Exhibit 99.1
P.F. CHANG’S CHINA BISTRO, INC.
P.F. CHANG’S EARNS $0.40 PER SHARE
SCOTTSDALE, ARIZONA, (April 23, 2008)- P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) today reported consolidated net income of $9.6 million for the first quarter ended March 30, 2008 compared to $10.5 million for the first quarter of the prior year. Net income per diluted share for the first quarter of both fiscal 2008 and the prior year was $0.40.
(000 except per share data) | 1Q08 | 1Q07 | ||||||
Revenues | $ | 308,580 | $ | 263,684 | ||||
Income from continuing operations | $ | 9,692 | $ | 10,758 | ||||
Net income | $ | 9,649 | $ | 10,465 | ||||
Income from continuing operations per diluted share | $ | 0.40 | $ | 0.41 | ||||
Net income per diluted share | $ | 0.40 | $ | 0.40 | ||||
Weighted average shares — diluted | 24,295 | 26,046 |
Net income for both years includes a loss from discontinued operations related to the Company’s previously announced decision to exit operation of its Taneko business. The Company did not reach a definitive agreement with the anticipated buyer announced in early January 2008 and continues to actively pursue the sale of Taneko’s long-lived assets during 2008.
For the first quarter of 2008, consolidated revenues were $308.6 million compared to $263.7 million for the first quarter of 2007. Sales at company-owned P.F. Chang’s China Bistro restaurants accounted for $236.1 million of consolidated revenues and sales at the Company’s Pei Wei Asian Diner restaurants accounted for $72.5 million of consolidated revenues.
For the 13 weeks ended March 30, 2008, comparable store sales increased 0.1% at the Bistro (including a 5% to 6% increase in the average check reflecting the net impact of price and menu mix changes) and decreased 2.4% at Pei Wei (including a slight increase in average check reflecting the net impact of price and menu mix changes) compared to the 13 weeks ended April 1, 2007. Comparable store sales at the Bistro increased 2.7% in January and decreased 1.5% and 1.2% for February and March, respectively. Comparable store sales at Pei Wei decreased 1.1%, 2.7%, and 3.5% for January, February and March, respectively.
During the first quarter of 2008, the Company opened five new Bistro restaurants and 11 new Pei Wei restaurants.
2008 Expectations
“Although revenues at both concepts for the first quarter surpassed our expectations, we continue to believe that consumers will remain under economic pressure for the rest of the year”, noted Rick Federico, CEO. “We are pleased with our first quarter earnings which reflect better than anticipated operating results, particularly our cost of sales margins and general & administrative costs which were more favorable than expected during the quarter. While we remain optimistic regarding our business, given the level of uncertainty surrounding the macro consumer environment, we are modestly increasing our earnings expectations for the year from a range of $1.32 — $1.38 per share to a range of $1.34 — $1.40 per share.”
Page 1 of 8
The Company plans to open a total of 17 new Bistro restaurants and 25 new Pei Wei restaurants during 2008 and continues to expect full year fiscal 2008 consolidated revenues to increase 13 to 14 percent.
The Company is hosting a conference call today at 1:00 pm ET in which management will provide further details on the first quarter results. A webcast of the call can be accessed through the company’s website at http://www.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 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.
Note with respect to non-GAAP financial measures contained within Supplemental Financial Information
In addition to using GAAP results in evaluating the Company’s business, management measures restaurant operating income to assess the performance of its existing restaurant concepts. Restaurant operating income includes all ongoing costs related to operating the Company’s restaurants but excludes preopening expenses and partner investment expense. Because these costs are solely related to expansion of the Company’s business, they make an accurate assessment of the health of its ongoing operations more difficult and are therefore excluded. Additionally, general and administrative expenses are only included in the Company’s consolidated financial presentation as these costs relate to support of both restaurant concepts and are generally not specifically identifiable to individual restaurant operations. As the Company’s expansion is funded entirely from its ongoing restaurant operations, restaurant operating income is a primary consideration of management when determining whether and when to open additional restaurants. The non-GAAP financial information presented herein should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Please see the non-GAAP to GAAP reconciliation at the bottom of pages 4 through 6 of this press release for a reconciliation of restaurant operating income to the most directly comparable GAAP measure, income from operations.
