P.F. CHANG’S SECOND QUARTER REVENUES GROW 34%
SCOTTSDALE, ARIZONA (July 2, 2003)P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) reported today that revenues increased 34% to $136.6 million for the second quarter ended June 29, 2003 from $101.7 million in the second quarter of 2002. Sales at the company’s P.F. Chang’s China Bistro units accounted for $123.9 million of consolidated revenues while sales at the company’s Pei Wei Asian Diner units accounted for $12.7 million of consolidated revenues.
Comparable store sales at the Bistro increased 5.4% for the second quarter of 2003 as compared to the second quarter of 2002. The increase was primarily the result of customer traffic growth with approximately 1% resulting from a price increase implemented in February 2003. Comparable store sales increased 4.2% for the five-week period ending May 4th, 6.1% for the four-week period ending June 1st and 6.1% for the four-week period ending June 29th.
During the second quarter of 2003, the company opened one new Bistro (Dublin, OH) and three new Pei Wei units (Glendale, AZ; Shenandoah, TX and Newport Beach, CA).
The company will provide earnings results for its second quarter of 2003 and an update of its full-year forecast on July 23rd, 2003 at 7:00 am ET. The company’s release will be followed by a conference call later that 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 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 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. (602) 957-8986 | |||||
Media: | Laura Cherry | laurac@pfchangs.com | ||||
Investor: | Kristina Cashman | kristinac@pfchangs.com |
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P.F.Chang’s China Bistro
Supplemental Sales Information
Year of Unit Opening (1)
Pre-1996 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | Total | ||||||||||||||||||||||||||||||||||||
Units | 4 | 3 | 6 | 10 | 13 | 16 | 13 | 14 | 6 | 85 | |||||||||||||||||||||||||||||||||||
Sales (000) | |||||||||||||||||||||||||||||||||||||||||||||
1Q03 | 6,434 | 5,908 | 9,060 | 15,753 | 18,800 | 23,236 | 18,815 | 17,983 | 4,751 | 120,740 | |||||||||||||||||||||||||||||||||||
2Q03 | 6,238 | 5,955 | 9,180 | 15,545 | 19,037 | 23,754 | 18,576 | 17,214 | 8,420 | 123,919 | |||||||||||||||||||||||||||||||||||
2003 | 12,672 | 11,863 | 18,240 | 31,298 | 37,837 | 46,990 | 37,391 | 35,197 | 13,171 | 244,659 | |||||||||||||||||||||||||||||||||||
Average Weekly Sales (AWS) | |||||||||||||||||||||||||||||||||||||||||||||
1Q03 | 123,738 | 151,474 | 116,157 | 121,175 | 111,239 | 111,713 | 111,331 | 98,808 | 143,980 | 113,906 | |||||||||||||||||||||||||||||||||||
2Q03 | 119,958 | 152,695 | 117,695 | 119,575 | 112,647 | 114,202 | 109,915 | 94,582 | 125,666 | 113,271 | |||||||||||||||||||||||||||||||||||
2003 | 121,848 | 152,084 | 116,926 | 120,375 | 111,943 | 112,957 | 110,623 | 96,695 | 131,709 | 113,583 | |||||||||||||||||||||||||||||||||||
Year-Over-Year Change in AWS | |||||||||||||||||||||||||||||||||||||||||||||
1Q03 | 0.2 | % | 3.7 | % | 6.0 | % | 5.1 | % | 5.0 | % | 11.0 | % | 5.4 | % | -1.7 | % | — | 4.4 | % | ||||||||||||||||||||||||||
2Q03 | -0.4 | % | 1.9 | % | 7.3 | % | 1.4 | % | 5.3 | % | 10.4 | % | 5.1 | % | -6.1 | % | — | 3.1 | % | ||||||||||||||||||||||||||
2003 | -0.1 | % | 2.8 | % | 6.6 | % | 3.2 | % | 5.2 | % | 10.7 | % | 5.3 | % | -4.0 | % | — | 3.7 | % | ||||||||||||||||||||||||||
Year-Over-Year Change Comp Store Sales (2) | |||||||||||||||||||||||||||||||||||||||||||||
Units | 4 | 3 | 6 | 10 | 13 | 16 | 13 | 1 | — | 66 | |||||||||||||||||||||||||||||||||||
1Q03 | 0.2 | % | 3.7 | % | 6.0 | % | 5.1 | % | 5.0 | % | 11.0 | % | 6.6 | % | — | — | 6.4 | % | |||||||||||||||||||||||||||
2Q03 | -0.4 | % | 1.9 | % | 7.3 | % | 1.4 | % | 5.3 | % | 10.4 | % | 5.2 | % | 5.4 | % | — | 5.4 | % | ||||||||||||||||||||||||||
2003 | -0.1 | % | 2.8 | % | 6.6 | % | 3.2 | % | 5.2 | % | 10.7 | % | 5.8 | % | 5.4 | % | — | 5.9 | % |
(1) | Includes all restaurants opened in the period indicated. | |
(2) | 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 | Total | |||||||||||||||||
Units | 1 | 4 | 11 | 7 | 23 | ||||||||||||||||
Sales (000) | |||||||||||||||||||||
1Q03 | 868 | 2,390 | 5,762 | 1,835 | 10,855 | ||||||||||||||||
2Q03 | 841 | 2,241 | 5,722 | 3,882 | 12,686 | ||||||||||||||||
2003 | 1,709 | 4,631 | 11,484 | 5,717 | 23,541 | ||||||||||||||||
Average Weekly Sales (AWS) | |||||||||||||||||||||
1Q03 | 66,787 | 45,956 | 40,295 | 52,437 | 44,673 | ||||||||||||||||
2Q03 | 64,652 | 43,092 | 40,017 | 53,176 | 45,144 | ||||||||||||||||
2003 | 65,720 | 44,524 | 40,156 | 52,937 | 44,926 | ||||||||||||||||
Year-Over-Year Change in AWS | |||||||||||||||||||||
1Q03 | 3.0 | % | 6.4 | % | -15.1 | % | — | -6.0 | % | ||||||||||||
2Q03 | 4.2 | % | -0.3 | % | 11.3 | % | — | 3.4 | % | ||||||||||||
2003 | 3.6 | % | 3.0 | % | 1.9 | % | — | -1.1 | % | ||||||||||||
Year-Over-Year Change Comp Store Sales (2) | |||||||||||||||||||||
Units | 1 | 4 | 1 | — | 6 | ||||||||||||||||
1Q03 | 3.0 | % | -1.2 | % | — | — | 1.1 | % | |||||||||||||
2Q03 | 4.2 | % | -2.5 | % | 2.1 | % | — | -0.1 | % | ||||||||||||
2003 | 3.6 | % | -2.1 | % | 2.1 | % | — | 0.3 | % |
(1) | Includes all restaurants opened in the period indicated. | |
(2) | A unit becomes comparable in the eighteenth month of operation |
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