Exhibit 99.1
P.F. Chang’s China Bistro, Inc.
P.F. CHANG’S THIRD QUARTER REVENUES GROW 14%
SCOTTSDALE, ARIZONA (October 4, 2006)P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) reported today consolidated revenues of $231.0 million for the third quarter ended October 1, 2006 compared to $203.0 million for the third quarter of 2005. Sales at the company’s P.F. Chang’s China Bistro units accounted for $184.9 million of consolidated revenues while sales at the company’s Pei Wei Asian Diner units accounted for $46.1 million of consolidated revenues.
For the 13 weeks ended October 1, 2006, comparable store sales decreased 0.5% at the Bistro (taking into account a 2.5% effective price increase) and decreased 1.5% at Pei Wei (taking into account a 2.7% effective price increase) as compared to the 13 weeks ended October 2, 2005. Comparable store sales decreased 0.8%, 0.2% and 0.4% for July, August and September, respectively, at the Bistro and decreased 3.1% and 2.1% for July and August, respectively, and increased 1.2% for September at Pei Wei.
During the third quarter of 2006, the company opened five new Bistro restaurants and nine new Pei Wei restaurants. In addition, a new Bistro restaurant opened in Hawaii during the third quarter under a joint venture arrangement.
The company intends to release its third quarter earnings results on October 25, 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 | laura.cherry@pfcb.com | ||||
Investor: | Mark Mumford | mark.mumford@pfcb.com |
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P.F. Chang’s China Bistro
Supplemental Sales Information (Company Owned)
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 | 10 | 142 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
3Q06 | 34,479 | 18,590 | 23,310 | 18,045 | 17,125 | 24,413 | 20,430 | 20,913 | 7,557 | 184,862 | ||||||||||||||||||||||||||||||
2006 | 104,702 | 57,263 | 71,327 | 56,070 | 53,423 | 74,322 | 61,386 | 65,197 | 11,802 | 555,490 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
3Q06 | 120,557 | 109,999 | 112,067 | 106,778 | 94,091 | 104,329 | 87,308 | 89,373 | 94,457 | 102,930 | ||||||||||||||||||||||||||||||
2006 | 122,889 | 112,944 | 114,306 | 110,591 | 97,843 | 105,872 | 87,445 | 92,873 | 94,416 | 105,466 | ||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||
3Q06 | -0.2 | % | -1.9 | % | -1.7 | % | -0.3 | % | 0.6 | % | 1.0 | % | -1.0 | % | -11.4 | % | — | -1.2 | % | |||||||||||||||||||||
2006 | 0.5 | % | -0.6 | % | -1.3 | % | 0.1 | % | 1.0 | % | 1.5 | % | -2.4 | % | -11.0 | % | — | -0.6 | % | |||||||||||||||||||||
Year-Over-Year Change Comp Store Sales (3) | ||||||||||||||||||||||||||||||||||||||||
Units | 21 | 13 | 16 | 13 | 14 | 18 | 18 | 3 | — | 116 | ||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||
3Q06 | -0.1 | % | -1.9 | % | -1.7 | % | -0.3 | % | 0.6 | % | 1.0 | % | -1.0 | % | -2.6 | % | — | -0.5 | % | |||||||||||||||||||||
2006 | 0.4 | % | -0.6 | % | -1.3 | % | 0.1 | % | 1.0 | % | 1.5 | % | -1.7 | % | -2.6 | % | — | -0.1 | % |
(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 | 20 | 97 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
3Q06 | 744 | 2,097 | 5,887 | 8,950 | 10,257 | 10,814 | 7,360 | 46,109 | ||||||||||||||||||||||||
2006 | 2,317 | 6,579 | 18,170 | 27,184 | 31,300 | 32,700 | 11,824 | 130,075 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
3Q06 | 57,240 | 40,334 | 41,170 | 40,499 | 39,449 | 34,659 | 35,726 | 38,201 | ||||||||||||||||||||||||
2006 | 59,416 | 42,174 | 42,354 | 41,002 | 40,129 | 34,936 | 36,381 | 39,085 | ||||||||||||||||||||||||
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 | % | |||||||||||||||||
3Q06 | 0.8 | % | -4.8 | % | -1.1 | % | -1.7 | % | -0.5 | % | -5.6 | % | — | -2.1 | % | |||||||||||||||||
2006 | -9.8 | % | -4.9 | % | -0.9 | % | -2.0 | % | -3.2 | % | -7.4 | % | — | -3.1 | % | |||||||||||||||||
Year-Over-Year Change Comp Store Sales (3) | ||||||||||||||||||||||||||||||||
Units | 1 | 4 | 11 | 17 | 20 | 2 | — | 55 | ||||||||||||||||||||||||
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 | % | |||||||||||||||||
3Q06 | 0.8 | % | -4.8 | % | -1.1 | % | -1.7 | % | -0.5 | % | -7.6 | % | — | -1.5 | % | |||||||||||||||||
2006 | -9.8 | % | -4.9 | % | -0.9 | % | -2.0 | % | -2.5 | % | -8.8 | % | — | -2.5 | % |
(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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