Note with respect to forward looking statements
The statements contained in this press release that are not purely historical, including the Company’s estimates of its earnings, revenues and anticipated new restaurants 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 |
Page 2 of 8
P.F. Chang’s China Bistro, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
13 Weeks Ended | ||||||||
March 30, | April 1, | |||||||
2008 | 2007 | |||||||
Revenues | $ | 308,580 | $ | 263,684 | ||||
Costs and expenses: | ||||||||
Cost of sales | 84,304 | 72,632 | ||||||
Labor | 104,558 | 88,863 | ||||||
Operating | 48,662 | 41,066 | ||||||
Occupancy | 17,919 | 14,853 | ||||||
General & administrative | 18,521 | 16,494 | ||||||
Depreciation & amortization | 16,652 | 12,578 | ||||||
Preopening expense | 2,824 | 2,539 | ||||||
Partner investment expense | 411 | (1,401 | ) | |||||
Total costs and expenses | 293,851 | 247,624 | ||||||
Income from operations | 14,729 | 16,060 | ||||||
Interest and other income (expense), net | (934 | ) | 343 | |||||
Minority interest | (705 | ) | (1,647 | ) | ||||
Income from continuing operations before provision for income taxes | 13,090 | 14,756 | ||||||
Provision for income taxes | (3,398 | ) | (3,998 | ) | ||||
Income from continuing operations | 9,692 | 10,758 | ||||||
Loss from discontinued operations, net of tax | (43 | ) | (293 | ) | ||||
Net income | $ | 9,649 | $ | 10,465 | ||||
Basic income per share: | ||||||||
Income from continuing operations | $ | 0.40 | $ | 0.42 | ||||
Loss from discontinued operations, net of tax | (0.00 | ) | (0.01 | ) | ||||
Net income | $ | 0.40 | $ | 0.41 | ||||
Diluted income per share: | ||||||||
Income from continuing operations | $ | 0.40 | $ | 0.41 | ||||
Loss from discontinued operations, net of tax | (0.00 | ) | (0.01 | ) | ||||
Net income | $ | 0.40 | $ | 0.40 | ||||
Weighted average shares used in computation — basic | 23,972 | 25,488 | ||||||
Weighted average shares used in computation — diluted | 24,295 | 26,046 | ||||||
Page 3 of 8
P.F. Chang’s China Bistro, Inc.
Supplemental Financial Information
Supplemental Financial Information
2006 | 1Q07 | 2Q07 | 3Q07 | 4Q07 | 2007 | 1Q08 | ||||||||||||||||||||||
Units | 259 | 269 | 283 | 299 | 316 | 316 | 332 | |||||||||||||||||||||
Sales weeks | 11,848 | 3,425 | 3,588 | 3,776 | 4,060 | 14,849 | 4,252 | |||||||||||||||||||||
AWS | 79,074 | 76,988 | 74,365 | 71,579 | 71,905 | 73,589 | 72,573 | |||||||||||||||||||||
Revenues | 936,864 | 263,684 | 266,823 | 270,282 | 291,933 | 1,092,722 | 308,580 | |||||||||||||||||||||
Operating costs | ||||||||||||||||||||||||||||
Cost of sales | 256,259 | 72,632 | 72,766 | 73,865 | 80,450 | 299,713 | 84,304 | |||||||||||||||||||||
Labor | 309,774 | 88,863 | 90,307 | 91,789 | 97,100 | 368,059 | 104,558 | |||||||||||||||||||||
Operating | 146,247 | 41,066 | 42,198 | 43,816 | 46,913 | 173,993 | 48,662 | |||||||||||||||||||||
Occupancy | 52,408 | 14,853 | 15,561 | 15,970 | 16,727 | 63,111 | 17,919 | |||||||||||||||||||||
Minority interest | 8,116 | 1,647 | 1,121 | 808 | 593 | 4,169 | 705 | |||||||||||||||||||||
