Exhibit 99.1
P.F. CHANG’S THIRD QUARTER REVENUES GROW 17%
SCOTTSDALE, ARIZONA (October 5, 2005)P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) reported today that revenues increased 17% to $203.0 million for the third quarter ended October 2, 2005 from $174.0 million in the third quarter of 2004. Sales at the company’s P.F. Chang’s China Bistro units accounted for $168.6 million of consolidated revenues while sales at the company’s Pei Wei Asian Diner units accounted for $34.4 million of consolidated revenues.
For the thirteen weeks ended October 2, 2005, comparable store sales declined 0.8% at the Bistro and increased 2.8% at Pei Wei as compared to the thirteen weeks ended October 3, 2004. The decline at the Bistro was the result of a decrease in customer traffic partially offset by a 1% price increase. The increase at Pei Wei was the result of customer traffic growth as well as a price increase of 1.5%. Comparable store sales declined 2.0% for July, increased 0.3% for August and declined 0.4% for September at the Bistro and increased 3.9%, 4.0% and 0.4% respectively for July, August and September at Pei Wei.
During the third quarter of 2005, the company opened 5 new Bistro units and 7 new Pei Wei units. One Bistro restaurant in Metairie, Louisiana was closed due to Hurricane Katrina. The Company has not set a definitive timeline for the reopening of the restaurant.
During the third quarter of 2005, the company lost 144 partial or whole days due to hurricane activity resulting in a revenue loss of approximately $1.3 million. At the Bistro, 104 lost days translated to roughly $1.1 million of revenues while Pei Wei lost 40 days and $0.2 million of revenues. The lost revenues negatively impacted comparable store sales at the Bistro by 0.4% and at Pei Wei by 0.5% for the third quarter.
The company intends to release its third quarter earnings results on October 26, 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 in a sophisticated contemporary bistro setting. Pei Wei Asian Diner offers a modest
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menu of freshly prepared Asian cuisine served in a relaxed, warm environment offering attentive counter service and take-out flexibility.
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. | (480) 888-3000 | ||||
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 | 11 | 10 | 13 | 16 | 13 | 14 | 18 | 18 | 12 | 125 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
3Q05 | 18,952 | 14,977 | 18,951 | 23,718 | 18,095 | 17,028 | 24,160 | 20,640 | 12,092 | 168,612 | ||||||||||||||||||||||||||||||
2005 | 59,167 | 45,105 | 57,613 | 72,247 | 56,032 | 52,914 | 73,246 | 62,909 | 19,378 | 498,609 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
3Q05 | 125,512 | 115,211 | 112,138 | 114,028 | 107,068 | 93,560 | 103,247 | 88,203 | 103,347 | 105,779 | ||||||||||||||||||||||||||||||
2005 | 127,790 | 115,653 | 113,634 | 115,780 | 110,516 | 96,913 | 104,339 | 89,614 | 110,102 | 107,994 | ||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||
3Q05 | 2.9 | % | -1.2 | % | -0.4 | % | -1.1 | % | -0.7 | % | -1.5 | % | -0.3 | % | -7.9 | % | — | -1.1 | % | |||||||||||||||||||||
2005 | 3.9 | % | 0.0 | % | 2.4 | % | 1.7 | % | 0.8 | % | 1.3 | % | 0.8 | % | -6.7 | % | — | 1.0 | % | |||||||||||||||||||||
Year-Over-Year Change Comp Store Sales (3) | ||||||||||||||||||||||||||||||||||||||||
Units | 11 | 10 | 13 | 16 | 13 | 14 | 18 | 7 | — | 102 | ||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||
3Q05 | -0.2 | % | -1.2 | % | -0.4 | % | -1.1 | % | -0.7 | % | -1.5 | % | -0.3 | % | -2.0 | % | — | -0.8 | % | |||||||||||||||||||||
2005 | 1.9 | % | 0.0 | % | 2.4 | % | 1.7 | % | 0.8 | % | 1.3 | % | 0.9 | % | -2.5 | % | — | 1.3 | % |
(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 | 15 | 68 |
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 | |||||||||||||||||||||
3Q05 | 738 | 2,203 | 5,957 | 9,109 | 10,314 | 6,117 | 34,437 | |||||||||||||||||||||
2005 | 2,570 | 6,916 | 18,344 | 27,750 | 32,332 | 8,798 | 96,710 |
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 | |||||||||||||||||||||
3Q05 | 56,784 | 42,366 | 41,653 | 41,218 | 39,670 | 39,461 | 40,802 | |||||||||||||||||||||
2005 | 65,890 | 44,334 | 42,760 | 41,855 | 41,451 | 40,545 | 42,342 |
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 | % | |||||||||||||||
3Q05 | -12.0 | % | 4.4 | % | 5.8 | % | 2.3 | % | -2.2 | % | — | 1.5 | % | |||||||||||||||
2005 | 0.2 | % | 5.1 | % | 6.4 | % | 4.7 | % | -0.5 | % | — | 4.0 | % |
Year-Over-Year Change Comp Store Sales (3)
Units | 1 | 4 | 11 | 17 | 8 | — | 41 | |||||||||||||||||||||
1Q05 | 7.2 | % | 5.6 | % | 6.2 | % | 5.8 | % | — | — | 6.0 | % | ||||||||||||||||
2Q05 | 4.9 | % | 5.3 | % | 7.4 | % | 6.0 | % | 10.9 | % | — | 6.3 | % | |||||||||||||||
3Q05 | -12.0 | % | 4.4 | % | 5.8 | % | 2.3 | % | 1.5 | % | — | 2.8 | % | |||||||||||||||
2005 | 0.2 | % | 5.1 | % | 6.4 | % | 4.6 | % | 1.8 | % | — | 4.9 | % |
(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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