Exhibit 99.1
P.F. CHANG'S FIRST QUARTER REVENUES GROW 35%
SCOTTSDALE, ARIZONA (April 2, 2003) P.F. Chang's China Bistro, Inc.
(NASDAQ: PFCB) reported today that revenues increased 35% to $131.6 million for
the first quarter ended March 30, 2003 from $97.5 million in the first quarter
of 2002. Sales at the company's P.F. Chang's China Bistro units accounted for
$120.7 million of consolidated revenues while sales at the company's Pei Wei
Asian Diner units accounted for $10.9 million of consolidated revenues.
Comparable store sales at the Bistro increased 6.4% for the first quarter
of 2003 as compared to the first quarter of 2002. The increase was primarily
attributable to customer traffic growth with roughly 0.5% resulting from a price
increase implemented in February 2003. Comparable store sales increased 8.0% for
the five-week period ending February 2nd, 5.1% for the four-week period ending
March 2nd and 5.8% for the four-week period ending March 30th.
During the first quarter of 2003, the company opened five new Bistros
(Peoria, AZ; Albuquerque, NM; Reno, NV; Tampa, FL and Grapevine, TX) and four
new Pei Wei units (Phoenix, AZ; Houston, TX; Highlands Ranch, CO and Dallas,
TX).
In its February 12, 2003 release, the company provided a detailed forecast
of its 2003 financial results. Included in this forecast was sales growth for
the first quarter of 30% and earnings per share for the first quarter of $0.24.
Strong revenue growth at units opened prior to this year, as well as higher than
planned sales volumes at new units, resulted in better than expected revenue
performance for the quarter. Given these actual revenue results, the company
expects to meet or exceed its previous earnings guidance for the quarter. The
company will provide actual earnings results for its first quarter of 2003 and
an update of its full-year forecast on April 23rd, 2003 at 7:00 am ET. The
company's release will be followed by a conference call later that 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 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 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. (602) 957-8986
Media: Laura Cherry laurac@pfchangs.com
Investor: Kristina Cashman kristinac@pfchangs.com
P.F.CHANG'S CHINA BISTRO
Supplemental Sales Information
YEAR OF UNIT OPENING (1)
Pre-1996 1996 1997 1998 1999 2000 2001 2002 2003 Total
-------- ---- ---- ---- ---- ---- ---- ---- ---- -----
Units 4 3 6 10 13 16 13 14 5 84
SALES (000)
1Q03 6,434 5,908 9,060 15,753 18,800 23,236 18,815 17,983 4,751 120,740
AVERAGE WEEKLY SALES (AWS)
1Q03 123,738 151,474 116,157 121,175 111,239 111,713 111,331 98,808 143,980 113,906
YEAR-OVER-YEAR CHANGE IN AWS
1Q03 0.2% 3.7% 6.0% 5.1% 5.0% 11.0% 5.4% -1.7% 4.4%
YEAR-OVER-YEAR CHANGE COMP STORE SALES (2)
Units 4 3 6 10 13 16 10 -- -- 62
1Q03 0.2% 3.7% 6.0% 5.1% 5.0% 11.0% 6.6% 6.4%
(1) INCLUDES ALL RESTAURANTS OPENED IN THE PERIOD INDICATED.
(2) A UNIT BECOMES COMPARABLE IN THE EIGHTEENTH MONTH OF OPERATION
PEI WEI ASIAN DINER
Supplemental Sales Information
YEAR OF UNIT OPENING (1)
2000 2001 2002 2003 Total
---- ---- ---- ---- -----
Units 1 4 11 4 20
SALES (000)
1Q03 868 2,390 5,762 1,835 10,855
AVERAGE WEEKLY SALES (AWS)
1Q03 66,787 45,956 40,295 52,437 44,673
YEAR-OVER-YEAR CHANGE IN AWS
1Q03 3.0% 6.4% -15.1% -6.0%
YEAR-OVER-YEAR CHANGE COMP STORE SALES (2)
Units 1 1 - - 2
1Q03 3.0% -1.2% 1.1%
(1) INCLUDES ALL RESTAURANTS OPENED IN THE PERIOD INDICATED.
(2) A UNIT BECOMES COMPARABLE IN THE EIGHTEENTH MONTH OF OPERATION