Depreciation & amortization | 44,793 | 12,578 | 13,500 | 14,749 | 16,005 | 56,832 | 16,652 | |||||||||||||||||||||
Restaurant operating income | 119,267 | 32,045 | 31,370 | 29,285 | 34,145 | 126,845 | 35,780 | |||||||||||||||||||||
Development costs | ||||||||||||||||||||||||||||
Preopening expenses | 12,286 | 2,539 | 3,296 | 4,939 | 4,209 | 14,983 | 2,824 | |||||||||||||||||||||
Partner investment expense | 4,371 | (1,401 | ) | (468 | ) | (71 | ) | (72 | ) | (2,012 | ) | 411 | ||||||||||||||||
Other expenses | ||||||||||||||||||||||||||||
General and administrative (1) | 56,030 | 16,494 | 15,684 | 17,186 | 17,604 | 66,968 | 18,521 | |||||||||||||||||||||
Interest and other (income) expense, net | (1,315 | ) | (343 | ) | (179 | ) | 10 | 612 | 100 | 934 | ||||||||||||||||||
Provision for income taxes | 13,712 | 3,998 | 3,407 | 1,618 | 2,540 | 11,563 | 3,398 | |||||||||||||||||||||
Income from continuing operations | 34,183 | 10,758 | 9,630 | 5,603 | 9,252 | 35,243 | 9,692 | |||||||||||||||||||||
Loss from discontinued operations, net of tax | (930 | ) | (293 | ) | (353 | ) | (328 | ) | (2,206 | ) | (3,180 | ) | (43 | ) | ||||||||||||||
Net income | 33,253 | 10,465 | 9,277 | 5,275 | 7,046 | 32,063 | 9,649 | |||||||||||||||||||||
Income from continuing operations per FDS | $ | 1.28 | $ | 0.41 | $ | 0.37 | $ | 0.21 | $ | 0.37 | $ | 1.36 | $ | 0.40 | ||||||||||||||
Fully diluted shares (FDS) | 26,737 | 26,046 | 26,129 | 26,105 | 25,257 | 25,899 | 24,295 | |||||||||||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
Cost of sales | 27.4 | % | 27.5 | % | 27.3 | % | 27.3 | % | 27.6 | % | 27.4 | % | 27.3 | % | ||||||||||||||
Labor | 33.1 | % | 33.7 | % | 33.8 | % | 34.0 | % | 33.3 | % | 33.7 | % | 33.9 | % | ||||||||||||||
Operating | 15.6 | % | 15.6 | % | 15.8 | % | 16.2 | % | 16.1 | % | 15.9 | % | 15.8 | % | ||||||||||||||
Occupancy | 5.6 | % | 5.6 | % | 5.8 | % | 5.9 | % | 5.7 | % | 5.8 | % | 5.8 | % | ||||||||||||||
Minority interest | 0.9 | % | 0.6 | % | 0.4 | % | 0.3 | % | 0.2 | % | 0.4 | % | 0.2 | % | ||||||||||||||
Depreciation & amortization | 4.8 | % | 4.8 | % | 5.1 | % | 5.5 | % | 5.5 | % | 5.2 | % | 5.4 | % | ||||||||||||||
Restaurant operating income | 12.7 | % | 12.2 | % | 11.8 | % | 10.8 | % | 11.7 | % | 11.6 | % | 11.6 | % | ||||||||||||||
Preopening expenses | 1.3 | % | 1.0 | % | 1.2 | % | 1.8 | % | 1.4 | % | 1.4 | % | 0.9 | % | ||||||||||||||
Partner investment expense | 0.5 | % | (0.5 | %) | (0.2 | %) | (0.0 | %) | (0.0 | %) | (0.2 | %) | 0.1 | % | ||||||||||||||
General and administrative (1) | 6.0 | % | 6.3 | % | 5.9 | % | 6.4 | % | 6.0 | % | 6.1 | % | 6.0 | % | ||||||||||||||
Interest and other (income) expense, net | (0.1 | %) | (0.1 | %) | (0.1 | %) | 0.0 | % | 0.2 | % | 0.0 | % | 0.3 | % | ||||||||||||||
Provision for income taxes | 1.5 | % | 1.5 | % | 1.3 | % | 0.6 | % | 0.9 | % | 1.1 | % | 1.1 | % | ||||||||||||||
Income from continuing operations | 3.6 | % | 4.1 | % | 3.6 | % | 2.1 | % | 3.2 | % | 3.2 | % | 3.1 | % | ||||||||||||||
Loss from discontinued operations, net of tax | (0.1 | %) | (0.1 | %) | (0.1 | %) | (0.1 | %) | (0.8 | %) | (0.3 | %) | (0.0 | %) | ||||||||||||||
