Exhibit 99.1
P.F. CHANG’S FOURTH QUARTER REVENUES GROW 31%
SCOTTSDALE, ARIZONA (January 7, 2004)P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) reported today that revenues increased 31% to $151.3 million for the fourth quarter ended December 28, 2003 from $115.9 million in the fourth quarter of 2002. Sales at the company’s P.F. Chang’s China Bistro units accounted for $134.6 million of consolidated revenues while sales at the company’s Pei Wei Asian Diner units accounted for $16.7 million of consolidated revenues.
Comparable store sales at the Bistro increased 3.8% for the fourth quarter of 2003 as compared to the fourth 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 3.3% for the five-week period ending November 2nd, 4.3% for the four-week period ending November 30th and 3.9% for the four-week period ending December 28th.
During the fourth quarter of 2003, the company opened seven new Bistro units (Portland, OR; Long Beach, CA; Victor, NY; Durham, NC; Sacramento, CA; The Woodlands, TX and Glen Mills, PA) and six new Pei Wei units (Denver, CO; Dallas, TX; Southlake, TX; Lewisville, TX; Allen TX and Pasadena, CA).
The company intends to release its fourth quarter earnings on February 11, 2004 at approximately 7:00 am ET. A conference call will be held later that same day at 12:00 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 | 18 | 97 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
3Q03 | 6,190 | 5,970 | 8,914 | 15,428 | 18,804 | 23,842 | 18,108 | 16,850 | 11,639 | 125,745 | ||||||||||||||||||||||||||||||
4Q03 | 6,062 | 5,559 | 9,159 | 15,418 | 18,608 | 23,715 | 18,529 | 17,217 | 20,391 | 134,658 | ||||||||||||||||||||||||||||||
2003 | 24,924 | 23,392 | 36,313 | 62,144 | 75,249 | 94,547 | 74,028 | 69,264 | 45,201 | 505,062 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
3Q03 | 119,044 | 153,083 | 114,272 | 118,677 | 111,269 | 114,625 | 107,148 | 92,579 | 115,241 | 111,476 | ||||||||||||||||||||||||||||||
4Q03 | 116,570 | 142,538 | 117,424 | 118,600 | 110,104 | 114,012 | 109,642 | 94,602 | 110,220 | 111,104 | ||||||||||||||||||||||||||||||
2003 | 119,828 | 149,947 | 116,387 | 119,507 | 111,315 | 113,638 | 109,509 | 95,143 | 117,101 | 112,386 | ||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||
3Q03 | 0.4 | % | 1.1 | % | 6.7 | % | -0.6 | % | 4.4 | % | 10.4 | % | 4.9 | % | -3.7 | % | — | 2.7 | % | |||||||||||||||||||||
4Q03 | 0.5 | % | -3.1 | % | 5.0 | % | -0.1 | % | 2.9 | % | 7.1 | % | 6.1 | % | 3.2 | % | — | 3.0 | % | |||||||||||||||||||||
2003 | 0.2 | % | 0.9 | % | 6.2 | % | 1.4 | % | 4.4 | % | 9.7 | % | 5.4 | % | 0.4 | % | — | 3.3 | % | |||||||||||||||||||||
Year-Over-Year Change Comp Store Sales (2) | ||||||||||||||||||||||||||||||||||||||||
Units | 4 | 3 | 6 | 10 | 13 | 16 | 13 | 6 | — | 71 | ||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||
3Q03 | 0.4 | % | 1.1 | % | 6.7 | % | -0.6 | % | 4.4 | % | 10.4 | % | 4.9 | % | 7.4 | % | — | 4.8 | % | |||||||||||||||||||||
4Q03 | 0.5 | % | -3.1 | % | 5.0 | % | -0.1 | % | 2.9 | % | 7.1 | % | 6.1 | % | 6.3 | % | — | 3.8 | % | |||||||||||||||||||||
2003 | 0.2 | % | 0.9 | % | 6.2 | % | 1.4 | % | 4.4 | % | 9.7 | % | 5.6 | % | 6.6 | % | — | 5.1 | % |
(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 | 17 | 33 | |||||||||||||||
Sales (000) | ||||||||||||||||||||
1Q03 | 868 | 2,390 | 5,762 | 1,835 | 10,855 | |||||||||||||||
2Q03 | 841 | 2,241 | 5,722 | 3,882 | 12,686 | |||||||||||||||
3Q03 | 814 | 2,141 | 5,603 | 5,426 | 13,984 | |||||||||||||||
4Q03 | 822 | 2,134 | 5,591 | 8,111 | 16,658 | |||||||||||||||
2003 | 3,345 | 8,906 | 22,678 | 19,254 | 54,183 | |||||||||||||||
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 | |||||||||||||||
3Q03 | 62,593 | 41,176 | 39,180 | 47,599 | 43,428 | |||||||||||||||
4Q03 | 63,295 | 41,039 | 39,098 | 40,553 | 40,830 | |||||||||||||||
2003 | 64,332 | 42,816 | 39,647 | 45,626 | 43,208 | |||||||||||||||
Year-Over-Year Change in AWS | ||||||||||||||||||||
1Q03 | 3.0 | % | 6.4 | % | -15.1 | % | — | -6.0 | % | |||||||||||
2Q03 | 4.2 | % | -0.3 | % | 11.3 | % | — | 3.4 | % | |||||||||||
3Q03 | 6.2 | % | -0.4 | % | 7.8 | % | — | 8.2 | % | |||||||||||
4Q03 | 3.0 | % | -6.0 | % | 6.5 | % | — | 2.1 | % | |||||||||||
2003 | 4.1 | % | -0.1 | % | 7.1 | % | — | 3.4 | % | |||||||||||
Year-Over-Year Change Comp Store Sales (2) | ||||||||||||||||||||
Units | 1 | 4 | 6 | — | 11 | |||||||||||||||
1Q03 | 3.0 | % | -1.2 | % | — | — | 1.1 | % | ||||||||||||
2Q03 | 4.2 | % | -2.5 | % | 2.1 | % | — | -0.1 | % | |||||||||||
3Q03 | 6.2 | % | -0.4 | % | 0.8 | % | — | 1.2 | % | |||||||||||
4Q03 | 3.0 | % | -6.0 | % | 6.5 | % | — | -0.2 | % | |||||||||||
2003 | 4.1 | % | -2.9 | % | 4.6 | % | — | 0.4 | % |
(1) | Includes all restaurants opened in the period indicated. | |
(2) | A unit becomes comparable in the eighteenth month of operation. |
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