Exhibit 99.1
P.F. Chang’s China Bistro, Inc.
P.F. CHANG’S SECOND QUARTER REVENUES GROW 14%
SCOTTSDALE, ARIZONA (July 6, 2006)P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) reported today consolidated revenues of $226.0 million for the second quarter ended July 2, 2006 compared to $198.1 million for the second quarter of 2005. Sales at the company’s P.F. Chang’s China Bistro units accounted for $183.7 million of consolidated revenues while sales at the company’s Pei Wei Asian Diner units accounted for $42.3 million of consolidated revenues.
For the 13 weeks ended July 2, 2006, comparable store sales decreased 1.0% at the Bistro (taking into account a 2.9% effective price increase) and decreased 3.9% at Pei Wei (taking into account a 1.7% effective price increase) as compared to the 13 weeks ended July 3, 2005. Comparable store sales declined 2.5% for April, increased 1.1% for May and declined 1.1% for June at the Bistro and decreased 5.9%, 2.9% and 2.4% for April, May and June, respectively, at Pei Wei.
During the second quarter of 2006, the company opened four new Bistro restaurants and seven new Pei Wei restaurants.
Based on the shortfall in revenue at both of our brands as well as continued pressure on labor costs, we expect that earnings per share will range between $0.29 and $0.31 for the second quarter.
The company intends to release its second quarter earnings results on July 26, 2006 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 atwww.pfcb.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 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. | (480) 888-3000 | ||||
Media: | Laura Cherry | laurac@pfchangs.com | ||||
Investor: | Mark Mumford | markmu@pfchangs.com |
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P.F. Chang’s China Bistro
Supplemental Sales Information
Year of Unit Opening (1)
Pre-1999 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | Total | |||||||||||||||||||||||||||||||||||
Units | 22 | 13 | 16 | 13 | 14 | 18 | 18 | 18 | 5 | 137 | ||||||||||||||||||||||||||||||||||
Sales (000) | ||||||||||||||||||||||||||||||||||||||||||||
1Q06 | 35,219 | 19,601 | 24,305 | 19,457 | 18,619 | 25,317 | 20,612 | 22,895 | 900 | 186,924 | ||||||||||||||||||||||||||||||||||
2Q06 | 35,003 | 19,072 | 23,712 | 18,567 | 17,679 | 24,593 | 20,345 | 21,388 | 3,345 | 183,705 | ||||||||||||||||||||||||||||||||||
2006 | 70,222 | 38,673 | 48,017 | 38,024 | 36,298 | 49,909 | 40,956 | 44,283 | 4,246 | 370,629 | ||||||||||||||||||||||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||||||||||||||||||||||||||
1Q06 | 125,783 | 115,983 | 116,851 | 115,129 | 102,303 | 108,191 | 88,083 | 97,841 | 90,015 | 108,677 | ||||||||||||||||||||||||||||||||||
2Q06 | 122,389 | 112,852 | 114,001 | 109,866 | 97,137 | 105,098 | 86,943 | 91,404 | 95,583 | 104,914 | ||||||||||||||||||||||||||||||||||
2006 | 124,068 | 114,417 | 115,426 | 112,498 | 99,720 | 106,644 | 87,513 | 94,622 | 94,346 | 106,779 | ||||||||||||||||||||||||||||||||||
Year-Over-Year Change in AWS (2) | ||||||||||||||||||||||||||||||||||||||||||||
1Q06 | 1.8 | % | 1.3 | % | 0.2 | % | 1.1 | % | 1.8 | % | 3.0 | % | -2.5 | % | -5.2 | % | — | 0.9 | % | |||||||||||||||||||||||||
2Q06 | 0.0 | % | -1.3 | % | -2.3 | % | -0.7 | % | 0.5 | % | 0.3 | % | -3.7 | % | -11.3 | % | — | -1.3 | % | |||||||||||||||||||||||||
2006 | 0.9 | % | 0.0 | % | -1.1 | % | 0.2 | % | 1.1 | % | 1.7 | % | -3.1 | % | -10.2 | % | — | -0.2 | % | |||||||||||||||||||||||||
Year-Over-Year Change Comp Store Sales (3) | ||||||||||||||||||||||||||||||||||||||||||||
Units | 21 | 13 | 16 | 13 | 14 | 18 | 18 | — | — | 113 | ||||||||||||||||||||||||||||||||||
1Q06 | 1.3 | % | 1.3 | % | 0.2 | % | 1.1 | % | 1.8 | % | 3.0 | % | 0.1 | % | — | — | 1.3 | % | ||||||||||||||||||||||||||
2Q06 | -0.1 | % | -1.3 | % | -2.3 | % | -0.7 | % | 0.5 | % | 0.3 | % | -3.6 | % | — | — | -1.0 | % | ||||||||||||||||||||||||||
2006 | 0.6 | % | 0.0 | % | -1.1 | % | 0.2 | % | 1.1 | % | 1.7 | % | -2.2 | % | — | — | 0.2 | % |
(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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Pei Wei Asian Diner
Supplemental Sales Information
Year of Unit Opening (1)
2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | Total | |||||||||||||||||||||||||
Units | 1 | 4 | 11 | 17 | 20 | 24 | 11 | 88 | ||||||||||||||||||||||||
Sales (000) | ||||||||||||||||||||||||||||||||
1Q06 | 810 | 2,332 | 6,315 | 9,244 | 10,670 | 11,084 | 1,233 | 41,689 | ||||||||||||||||||||||||
2Q06 | 763 | 2,150 | 5,967 | 8,990 | 10,373 | 10,802 | 3,231 | 42,277 | ||||||||||||||||||||||||
2006 | 1,573 | 4,482 | 12,282 | 18,234 | 21,044 | 21,886 | 4,464 | 83,965 | ||||||||||||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||||||||||||||
1Q06 | 62,282 | 44,839 | 44,164 | 41,828 | 41,040 | 35,527 | 41,105 | 40,435 | ||||||||||||||||||||||||
2Q06 | 58,727 | 41,350 | 41,728 | 40,678 | 39,897 | 34,621 | 36,716 | 38,822 | ||||||||||||||||||||||||
2006 | 60,504 | 43,094 | 42,946 | 41,253 | 40,469 | 35,074 | 37,832 | 39,606 | ||||||||||||||||||||||||
Year-Over-Year Change in AWS (2) | ||||||||||||||||||||||||||||||||
1Q06 | -13.3 | % | -3.8 | % | 0.4 | % | -1.7 | % | -4.4 | % | -16.5 | % | — | -3.0 | % | |||||||||||||||||
2Q06 | -15.0 | % | -6.1 | % | -2.1 | % | -2.7 | % | -4.4 | % | -10.6 | % | — | -4.3 | % | |||||||||||||||||
2006 | -14.1 | % | -4.9 | % | -0.9 | % | -2.2 | % | -4.4 | % | -11.5 | % | — | -3.7 | % | |||||||||||||||||
Year-Over-Year Change Comp Store Sales (3) | ||||||||||||||||||||||||||||||||
Units | 1 | 4 | 11 | 17 | 20 | 1 | — | 54 | ||||||||||||||||||||||||
1Q06 | -13.3 | % | -3.8 | % | 0.4 | % | -1.7 | % | -2.3 | % | — | — | -2.0 | % | ||||||||||||||||||
2Q06 | -15.0 | % | -6.1 | % | -2.1 | % | -2.7 | % | -4.4 | % | -13.8 | % | — | -3.9 | % | |||||||||||||||||
2006 | -14.1 | % | -4.9 | % | -0.9 | % | -2.2 | % | -3.5 | % | -13.8 | % | — | -3.0 | % |
(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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