%, and 3.5% for January, February and March, respectively.

During the first quarter of 2008, the Company opened five new Bistro restaurants and 11 new Pei Wei restaurants.

2008 Expectations

“Although revenues at both concepts for the first quarter surpassed our expectations, we continue to believe that consumers will remain under economic pressure for the rest of the year”, noted Rick Federico, CEO. “We are pleased with our first quarter earnings which reflect better than anticipated operating results, particularly our cost of sales margins and general & administrative costs which were more favorable than expected during the quarter. While we remain optimistic regarding our business, given the level of uncertainty surrounding the macro consumer environment, we are modestly increasing our earnings expectations for the year from a range of $1.32 — $1.38 per share to a range of $1.34 — $1.40 per share.”

Page 1 of 8

The Company plans to open a total of 17 new Bistro restaurants and 25 new Pei Wei restaurants during 2008 and continues to expect full year fiscal 2008 consolidated revenues to increase 13 to 14 percent.

The Company is hosting a conference call today at 1:00 pm ET in which management will provide further details on the first quarter results. A webcast of the call can be accessed through the company’s website at http://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 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.

Note with respect to non-GAAP financial measures contained within Supplemental Financial Information

In addition to using GAAP results in evaluating the Company’s business, management measures restaurant operating income to assess the performance of its existing restaurant concepts. Restaurant operating income includes all ongoing costs related to operating the Company’s restaurants but excludes preopening expenses and partner investment expense. Because these costs are solely related to expansion of the Company’s business, they make an accurate assessment of the health of its ongoing operations more difficult and are therefore excluded. Additionally, general and administrative expenses are only included in the Company’s consolidated financial presentation as these costs relate to support of both restaurant concepts and are generally not specifically identifiable to individual restaurant operations. As the Company’s expansion is funded entirely from its ongoing restaurant operations, restaurant operating income is a primary consideration of management when determining whether and when to open additional restaurants. The non-GAAP financial information presented herein should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Please see the non-GAAP to GAAP reconciliation at the bottom of pages 4 through 6 of this press release for a reconciliation of restaurant operating income to the most directly comparable GAAP measure, income from operations.

Note with respect to forward looking statements

The statements contained in this press release that are not purely historical, including the Company’s estimates of its earnings, revenues and anticipated new restaurants 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

Page 2 of 8

P.F. Chang’s China Bistro, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)

	13 Weeks Ended
	March 30,			April 1,
	2008			2007
Revenues	$	308,580		$	263,684
Costs and expenses:
Cost of sales		84,304			72,632
Labor		104,558			88,863
Operating		48,662			41,066
Occupancy		17,919			14,853
General & administrative		18,521			16,494
Depreciation & amortization		16,652			12,578
Preopening expense		2,824			2,539
Partner investment expense		411			(1,401	)
Total costs and expenses		293,851			247,624
Income from operations		14,729			16,060
Interest and other income (expense), net		(934	)		343
Minority interest		(705	)		(1,647	)
Income from continuing operations before provision for income taxes		13,090			14,756
Provision for income taxes		(3,398	)		(3,998	)
Income from continuing operations		9,692			10,758
Loss from discontinued operations, net of tax		(43	)		(293	)
Net income	$	9,649		$	10,465
Basic income per share:
Income from continuing operations	$	0.40		$	0.42
Loss from discontinued operations, net of tax		(0.00	)		(0.01	)
Net income	$	0.40		$	0.41
Diluted income per share:
Income from continuing operations	$	0.40		$	0.41
Loss from discontinued operations, net of tax		(0.00	)		(0.01	)
Net income	$	0.40		$	0.40
Weighted average shares used in computation — basic		23,972			25,488
Weighted average shares used in computation — diluted		24,295			26,046

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P.F. Chang’s China Bistro, Inc.
Supplemental Financial Information

