EXHIBIT 99.1
P.F. CHANG’S THIRD QUARTER REVENUES GROW 29%
SCOTTSDALE, ARIZONA (September 29, 2004)P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) reported today that revenues increased 29% to $179.7 million for the third quarter ended September 26, 2004 from $139.7 million in the third quarter of 2003. Sales at the company’s P.F. Chang’s China Bistro units accounted for $155.0 million of consolidated revenues while sales at the company’s Pei Wei Asian Diner units accounted for $24.7 million of consolidated revenues.
Comparable store sales at the Bistro increased 3.3% for the third quarter of 2004 as compared to the third quarter of 2003. The increase was the result of customer traffic growth as well as a price increase of approximately 1% implemented at the beginning of the second quarter of 2004. Comparable store sales increased 4.6% for the five-week period ending August 1st, 3.0% for the four-week period ending August 29th and 1.9% for the four-week period ending September 26th.
During the third quarter of 2004, the company opened three new Bistro units (Emeryville, CA; West Des Moines, IA; and El Paso, TX) and three new Pei Wei units (Addison, TX; Roseville, CA; and Houston, TX).
The company intends to release its third quarter earnings results on October 20, 2004 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 and a high-energy, 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. | (602) 957-8986 | ||||
Media: | Laura Cherry | laurac@pfchangs.com | ||||
Investor: | Kristina Cashman | kristinac@pfchangs.com |
Page 2 of 4
P.F. Chang’s China Bistro
Supplemental Sales Information
Year of Unit Opening (1)
Pre-1998 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | Total | ||||||||||||||||||||||||||||
Units | 13 | 10 | 13 | 16 | 13 | 14 | 18 | 11 | 108 | |||||||||||||||||||||||||||
Sales (000) | ||||||||||||||||||||||||||||||||||||
1Q04 | 21,930 | 15,815 | 19,467 | 24,629 | 19,831 | 18,613 | 25,687 | 4,151 | 150,123 | |||||||||||||||||||||||||||
2Q04 | 21,590 | 15,521 | 19,510 | 24,498 | 19,170 | 17,940 | 24,999 | 9,290 | 152,518 | |||||||||||||||||||||||||||
3Q04 | 21,291 | 15,708 | 19,727 | 24,782 | 18,849 | 17,867 | 25,132 | 11,651 | 155,007 | |||||||||||||||||||||||||||
2004 | 64,811 | 47,044 | 58,704 | 73,909 | 57,850 | 54,420 | 75,818 | 25,092 | 457,648 | |||||||||||||||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||||||||||||||||||
1Q04 | 129,761 | 121,654 | 115,188 | 118,409 | 117,347 | 102,268 | 109,773 | 101,238 | 115,302 | |||||||||||||||||||||||||||
2Q04 | 127,753 | 119,392 | 115,446 | 117,777 | 113,429 | 98,574 | 106,835 | 97,784 | 112,477 | |||||||||||||||||||||||||||
3Q04 | 125,981 | 120,830 | 116,726 | 119,144 | 111,530 | 98,169 | 107,402 | 96,298 | 112,161 | |||||||||||||||||||||||||||
2004 | 127,832 | 120,625 | 115,787 | 118,444 | 114,102 | 99,670 | 108,003 | 97,636 | 113,279 | |||||||||||||||||||||||||||
