EXHIBIT 99.1
P.F. CHANG’S FOURTH QUARTER REVENUES GROW 36%
SCOTTSDALE, ARIZONA (January 5, 2005)P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) reported today that revenues increased 36% to $199.3 million for the fourth quarter ended January 2, 2005 from $146.1 million in the fourth quarter of 2003. The company had an additional week in fiscal 2004 (a 53-week year versus the typical 52-week year) which is reflected in the fourth-quarter revenues noted above. Sales at the company’s P.F. Chang’s China Bistro units accounted for $169.7 million of consolidated revenues while sales at the company’s Pei Wei Asian Diner units accounted for $29.6 million of consolidated revenues.
Comparable store sales at the Bistro increased 2.0% for the fourth quarter of 2004 as compared to the fourth quarter of 2003. The increase was the result of customer traffic growth as well as a price increase of approximately one percent. Comparable store sales for the months of October, November and December increased 2.8%, 1.7% and 1.2%, respectively.
During the fourth quarter of 2004, the company opened seven new Bistro units (Hillsboro, OR; West NY, NJ; Lynnwood, WA; Fort Worth, TX; Lakewood, CO; Atlantic City, NJ; and Oklahoma City, OK) and six new Pei Wei units (Webster, TX; San Antonio, TX; Oklahoma City, OK; Lakewood, CO; Austin, TX; and Houston, TX).
The company intends to release its fourth quarter earnings results on February 16, 2005 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 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.
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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-1998 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | Total | ||||||||||||||||||||||||||||
Units | 13 | 10 | 13 | 16 | 13 | 14 | 18 | 18 | 115 | |||||||||||||||||||||||||||
Sales (000) | ||||||||||||||||||||||||||||||||||||
1Q04 | 21,212 | 15,241 | 18,758 | 23,801 | 19,194 | 17,970 | 24,724 | 3,901 | 144,799 | |||||||||||||||||||||||||||
2Q04 | 20,898 | 14,962 | 18,803 | 23,680 | 18,573 | 17,340 | 24,114 | 8,842 | 147,211 | |||||||||||||||||||||||||||
3Q04 | 20,591 | 15,185 | 19,036 | 23,974 | 18,258 | 17,293 | 24,285 | 11,142 | 149,764 | |||||||||||||||||||||||||||
4Q04 | 22,459 | 16,296 | 20,536 | 25,749 | 19,912 | 18,908 | 25,640 | 20,196 | 169,695 | |||||||||||||||||||||||||||
2004 | 85,159 | 61,683 | 77,133 | 97,203 | 75,936 | 71,511 | 98,762 | 44,082 | 611,469 | |||||||||||||||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||||||||||||||||||
1Q04 | 125,514 | 117,235 | 110,996 | 114,427 | 113,573 | 98,734 | 105,656 | 95,145 | 111,213 | |||||||||||||||||||||||||||
2Q04 | 123,655 | 115,091 | 111,261 | 113,844 | 109,898 | 95,276 | 103,049 | 93,074 | 108,562 | |||||||||||||||||||||||||||
3Q04 | 121,838 | 116,805 | 112,637 | 115,260 | 108,037 | 95,018 | 103,781 | 92,086 | 108,367 | |||||||||||||||||||||||||||
4Q04 | 123,402 | 116,398 | 112,832 | 114,949 | 109,404 | 96,469 | 101,747 | 93,937 | 107,880 | |||||||||||||||||||||||||||
2004 | 123,598 | 116,382 | 111,949 | 114,626 | 110,212 | 96,376 | 103,524 | 93,394 | 108,938 | |||||||||||||||||||||||||||