	2006			1Q07			2Q07			3Q07			4Q07			2007			1Q08
Units		259			269			283			299			316			316			332
Sales weeks		11,848			3,425			3,588			3,776			4,060			14,849			4,252
AWS		79,074			76,988			74,365			71,579			71,905			73,589			72,573
Revenues		936,864			263,684			266,823			270,282			291,933			1,092,722			308,580
Operating costs
Cost of sales		256,259			72,632			72,766			73,865			80,450			299,713			84,304
Labor		309,774			88,863			90,307			91,789			97,100			368,059			104,558
Operating		146,247			41,066			42,198			43,816			46,913			173,993			48,662
Occupancy		52,408			14,853			15,561			15,970			16,727			63,111			17,919
Minority interest		8,116			1,647			1,121			808			593			4,169			705
Depreciation & amortization		44,793			12,578			13,500			14,749			16,005			56,832			16,652
Restaurant operating income		119,267			32,045			31,370			29,285			34,145			126,845			35,780
Development costs
Preopening expenses		12,286			2,539			3,296			4,939			4,209			14,983			2,824
Partner investment expense		4,371			(1,401	)		(468	)		(71	)		(72	)		(2,012	)		411
Other expenses
General and administrative (1)		56,030			16,494			15,684			17,186			17,604			66,968			18,521
Interest and other (income) expense, net		(1,315	)		(343	)		(179	)		10			612			100			934
Provision for income taxes		13,712			3,998			3,407			1,618			2,540			11,563			3,398
Income from continuing operations		34,183			10,758			9,630			5,603			9,252			35,243			9,692
Loss from discontinued operations, net of tax		(930	)		(293	)		(353	)		(328	)		(2,206	)		(3,180	)		(43	)
Net income		33,253			10,465			9,277			5,275			7,046			32,063			9,649
Income from continuing operations per FDS	$	1.28		$	0.41		$	0.37		$	0.21		$	0.37		$	1.36		$	0.40
Fully diluted shares (FDS)		26,737			26,046			26,129			26,105			25,257			25,899			24,295
Revenues		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cost of sales		27.4	%		27.5	%		27.3	%		27.3	%		27.6	%		27.4	%		27.3	%
Labor		33.1	%		33.7	%		33.8	%		34.0	%		33.3	%		33.7	%		33.9	%
Operating		15.6	%		15.6	%		15.8	%		16.2	%		16.1	%		15.9	%		15.8	%
Occupancy		5.6	%		5.6	%		5.8	%		5.9	%		5.7	%		5.8	%		5.8	%
Minority interest		0.9	%		0.6	%		0.4	%		0.3	%		0.2	%		0.4	%		0.2	%
Depreciation & amortization		4.8	%		4.8	%		5.1	%		5.5	%		5.5	%		5.2	%		5.4	%
Restaurant operating income		12.7	%		12.2	%		11.8	%		10.8	%		11.7	%		11.6	%		11.6	%
Preopening expenses		1.3	%		1.0	%		1.2	%		1.8	%		1.4	%		1.4	%		0.9	%
Partner investment expense		0.5	%		(0.5	%)		(0.2	%)		(0.0	%)		(0.0	%)		(0.2	%)		0.1	%
General and administrative (1)		6.0	%		6.3	%		5.9	%		6.4	%		6.0	%		6.1	%		6.0	%
Interest and other (income) expense, net		(0.1	%)		(0.1	%)		(0.1	%)		0.0	%		0.2	%		0.0	%		0.3	%
Provision for income taxes		1.5	%		1.5	%		1.3	%		0.6	%		0.9	%		1.1	%		1.1	%
Income from continuing operations		3.6	%		4.1	%		3.6	%		2.1	%		3.2	%		3.2	%		3.1	%
Loss from discontinued operations, net of tax		(0.1	%)		(0.1	%)		(0.1	%)		(0.1	%)		(0.8	%)		(0.3	%)		(0.0	%)
Net income		3.5	%		4.0	%		3.5	%		2.0	%		2.4	%		2.9	%		3.1	%
Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income		119,267			32,045			31,370			29,285			34,145			126,845			35,780
Add: Minority interest		8,116			1,647			1,121			808			593			4,169			705
Less: General and administrative (1)		(56,030	)		(16,494	)		(15,684	)		(17,186	)		(17,604	)		(66,968	)		(18,521	)
Less: Preopening expenses		(12,286	)		(2,539	)		(3,296	)		(4,939	)		(4,209	)		(14,983	)		(2,824	)
Less: Partner investment expense		(4,371	)		1,401			468			71			72			2,012			(411	)
Income from operations		54,696			16,060			13,979			8,039			12,997			51,075			14,729

