P.F. Chang's Sales Grow 18%

Comparable store sales at the Bistro increased 2.9% for the first quarter of 2005 in comparison with the first quarter of 2004. The company attributed the growth to customer traffic growth as well as a price increase of approximately 2%. Comparable store sales for the months of January, February and March increased 2.1%, 4% and 2.8%, respectively. At Pei Wei, comparable store sales rose 6% for the first quarter on a year-to-year basis and for the months of January, February and March the comps rose 4.7%, 7.3% and 6.2%, respectively.

The company, which expects to release its first quarter 2005 earnings results on April 27, is growing both in same store sales and via expansion. In 2005, for example, the chain anticipates opening 18 new Bistro units and 26 new Pei Wei units, which it estimates will push revenue to $822 million for the year and generate net income of $42 million, or $1.55 per share. For the year ended Jan. 2, net profit rose to more than $26 million from approximately $24.7 million the year before on sales that climbed to $707 million from $540 million the year before.

Although it reported increases in total and comparable store sales for the fourth quarter and for the full year in 2004, some of that growth was the result of a 53-week year in 2004. Nonetheless, it has been reporting steadily rising revenue, both on an overall and a same store basis, for some time. Earnings have improved too, with the most recently released results, for the fourth quarter of 2004 that ended Jan. 2, showing a profit of $10.7 million versus $6.9 million in the fourth quarter of the previous year. The chain operates approximately 115 Bistros in 32 states and 53 Pei Wei locations in eight states.