Net income | 3.5 | % | 4.0 | % | 3.5 | % | 2.0 | % | 2.4 | % | 2.9 | % | 3.1 | % | ||||||||||||||
Reconciliation of Non-GAAP Financial Information to GAAP measures: | ||||||||||||||||||||||||||||
Restaurant operating income | 119,267 | 32,045 | 31,370 | 29,285 | 34,145 | 126,845 | 35,780 | |||||||||||||||||||||
Add: Minority interest | 8,116 | 1,647 | 1,121 | 808 | 593 | 4,169 | 705 | |||||||||||||||||||||
Less: General and administrative (1) | (56,030 | ) | (16,494 | ) | (15,684 | ) | (17,186 | ) | (17,604 | ) | (66,968 | ) | (18,521 | ) | ||||||||||||||
Less: Preopening expenses | (12,286 | ) | (2,539 | ) | (3,296 | ) | (4,939 | ) | (4,209 | ) | (14,983 | ) | (2,824 | ) | ||||||||||||||
Less: Partner investment expense | (4,371 | ) | 1,401 | 468 | 71 | 72 | 2,012 | (411 | ) | |||||||||||||||||||
Income from operations | 54,696 | 16,060 | 13,979 | 8,039 | 12,997 | 51,075 | 14,729 | |||||||||||||||||||||
Note : Consolidated results include the impact of Shared Services and Other as well as the Bistro and Pei Wei concepts | ||
(1) | Consolidated general and administrative expenses includes the costs of supporting the Company, including all concepts |
Page 4 of 8
Concept: P.F. Chang’s China Bistro
Supplemental Financial Information
Supplemental Financial Information
2006 | 1Q07 | 2Q07 | 3Q07 | 4Q07 | 2007 | 1Q08 | ||||||||||||||||||||||
Units | 152 | 153 | 157 | 162 | 172 | 172 | 177 | |||||||||||||||||||||
Sales weeks | 7,187 | 1,979 | 2,028 | 2,078 | 2,204 | 8,289 | 2,275 | |||||||||||||||||||||
AWS | 105,265 | 104,592 | 102,615 | 100,325 | 102,514 | 102,486 | 103,763 | |||||||||||||||||||||
Revenues | 756,634 | 207,028 | 208,174 | 208,544 | 225,997 | 849,743 | 236,089 | |||||||||||||||||||||
Operating costs | ||||||||||||||||||||||||||||
Cost of sales | 206,567 | 56,781 | 56,696 | 56,943 | 62,158 | 232,578 | 64,410 | |||||||||||||||||||||
Labor | 247,097 | 69,312 | 69,827 | 69,946 | 73,834 | 282,919 | 79,318 | |||||||||||||||||||||
Operating | 115,465 | 31,684 | 32,194 | 32,981 | 35,004 | 131,863 | 36,324 | |||||||||||||||||||||
Occupancy | 40,683 | 11,217 | 11,598 | 11,739 | 12,505 | 47,059 | 12,981 | |||||||||||||||||||||
Minority interest | 6,993 | 1,333 | 837 | 599 | 582 | 3,351 | 497 | |||||||||||||||||||||
Depreciation & amortization | 34,451 | 9,483 | 10,054 | 10,861 | 11,896 | 42,294 | 12,265 | |||||||||||||||||||||
Restaurant operating income | 105,378 | 27,218 | 26,968 | 25,475 | 30,018 | 109,679 | 30,294 | |||||||||||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
Cost of sales | 27.3 | % | 27.4 | % | 27.2 | % | 27.3 | % | 27.5 | % | 27.4 | % | 27.3 | % | ||||||||||||||
Labor | 32.7 | % | 33.5 | % | 33.5 | % | 33.5 | % | 32.7 | % | 33.3 | % | 33.6 | % | ||||||||||||||
Operating | 15.3 | % | 15.3 | % | 15.5 | % | 15.8 | % | 15.5 | % | 15.5 | % | 15.4 | % | ||||||||||||||
Occupancy | 5.4 | % | 5.4 | % | 5.6 | % | 5.6 | % | 5.5 | % | 5.5 | % | 5.5 | % | ||||||||||||||
Minority interest | 0.9 | % | 0.6 | % | 0.4 | % | 0.3 | % | 0.3 | % | 0.4 | % | 0.2 | % | ||||||||||||||