Note : Consolidated results include the impact of Shared Services and Other as well as the Bistro and Pei Wei concepts
(1)	Consolidated general and administrative expenses includes the costs of supporting the Company, including all concepts

Page 4 of 8

Concept: P.F. Chang’s China Bistro
Supplemental Financial Information

	2006			1Q07			2Q07			3Q07			4Q07			2007			1Q08
Units		152			153			157			162			172			172			177
Sales weeks		7,187			1,979			2,028			2,078			2,204			8,289			2,275
AWS		105,265			104,592			102,615			100,325			102,514			102,486			103,763
Revenues		756,634			207,028			208,174			208,544			225,997			849,743			236,089
Operating costs
Cost of sales		206,567			56,781			56,696			56,943			62,158			232,578			64,410
Labor		247,097			69,312			69,827			69,946			73,834			282,919			79,318
Operating		115,465			31,684			32,194			32,981			35,004			131,863			36,324
Occupancy		40,683			11,217			11,598			11,739			12,505			47,059			12,981
Minority interest		6,993			1,333			837			599			582			3,351			497
Depreciation & amortization		34,451			9,483			10,054			10,861			11,896			42,294			12,265
Restaurant operating income		105,378			27,218			26,968			25,475			30,018			109,679			30,294
Revenues		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cost of sales		27.3	%		27.4	%		27.2	%		27.3	%		27.5	%		27.4	%		27.3	%
Labor		32.7	%		33.5	%		33.5	%		33.5	%		32.7	%		33.3	%		33.6	%
Operating		15.3	%		15.3	%		15.5	%		15.8	%		15.5	%		15.5	%		15.4	%
Occupancy		5.4	%		5.4	%		5.6	%		5.6	%		5.5	%		5.5	%		5.5	%
Minority interest		0.9	%		0.6	%		0.4	%		0.3	%		0.3	%		0.4	%		0.2	%
Depreciation & amortization		4.6	%		4.6	%		4.8	%		5.2	%		5.3	%		5.0	%		5.2	%
Restaurant operating income		13.9	%		13.1	%		13.0	%		12.2	%		13.3	%		12.9	%		12.8	%
Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income		105,378			27,218			26,968			25,475			30,018			109,679			30,294
Add: Minority interest		6,993			1,333			837			599			582			3,351			497
Less: Preopening expenses		(8,004	)		(1,256	)		(1,790	)		(2,974	)		(2,992	)		(9,012	)		(1,729	)
Less: Partner investment expense		(3,475	)		1,926			753			433			246			3,358			245
Income from operations		100,892			29,221			26,768			23,533			27,854			107,376			29,307

Note: General and administrative expenses are reflected in the Company’s consolidated results

