Exhibit 99.1
P.F. CHANG’S SECOND QUARTER REVENUES GROW 17%
SCOTTSDALE, ARIZONA (July 7, 2005)P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) reported today that revenues increased 17% to $198.1 million for the second quarter ended July 3, 2005 from $169.6 million in the second quarter of 2004. Sales at the company’s P.F. Chang’s China Bistro units accounted for $166.5 million of consolidated revenues while sales at the company’s Pei Wei Asian Diner units accounted for $31.6 million of consolidated revenues.
For the thirteen weeks ended July 3, 2005, comparable store sales increased 1.9% at the Bistro and 6.3% at Pei Wei as compared to the thirteen weeks ended July 4, 2004. The increase was the result of customer traffic growth at both concepts as well as a price increase of approximately 1.0% at the Bistro and 1.5% at Pei Wei. Comparable store sales for the months of April, May and June increased 2.3%, 2.0% and 1.3% respectively at the Bistro and 6.3%, 7.0% and 5.7% respectively at Pei Wei, for the comparable periods in 2004.
During the second quarter of 2005, the company opened five new Bistro units (Baton Rouge, LA, Little Rock, AR, Richmond Heights, MO, San Jose, CA and Mesa, AZ) and seven new Pei Wei units (Austin, TX, San Antonio, TX, Rancho Cucamonga, CA, Weston, FL, Brentwood, TN, Edmond, OK and Las Vegas, NV).
The company intends to release its second quarter earnings results on July 27, 2005 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.
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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: | Bert Vivian | bertv@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 | 2005 | Total | |||||||||||||||||||||||||||||||
Units | 12 | 10 | 13 | 16 | 13 | 14 | 18 | 18 | 7 | 121 | ||||||||||||||||||||||||||||||
Sales (000) | ||||||||||||||||||||||||||||||||||||||||
1Q05 | 20,173 | 15,178 | 19,347 | 24,256 | 19,247 | 18,298 | 24,577 | 21,148 | 1,356 | 163,580 | ||||||||||||||||||||||||||||||
2Q05 | 20,041 | 14,949 | 19,315 | 24,273 | 18,690 | 17,588 | 24,510 | 21,121 | 5,930 | 166,418 | ||||||||||||||||||||||||||||||
2005 | 40,214 | 30,127 | 38,661 | 48,529 | 37,937 | 35,886 | 49,086 | 42,269 | 7,286 | 329,997 | ||||||||||||||||||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||||||||||||||||||||||
1Q05 | 129,314 | 116,753 | 114,477 | 116,617 | 113,885 | 100,538 | 105,028 | 90,375 | 135,612 | 109,637 | ||||||||||||||||||||||||||||||
2Q05 | 128,471 | 114,995 | 114,288 | 116,695 | 110,594 | 96,640 | 104,742 | 90,262 | 121,025 | 108,699 | ||||||||||||||||||||||||||||||
2005 | 128,892 | 115,874 | 114,383 | 116,656 | 112,240 | 98,589 | 104,885 | 90,319 | 123,497 | 109,162 | ||||||||||||||||||||||||||||||
Year-Over-Year Change in AWS (2) | ||||||||||||||||||||||||||||||||||||||||
1Q05 | 4.3 | % | 1.2 | % | 4.6 | % | 3.3 | % | 2.1 | % | 3.4 | % | 1.0 | % | -4.7 | % | — | 2.5 | % | |||||||||||||||||||||
2Q05 | 4.4 | % | 0.0 | % | 3.0 | % | 2.9 | % | 1.0 | % | 1.9 | % | 1.8 | % | -6.1 | % | — | 1.6 | % | |||||||||||||||||||||
2005 | 4.3 | % | 0.6 | % | 3.8 | % | 3.1 | % | 1.5 | % | 2.7 | % | 1.4 | % | -5.6 | % | — | 2.0 | % | |||||||||||||||||||||
Year-Over-Year Change Comp Store Sales (3) | ||||||||||||||||||||||||||||||||||||||||
Units | 12 | 10 | 13 | 16 | 13 | 14 | 18 | 2 | — | 98 | ||||||||||||||||||||||||||||||
1Q05 | 3.3 | % | 1.2 | % | 4.6 | % | 3.3 | % | 2.1 | % | 3.4 | % | 1.6 | % | — | — | 2.9 | % | ||||||||||||||||||||||
2Q05 | 2.4 | % | 0.0 | % | 3.0 | % | 2.9 | % | 1.0 | % | 1.9 | % | 1.7 | % | -6.4 | % | — | 1.9 | % | |||||||||||||||||||||
2005 | 2.8 | % | 0.6 | % | 3.8 | % | 3.1 | % | 1.5 | % | 2.7 | % | 1.7 | % | -6.4 | % | — | 2.4 | % |
(1) | Includes all restaurants opened in the period indicated. | |
(2) | A unit becomes 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 | Total | ||||||||||||||||||||||||||||||||||
Units | 1 | 4 | 11 | 17 | 20 | 8 | 61 | |||||||||||||||||||||||||||||||||
Sales (000) | ||||||||||||||||||||||||||||||||||||||||
1Q05 | 934 | 2,424 | 6,292 | 9,401 | 11,167 | 416 | 30,634 | |||||||||||||||||||||||||||||||||
2Q05 | 898 | 2,289 | 6,095 | 9,239 | 10,851 | 2,265 | 31,638 | |||||||||||||||||||||||||||||||||
2005 | 1,832 | 4,713 | 12,387 | 18,640 | 22,018 | 2,681 | 62,273 | |||||||||||||||||||||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||||||||||||||||||||||
1Q05 | 71,822 | 46,621 | 44,001 | 42,537 | 42,949 | 46,224 | 43,888 | |||||||||||||||||||||||||||||||||
2Q05 | 69,064 | 44,012 | 42,624 | 41,807 | 41,736 | 42,744 | 42,639 | |||||||||||||||||||||||||||||||||
2005 | 70,447 | 45,321 | 43,313 | 42,173 | 42,343 | 43,252 | 43,245 | |||||||||||||||||||||||||||||||||
Year-Over-Year Change in AWS (2) | ||||||||||||||||||||||||||||||||||||||||
1Q05 | 7.2 | % | 5.6 | % | 6.2 | % | 5.9 | % | 0.7 | % | — | 5.6 | % | |||||||||||||||||||||||||||
2Q05 | 4.9 | % | 5.3 | % | 7.4 | % | 6.0 | % | 1.7 | % | — | 5.3 | % | |||||||||||||||||||||||||||
2005 | 6.0 | % | 5.5 | % | 6.8 | % | 5.9 | % | 1.5 | % | — | 5.4 | % | |||||||||||||||||||||||||||
Year-Over-Year Change Comp Store Sales (3) | ||||||||||||||||||||||||||||||||||||||||
Units | 1 | 4 | 11 | 17 | 1 | — | 34 | |||||||||||||||||||||||||||||||||
1Q05 | 7.2 | % | 5.6 | % | 6.2 | % | 5.8 | % | — | — | 6.0 | % | ||||||||||||||||||||||||||||
2Q05 | 4.9 | % | 5.3 | % | 7.4 | % | 6.0 | % | 10.9 | % | — | 6.3 | % | |||||||||||||||||||||||||||
2005 | 6.0 | % | 5.5 | % | 6.8 | % | 5.9 | % | 10.9 | % | — | 6.2 | % |
(1) | Includes all restaurants opened in the period indicated. | |
(2) | A unit becomes 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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