Depreciation & amortization | 4.6 | % | 4.6 | % | 4.8 | % | 5.2 | % | 5.3 | % | 5.0 | % | 5.2 | % | ||||||||||||||
Restaurant operating income | 13.9 | % | 13.1 | % | 13.0 | % | 12.2 | % | 13.3 | % | 12.9 | % | 12.8 | % | ||||||||||||||
Reconciliation of Non-GAAP Financial Information to GAAP measures: | ||||||||||||||||||||||||||||
Restaurant operating income | 105,378 | 27,218 | 26,968 | 25,475 | 30,018 | 109,679 | 30,294 | |||||||||||||||||||||
Add: Minority interest | 6,993 | 1,333 | 837 | 599 | 582 | 3,351 | 497 | |||||||||||||||||||||
Less: Preopening expenses | (8,004 | ) | (1,256 | ) | (1,790 | ) | (2,974 | ) | (2,992 | ) | (9,012 | ) | (1,729 | ) | ||||||||||||||
Less: Partner investment expense | (3,475 | ) | 1,926 | 753 | 433 | 246 | 3,358 | 245 | ||||||||||||||||||||
Income from operations | 100,892 | 29,221 | 26,768 | 23,533 | 27,854 | 107,376 | 29,307 | |||||||||||||||||||||
Note: General and administrative expenses are reflected in the Company’s consolidated results
Page 5 of 8
Concept: Pei Wei Asian Diner
Supplemental Financial Information
Supplemental Financial Information
2006 | 1Q07 | 2Q07 | 3Q07 | 4Q07 | 2007 | 1Q08 | ||||||||||||||||||||||
Units | 107 | 116 | 126 | 137 | 144 | 144 | 155 | |||||||||||||||||||||
Sales weeks | 4,661 | 1,446 | 1,560 | 1,698 | 1,856 | 6,560 | 1,977 | |||||||||||||||||||||
AWS | 38,668 | 39,177 | 37,592 | 36,359 | 35,523 | 37,037 | 36,667 | |||||||||||||||||||||
Revenues | 180,230 | 56,656 | 58,649 | 61,738 | 65,936 | 242,979 | 72,491 | |||||||||||||||||||||
Operating costs | ||||||||||||||||||||||||||||
Cost of sales | 49,692 | 15,851 | 16,070 | 16,922 | 18,292 | 67,135 | 19,894 | |||||||||||||||||||||
Labor | 62,677 | 19,551 | 20,480 | 21,843 | 23,266 | 85,140 | 25,240 | |||||||||||||||||||||
Operating | 30,782 | 9,382 | 10,004 | 10,835 | 11,909 | 42,130 | 12,338 | |||||||||||||||||||||
Occupancy | 11,725 | 3,636 | 3,963 | 4,231 | 4,222 | 16,052 | 4,938 | |||||||||||||||||||||
Minority interest | 1,123 | 314 | 284 | 209 | 11 | 818 | 208 | |||||||||||||||||||||
Depreciation & amortization | 9,205 | 2,823 | 3,164 | 3,417 | 3,718 | 13,122 | 4,056 | |||||||||||||||||||||
Restaurant operating income | 15,026 | 5,099 | 4,684 | 4,281 | 4,518 | 18,582 | 5,817 | |||||||||||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
Cost of sales | 27.6 | % | 28.0 | % | 27.4 | % | 27.4 | % | 27.7 | % | 27.6 | % | 27.4 | % | ||||||||||||||
Labor | 34.8 | % | 34.5 | % | 34.9 | % | 35.4 | % | 35.3 | % | 35.0 | % | 34.8 | % | ||||||||||||||
Operating | 17.1 | % | 16.6 | % | 17.1 | % | 17.5 | % | 18.1 | % | 17.3 | % | 17.0 | % | ||||||||||||||
Occupancy | 6.5 | % | 6.4 | % | 6.8 | % | 6.9 | % | 6.4 | % | 6.6 | % | 6.8 | % | ||||||||||||||
Minority interest | 0.6 | % | 0.6 | % | 0.5 | % | 0.3 | % | 0.0 | % | 0.3 | % | 0.3 | % | ||||||||||||||
Depreciation & amortization | 5.1 | % | 5.0 | % | 5.4 | % | 5.5 | % | 5.6 | % | 5.4 | % | 5.6 | % | ||||||||||||||
Restaurant operating income | 8.3 | % | 9.0 | % | 8.0 | % | 6.9 | % | 6.9 | % | 7.6 | % | 8.0 | % | ||||||||||||||
Reconciliation of Non-GAAP Financial Information to GAAP measures: | ||||||||||||||||||||||||||||