Page 5 of 8

Concept: Pei Wei Asian Diner
Supplemental Financial Information

	2006			1Q07			2Q07			3Q07			4Q07			2007			1Q08
Units		107			116			126			137			144			144			155
Sales weeks		4,661			1,446			1,560			1,698			1,856			6,560			1,977
AWS		38,668			39,177			37,592			36,359			35,523			37,037			36,667
Revenues		180,230			56,656			58,649			61,738			65,936			242,979			72,491
Operating costs
Cost of sales		49,692			15,851			16,070			16,922			18,292			67,135			19,894
Labor		62,677			19,551			20,480			21,843			23,266			85,140			25,240
Operating		30,782			9,382			10,004			10,835			11,909			42,130			12,338
Occupancy		11,725			3,636			3,963			4,231			4,222			16,052			4,938
Minority interest		1,123			314			284			209			11			818			208
Depreciation & amortization		9,205			2,823			3,164			3,417			3,718			13,122			4,056
Restaurant operating income		15,026			5,099			4,684			4,281			4,518			18,582			5,817
Revenues		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cost of sales		27.6	%		28.0	%		27.4	%		27.4	%		27.7	%		27.6	%		27.4	%
Labor		34.8	%		34.5	%		34.9	%		35.4	%		35.3	%		35.0	%		34.8	%
Operating		17.1	%		16.6	%		17.1	%		17.5	%		18.1	%		17.3	%		17.0	%
Occupancy		6.5	%		6.4	%		6.8	%		6.9	%		6.4	%		6.6	%		6.8	%
Minority interest		0.6	%		0.6	%		0.5	%		0.3	%		0.0	%		0.3	%		0.3	%
Depreciation & amortization		5.1	%		5.0	%		5.4	%		5.5	%		5.6	%		5.4	%		5.6	%
Restaurant operating income		8.3	%		9.0	%		8.0	%		6.9	%		6.9	%		7.6	%		8.0	%
Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income		15,026			5,099			4,684			4,281			4,518			18,582			5,817
Add: Minority interest		1,123			314			284			209			11			818			208
Less: Preopening expenses		(4,283	)		(1,283	)		(1,506	)		(1,965	)		(1,217	)		(5,971	)		(1,095	)
Less: Partner investment expense		(896	)		(525	)		(285	)		(362	)		(174	)		(1,346	)		(656	)
Income from operations		10,970			3,605			3,177			2,163			3,138			12,083			4,274

Note: General and administrative expenses are reflected in the Company’s consolidated results

Page 6 of 8

P.F. Chang’s China Bistro

Supplemental Sales Information (Company Owned)

Year of Unit Opening (1)

	Pre-2001			2001			2002			2003			2004			2005			2006			2007			2008		Total
Units		51			13			14			18			18			18			20			20			5		177
Sales (000)
1Q08		77,380			19,067			18,306			25,155			20,281			21,118			23,785			26,976			3,992		236,060
Average Weekly Sales (AWS)
1Q08		116,712			112,823			100,580			107,502			86,670			90,248			91,482			103,752			102,364		103,763
Year-Over-Year Change in AWS (2)
1Q08		-0.4	%		1.4	%		0.6	%		0.8	%		0.6	%		0.2	%		-7.9	%		3.5	%		—		-0.8	%
Year-Over-Year Change Comp Store Sales (3)
Units		51			13			14			18			18			18			14			—			—		146
1Q08		-0.4	%		1.4	%		0.6	%		0.8	%		0.6	%		0.2	%		-2.0	%		—			—		0.1	%

(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			2008		Total
Units		1			4			11			17			20			24			30			37			11		155
Sales (000)
1Q08		730			2,086			5,725			8,942			10,617			11,441			13,494			15,167			4,289		72,491
Average Weekly Sales (AWS)
1Q08		56,165			40,115			40,034			40,460			40,833			36,669			34,599			31,531			40,863		36,667
Year-Over-Year Change in AWS (2)
1Q08		-6.7	%		-8.4	%		-7.6	%		-4.7	%		-0.7	%		-0.5	%		-2.1	%		-18.7	%		—		-3.5	%
Year-Over-Year Change Comp Store Sales (3)
Units		1			4			11			17			20			24			23			—			—		100
1Q08		-6.7	%		-8.4	%		-7.6	%		-4.7	%		-0.7	%		-0.5	%		1.4	%		—			—		-2.4	%

(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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