Year-Over-Year Change in AWS(3) | ||||||||||||||||||||||||||||||||||||
1Q04 | 2.7 | % | 0.4 | % | 3.7 | % | 6.1 | % | 5.7 | % | 3.9 | % | -21.7 | % | — | 1.4 | % | |||||||||||||||||||
2Q04 | 1.3 | % | -0.1 | % | 2.6 | % | 3.3 | % | 3.6 | % | 4.5 | % | -14.0 | % | — | -0.5 | % | |||||||||||||||||||
3Q04 | 1.2 | % | 2.2 | % | 5.2 | % | 4.2 | % | 4.4 | % | 6.5 | % | -5.9 | % | — | 0.9 | % | |||||||||||||||||||
4Q04 | 2.1 | % | 0.1 | % | 4.3 | % | 2.3 | % | 0.9 | % | 3.2 | % | -5.9 | % | — | -1.4 | % | |||||||||||||||||||
2004 | 1.8 | % | 0.7 | % | 3.9 | % | 4.0 | % | 3.7 | % | 4.5 | % | -7.9 | % | — | -2.0 | % | |||||||||||||||||||
Year-Over-Year Change Comp Store Sales(2)(3) | ||||||||||||||||||||||||||||||||||||
Units | 13 | 10 | 13 | 16 | 13 | 14 | 7 | — | 86 | |||||||||||||||||||||||||||
1Q04 | 2.7 | % | 0.4 | % | 3.7 | % | 6.1 | % | 5.7 | % | 6.7 | % | — | — | 4.2 | % | ||||||||||||||||||||
2Q04 | 1.3 | % | -0.1 | % | 2.6 | % | 3.3 | % | 3.6 | % | 5.0 | % | -13.0 | % | — | 2.5 | % | |||||||||||||||||||
3Q04 | 1.2 | % | 2.2 | % | 5.2 | % | 4.2 | % | 4.4 | % | 6.5 | % | -1.7 | % | — | 3.6 | % | |||||||||||||||||||
4Q04 | 2.1 | % | 0.1 | % | 4.3 | % | 2.3 | % | 0.9 | % | 3.2 | % | -1.1 | % | — | 2.0 | % | |||||||||||||||||||
2004 | 1.8 | % | 0.7 | % | 3.9 | % | 4.0 | % | 3.7 | % | 5.2 | % | -2.1 | % | — | 3.0 | % |
(1) | Includes all restaurants opened in the period indicated. | |||
(2) | A unit becomes comparable in the eighteenth month of operation. | |||
(3) | The 53rd week of fiscal 2004 has been excluded for comparative purposes. |
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Pei Wei Asian Diner
Supplemental Sales Information
Year of Unit Opening (1)
2000 | 2001 | 2002 | 2003 | 2004 | Total | |||||||||||||||||||
Units | 1 | 4 | 11 | 17 | 20 | 53 | ||||||||||||||||||
Sales (000) | ||||||||||||||||||||||||
1Q04 | 873 | 2,297 | 5,918 | 8,935 | 1,234 | 19,257 | ||||||||||||||||||
2Q04 | 864 | 2,203 | 5,750 | 8,758 | 4,816 | 22,391 | ||||||||||||||||||
3Q04 | 834 | 2,094 | 5,583 | 8,853 | 6,886 | 24,249 | ||||||||||||||||||
4Q04 | 945 | 2,332 | 6,151 | 9,486 | 10,661 | 29,575 | ||||||||||||||||||
2004 | 3,517 | 8,926 | 23,402 | 36,031 | 23,597 | 95,473 | ||||||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||||||
1Q04 | 67,145 | 44,170 | 41,385 | 40,427 | 41,147 | 41,954 | ||||||||||||||||||
2Q04 | 66,490 | 42,368 | 40,210 | 39,628 | 43,388 | 41,466 | ||||||||||||||||||
3Q04 | 64,145 | 40,263 | 39,042 | 40,059 | 40,985 | 40,618 | ||||||||||||||||||
4Q04 | 67,526 | 41,649 | 39,943 | 39,857 | 41,002 | 40,963 | ||||||||||||||||||
2004 | 66,349 | 42,104 | 40,141 | 39,990 | 41,470 | 41,188 | ||||||||||||||||||
Year-Over-Year Change in AWS(3) | ||||||||||||||||||||||||
1Q04 | 1.7 | % | -2.3 | % | 4.1 | % | -21.4 | % | — | -4.7 | % | |||||||||||||
2Q04 | 4.1 | % | -0.3 | % | 1.8 | % | -23.2 | % | — | -6.5 | % | |||||||||||||
3Q04 | 3.9 | % | -0.2 | % | 1.2 | % | -14.5 | % | — | -4.9 | % | |||||||||||||
4Q04 | 7.3 | % | 2.6 | % | 3.4 | % | -0.9 | % | — | 1.3 | % | |||||||||||||
2004 | 4.2 | % | -0.1 | % | 2.6 | % | -10.9 | % | — | -3.3 | % | |||||||||||||
