Industry News | July 25, 2007

P.F. Chang’s Earns $0.36 Per Share

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P.F. Chang’s China Bistro, Inc. (NASDAQ:PFCB) today reported earnings of $9.3 million for the second quarter ended July 1, 2007 compared to $8.1 million for the second quarter of the prior year. Earnings per diluted share for the second quarter were $0.36 as compared to $0.30 for the second quarter of the prior year.

Bistro Results

Revenues for the Company’s Bistro concept increased 13.3% to $208.2 million for the second quarter of 2007 compared to $183.7 million in the second quarter of 2006. Bistro revenues were $1.8 million below the Company’s forecast primarily due to reduced guest traffic. Comparable store sales for the Bistro declined 1.3% compared to a forecasted decline of 0.1%.

Pei Wei Results

Revenues for the Company’s Pei Wei concept increased 38.7% to $58.6 million for the second quarter of 2007 compared to $42.3 million in the second quarter of 2006. Pei Wei revenues were $2.0 million below the Company’s forecast due to lower than expected sales at stores opened during 2007. Comparable store sales increased 1.0% compared to a forecasted increase of 1.7%. 2007 Expectations The Company has revised its full year forecast earnings per share from $1.38 to $1.34 due primarily to expectations of lower revenues driven by changes to anticipated comparable store sales growth at both concepts and lower than expected sales at 2007 new Pei Wei store openings. Bistro Expectations The Company plans to open 19 new Bistro restaurants during 2007, five of which were open by the end of the second quarter. Fiscal year 2007 revenues are expected to increase 12.0% over prior year to $847.2 million compared to the Company’s previous forecast of $850.4 million.

Pei Wei Expectations

The Company plans to open 37 new Pei Wei restaurants during 2007, 19 of which were open by the end of the second quarter. Fiscal year 2007 revenues are expected to increase 37.4% over prior year to $247.6 million compared to the Company’s previous forecast of $253.9 million. The Company has lowered the full-year forecast of comparable store sales growth from 1.4% to 0.8%.