Restaurant operating income | 15,026 | 5,099 | 4,684 | 4,281 | 4,518 | 18,582 | 5,817 | |||||||||||||||||||||
Add: Minority interest | 1,123 | 314 | 284 | 209 | 11 | 818 | 208 | |||||||||||||||||||||
Less: Preopening expenses | (4,283 | ) | (1,283 | ) | (1,506 | ) | (1,965 | ) | (1,217 | ) | (5,971 | ) | (1,095 | ) | ||||||||||||||
Less: Partner investment expense | (896 | ) | (525 | ) | (285 | ) | (362 | ) | (174 | ) | (1,346 | ) | (656 | ) | ||||||||||||||
Income from operations | 10,970 | 3,605 | 3,177 | 2,163 | 3,138 | 12,083 | 4,274 | |||||||||||||||||||||
Note: General and administrative expenses are reflected in the Company’s consolidated results
Page 6 of 8
P.F. Chang’s China Bistro
Supplemental Sales Information (Company Owned)
Year of Unit Opening (1)
Pre-2001 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | Total | |||||||||||||||||||||||||||||||
Units | 51 | 13 | 14 | 18 | 18 | 18 | 20 | 20 | 5 | 177 | ||||||||||||||||||||||||||||||
Sales (000) | ||||||||||||||||||||||||||||||||||||||||
1Q08 | 77,380 | 19,067 | 18,306 | 25,155 | 20,281 | 21,118 | 23,785 | 26,976 | 3,992 | 236,060 | ||||||||||||||||||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||||||||||||||||||||||
1Q08 | 116,712 | 112,823 | 100,580 | 107,502 | 86,670 | 90,248 | 91,482 | 103,752 | 102,364 | 103,763 | ||||||||||||||||||||||||||||||
Year-Over-Year Change in AWS (2) | ||||||||||||||||||||||||||||||||||||||||
1Q08 | -0.4 | % | 1.4 | % | 0.6 | % | 0.8 | % | 0.6 | % | 0.2 | % | -7.9 | % | 3.5 | % | — | -0.8 | % | |||||||||||||||||||||
Year-Over-Year Change Comp Store Sales (3) | ||||||||||||||||||||||||||||||||||||||||
Units | 51 | 13 | 14 | 18 | 18 | 18 | 14 | — | — | 146 | ||||||||||||||||||||||||||||||
1Q08 | -0.4 | % | 1.4 | % | 0.6 | % | 0.8 | % | 0.6 | % | 0.2 | % | -2.0 | % | — | — | 0.1 | % |
(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. |
Page 7 of 8
Pei Wei Asian Diner
Supplemental Sales Information
Year of Unit Opening (1)
2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | Total | |||||||||||||||||||||||||||||||
Units | 1 | 4 | 11 | 17 | 20 | 24 | 30 | 37 | 11 | 155 | ||||||||||||||||||||||||||||||
Sales (000) | ||||||||||||||||||||||||||||||||||||||||
1Q08 | 730 | 2,086 | 5,725 | 8,942 | 10,617 | 11,441 | 13,494 | 15,167 | 4,289 | 72,491 | ||||||||||||||||||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||||||||||||||||||||||
1Q08 | 56,165 | 40,115 | 40,034 | 40,460 | 40,833 | 36,669 | 34,599 | 31,531 | 40,863 | 36,667 | ||||||||||||||||||||||||||||||
Year-Over-Year Change in AWS (2) | ||||||||||||||||||||||||||||||||||||||||
1Q08 | -6.7 | % | -8.4 | % | -7.6 | % | -4.7 | % | -0.7 | % | -0.5 | % | -2.1 | % | -18.7 | % | — | -3.5 | % | |||||||||||||||||||||
Year-Over-Year Change Comp Store Sales (3) | ||||||||||||||||||||||||||||||||||||||||
Units | 1 | 4 | 11 | 17 | 20 | 24 | 23 | — | — | 100 | ||||||||||||||||||||||||||||||
1Q08 | -6.7 | % | -8.4 | % | -7.6 | % | -4.7 | % | -0.7 | % | -0.5 | % | 1.4 | % | — | — | -2.4 | % |
(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. |
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