Year-Over-Year Change Comp Store Sales(2)(3) | ||||||||||||||||||||||||
Units | 1 | 4 | 11 | 8 | — | 24 | ||||||||||||||||||
1Q04 | 1.7 | % | -2.3 | % | 3.4 | % | — | — | 1.6 | % | ||||||||||||||
2Q04 | 4.1 | % | -0.3 | % | 1.8 | % | -2.7 | % | — | 1.3 | % | |||||||||||||
3Q04 | 3.9 | % | -0.2 | % | 1.2 | % | 0.5 | % | — | 1.0 | % | |||||||||||||
4Q04 | 7.3 | % | 2.6 | % | 3.4 | % | 3.7 | % | — | 3.6 | % | |||||||||||||
2004 | 4.2 | % | -0.1 | % | 2.4 | % | 2.1 | % | — | 2.0 | % |
(1) | Includes all restaurants opened in the period indicated. | |||
(2) | A unit becomes comparable in the eighteenth month of operation. | |||
(3) | The 53rd week of fiscal 2004 has been excluded for comparative purposes. |
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Reconciliation of fiscal 2003 52-week year to fiscal 2004 53-week year
Bistro
Year-Over-Year Change in AWS
Pre-1998 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | Total | ||||||||||||||||||||||||||||
Units | 13 | 10 | 13 | 16 | 13 | 14 | 18 | 18 | 115 | |||||||||||||||||||||||||||
4Q04 | 3.9 | % | 1.8 | % | 6.4 | % | 4.4 | % | 3.3 | % | 5.8 | % | -3.7 | % | — | 0.7 | % | |||||||||||||||||||
2004 | 2.3 | % | 1.1 | % | 4.5 | % | 4.5 | % | 4.2 | % | 5.1 | % | -7.2 | % | — | 0.6 | % | |||||||||||||||||||
Year-Over-Year Change Comp Store Sales | ||||||||||||||||||||||||||||||||||||
Units | 13 | 10 | 13 | 16 | 13 | 14 | 7 | — | 86 | |||||||||||||||||||||||||||
4Q04 | 11.9 | % | 9.6 | % | 14.6 | % | 12.4 | % | 11.3 | % | 13.9 | % | 10.2 | % | — | 12.2 | % | |||||||||||||||||||
2004 | 4.2 | % | 3.0 | % | 6.5 | % | 6.5 | % | 6.3 | % | 8.2 | % | 3.7 | % | — | 5.7 | % |
Pei Wei
Year-Over-Year Change in AWS
2000 | 2001 | 2002 | 2003 | 2004 | Total | |||||||||||||||||||
Units | 1 | 4 | 11 | 17 | 20 | 53 | ||||||||||||||||||
4Q04 | 8.4 | % | 3.8 | % | 4.1 | % | 0.0 | % | — | 2.2 | % | |||||||||||||
2004 | 4.5 | % | 0.2 | % | 2.8 | % | -10.7 | % | — | -3.0 | % | |||||||||||||
Year-Over-Year Change Comp Store Sales | ||||||||||||||||||||||||
Units | 1 | 4 | 11 | 8 | — | 24 | ||||||||||||||||||
4Q04 | 16.8 | % | 11.8 | % | 12.2 | % | 13.1 | % | — | 12.7 | % | |||||||||||||
2004 | 6.5 | % | 2.1 | % | 4.7 | % | 7.6 | % | — | 4.8 | % |
The Company’s 2003 fiscal year was 52 weeks long, and its 2004 fiscal year was 53 weeks long. Management believes that the presentation on the previous pages of the year-over-year changes in average weekly sales and comp store sales for the 4th Quarter of 2004 and the entire year 2004 (excluding the 53rd week in the 4th Quarter of 2004) is a more meaningful and useful gauge of the Company’s performance because it makes consistent the length of the periods on which the comparison is based. The information set forth above is a reconciliation of the year-over-year changes in average weekly sales and comp store sales for the periods indicated and as provided on the previous pages. The changes in average weekly sales and comp store sales for these periods are solely attributed to the inclusion of the 53rd week of sales in the 4th Quarter of 2004.
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