Exhibit 99.1
P.F. Chang’s China Bistro, Inc.
P.F. CHANG’S FOURTH QUARTER REVENUES GROW 18%
SCOTTSDALE, ARIZONA (January 4, 2007)P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) reported today consolidated revenues of $252.0 million for the fourth quarter ended December 31, 2006 compared to $213.8 million for the fourth quarter of 2005. Sales at the company owned P.F. Chang’s China Bistro units accounted for $201.0 million of consolidated revenues, sales at the company’s Pei Wei Asian Diner units accounted for $50.2 million of consolidated revenues and sales at the company’s first Taneko Japanese Tavern unit accounted for $0.7 million of consolidated revenues. Additionally, included in consolidated revenues is the company’s share of revenues from its Hawaii Bistro joint venture arrangement.
For the 13 weeks ended December 31, 2006, comparable store sales decreased 0.9% at the Bistro (taking into account a 2% to 3% effective price increase) and decreased 0.7% at Pei Wei (taking into account a 2% to 3% effective price increase) as compared to the 13 weeks ended January 1, 2006. Comparable store sales decreased 0.6%, 1.7% and 0.5% for October, November and December, respectively, at the Bistro and decreased 0.9% and 2.0% for October and November, respectively, and increased 0.7% for December at Pei Wei.
During the fourth quarter of 2006, the company opened 10 new Bistro restaurants, 10 new Pei Wei restaurants and its first Taneko restaurant.
The company intends to release its fourth quarter earnings results on February 14, 2007 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 atwww.pfcb.com.
P.F. Chang’s China Bistro, Inc. owns and operates three restaurant concepts in the Asian niche. P.F. Chang’s China Bistro features a blend of high-quality, traditional Chinese cuisine and American hospitality in a sophisticated, contemporary bistro setting. Pei Wei Asian Diner offers a modest menu of freshly prepared Asian cuisine in a relaxed, warm environment offering attentive counter service and take-out flexibility. The company’s first Taneko Japanese Tavern opened on October 2, 2006 and features natural, organic and seasonal ingredients highlighting the diverse cooking styles of Japan.
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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; customer acceptance of new concepts; 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 | 20 | 152 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
4Q06 | 34,734 | 19,062 | 23,809 | 18,387 | 17,778 | 24,522 | 20,319 | 20,968 | 21,470 | 201,049 | ||||||||||||||||||||||||||||||
2006 | 139,435 | 76,325 | 95,136 | 74,457 | 71,201 | 98,844 | 81,705 | 86,164 | 33,272 | 756,539 |
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 | ||||||||||||||||||||||||||||||
4Q06 | 121,446 | 112,793 | 114,467 | 108,800 | 97,683 | 104,793 | 86,833 | 89,605 | 105,247 | 104,713 | ||||||||||||||||||||||||||||||
2006 | 122,527 | 112,907 | 114,346 | 110,143 | 97,803 | 105,602 | 87,292 | 92,056 | 101,132 | 105,265 |
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 | % | |||||||||||||||||||||
4Q06 | -1.4 | % | -1.6 | % | -0.6 | % | -1.9 | % | 0.4 | % | 0.2 | % | -0.4 | % | -7.7 | % | — | -1.4 | % | |||||||||||||||||||||
2006 | 0.1 | % | -0.9 | % | -1.1 | % | -0.4 | % | 0.8 | % | 1.1 | % | -1.9 | % | -9.4 | % | -0.8 | % |
Year-Over-Year Change Comp Store Sales (3)
Units | 21 | 13 | 16 | 13 | 14 | 18 | 18 | 8 | — | 121 | ||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||
4Q06 | -1.3 | % | -1.6 | % | -0.6 | % | -1.9 | % | 0.4 | % | 0.2 | % | -0.4 | % | -4.1 | % | — | -0.9 | % | |||||||||||||||||||||
2006 | -0.1 | % | -0.9 | % | -1.1 | % | -0.4 | % | 0.8 | % | 1.1 | % | -1.3 | % | -3.7 | % | — | -0.3 | % |
(1) Includes all restaurants opened in the period indicated.
(2) A unit is 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.
(2) A unit is 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
Supplemental Sales Information
Year of Unit Opening (1)
2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | Total | |||||||||||||||||||||||||
Units | 1 | 4 | 11 | 17 | 20 | 24 | 30 | 107 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
4Q06 | 772 | 2,121 | 5,911 | 8,865 | 10,177 | 10,793 | 11,517 | 50,156 | ||||||||||||||||||||||||
2006 | 3,089 | 8,701 | 24,081 | 36,049 | 41,478 | 43,493 | 23,340 | 180,230 |
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 | ||||||||||||||||||||||||
4Q06 | 59,374 | 40,798 | 41,334 | 40,114 | 39,144 | 34,592 | 34,585 | 37,598 | ||||||||||||||||||||||||
2006 | 59,406 | 41,830 | 42,099 | 40,780 | 39,882 | 34,850 | 35,526 | 38,668 |
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 | % | |||||||||||||||||
4Q06 | -2.3 | % | -4.5 | % | -0.8 | % | -2.3 | % | 0.2 | % | -1.0 | % | — | -1.2 | % | |||||||||||||||||
2006 | -8.0 | % | -4.8 | % | -0.9 | % | -2.1 | % | -2.4 | % | -4.1 | % | — | -2.6 | % |
Year-Over-Year Change Comp Store Sales (3)
Units | 1 | 4 | 11 | 17 | 20 | 11 | — | 64 | ||||||||||||||||||||||||
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 | % | |||||||||||||||||
4Q06 | -2.3 | % | -4.5 | % | -0.8 | % | -2.3 | % | 0.2 | % | 3.1 | % | — | -0.7 | % | |||||||||||||||||
2006 | -8.0 | % | -4.8 | % | -0.9 | % | -2.1 | % | -1.8 | % | 0.9 | % | — | -2.0 | % |
(1) Includes all restaurants opened in the period indicated.
(2) A unit is 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.
(2) A unit is 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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