The P.F. Chang's China Bistro units accounted for $184.9 million of the third quarter revenue, while sales at the company's Pei Wei Asian Diner units accounted for $46.1 million. Comparable store sales decreased 1.5% at Pei Wei, taking into account a 2.7% effective price increase compared to the third quarter of 2005.

The restaurant company opened five new Bistro units and nine new Pei Wei locations during the quarter. In addition, a new Bistro restaurant opened in Hawaii during the third quarter under a joint venture arrangement. The company plans to release its third quarter earnings results on Oct. 25.

The growth at the restaurant chain has attracted the attention of market analysts, including Lehman Bros., which recently initiated coverage of P.F. Chang's, rating its stock as "equal" to others in the category, meaning it is expected to perform in line with others in its sector over 12 months. The research report on Chang's, by Lehman Bros. analyst Jeffrey A. Bernstein, calls P.F. Chang's "the clear leader in the Asian segment of the restaurant industry," but says that "recent sales weakness keeps us cautious."

The report notes that P.F. Chang's operates two leading Asian concepts, its high-end P.F. Chang's China Bistro brand and its fast-casual Pei Wei Asian Diner, with a third concept called Taneko Japanese Tavern in the works. Although calling the chain a "best-in-class operator," the report says that despite the strong long-term outlook, "traffic trends remain weak and the ongoing slowdown in percentage unit growth at the Bistro puts added pressure on Pei Wei to lead."

Lehman Bros. foresees 25% unit growth but relatively flat comparable store sales over the next few years, with sales growth of 16% to 18%. In general, it sees a deceleration of growth at the Bistro offset by more aggressive growth at Pei Wei.