Year-Over-Year Change in AWS | ||||||||||||||||||||||||||||||||||||
1Q04 | 2.5 | % | 0.4 | % | 3.6 | % | 6.0 | % | 5.4 | % | 3.5 | % | -23.8 | % | — | 1.2 | % | |||||||||||||||||||
2Q04 | 1.0 | % | -0.2 | % | 2.5 | % | 3.1 | % | 3.2 | % | 4.2 | % | -15.0 | % | — | -0.7 | % | |||||||||||||||||||
3Q04 | 1.0 | % | 1.8 | % | 4.9 | % | 3.9 | % | 4.1 | % | 6.0 | % | -6.8 | % | — | 0.6 | % | |||||||||||||||||||
2004 | 1.5 | % | 0.7 | % | 3.6 | % | 4.3 | % | 4.2 | % | 4.6 | % | -12.5 | % | — | 0.4 | % | |||||||||||||||||||
Year-Over-Year Change Comp Store Sales (2) | ||||||||||||||||||||||||||||||||||||
Units | 13 | 10 | 13 | 16 | 13 | 14 | 5 | — | 84 | |||||||||||||||||||||||||||
1Q04 | 2.5 | % | 0.4 | % | 3.6 | % | 6.0 | % | 5.4 | % | 6.8 | % | — | — | 4.0 | % | ||||||||||||||||||||
2Q04 | 1.0 | % | -0.2 | % | 2.5 | % | 3.1 | % | 3.2 | % | 4.8 | % | -13.7 | % | — | 2.3 | % | |||||||||||||||||||
3Q04 | 1.0 | % | 1.8 | % | 4.9 | % | 3.9 | % | 4.1 | % | 6.0 | % | -2.1 | % | — | 3.3 | % | |||||||||||||||||||
2004 | 1.5 | % | 0.7 | % | 3.6 | % | 4.3 | % | 4.2 | % | 5.7 | % | -3.6 | % | — | 3.2 | % |
(1) Includes all restaurants opened in the period indicated.
(2) 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 | Total | |||||||||||||||||||
Units | 1 | 4 | 11 | 17 | 14 | 47 | ||||||||||||||||||
Sales (000) | ||||||||||||||||||||||||
1Q04 | 888 | 2,356 | 6,040 | 9,130 | 1,256 | 19,670 | ||||||||||||||||||
2Q04 | 877 | 2,254 | 5,861 | 8,924 | 4,902 | 22,818 | ||||||||||||||||||
3Q04 | 849 | 2,138 | 5,689 | 9,009 | 6,999 | 24,684 | ||||||||||||||||||
2004 | 2,614 | 6,748 | 17,590 | 27,063 | 13,157 | 67,172 | ||||||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||||||
1Q04 | 68,328 | 45,318 | 42,236 | 41,311 | 41,862 | 42,855 | ||||||||||||||||||
2Q04 | 67,464 | 43,350 | 40,983 | 40,381 | 44,161 | 42,255 | ||||||||||||||||||
3Q04 | 65,273 | 41,120 | 39,789 | 40,763 | 41,658 | 41,346 | ||||||||||||||||||
2004 | 67,022 | 43,263 | 41,003 | 40,818 | 42,577 | 42,088 | ||||||||||||||||||
Year-Over-Year Change in AWS | ||||||||||||||||||||||||
1Q04 | 2.3 | % | -1.4 | % | 4.8 | % | -21.2 | % | — | -4.1 | % | |||||||||||||
2Q04 | 4.3 | % | 0.6 | % | 2.4 | % | -23.0 | % | — | -6.1 | % | |||||||||||||
3Q04 | 4.3 | % | -0.1 | % | 1.6 | % | -14.4 | % | — | -4.8 | % | |||||||||||||
2004 | 3.6 | % | -0.3 | % | 2.9 | % | -18.3 | % | — | -5.0 | % | |||||||||||||
Year-Over-Year Change Comp Store Sales (2) | ||||||||||||||||||||||||
Units | 1 | 4 | 11 | 5 | — | 21 | ||||||||||||||||||
1Q04 | 2.3 | % | -1.4 | % | 4.2 | % | — | — | 2.3 | % | ||||||||||||||
2Q04 | 4.3 | % | 0.6 | % | 2.4 | % | -2.8 | % | — | 1.8 | % | |||||||||||||
3Q04 | 4.3 | % | -0.1 | % | 1.6 | % | 0.6 | % | — | 1.2 | % | |||||||||||||
2004 | 3.6 | % | -0.3 | % | 2.6 | % | — | — | 1.7 | % |
(1) Includes all restaurants opened in the period indicated.
(2) A unit becomes comparable in the eighteenth month of operation.
Page 4 of 4