X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SCOTTSDALE, AZ-As it continues to evolve its Pei Wei division, P.F. Chang’s China Bistro will be more cautious about openings in 2009, executives said at the company’s first quarter conference call.

The company plans to open 17 new Bistros and 25 new Pei Wei restaurants, largely in existing markets during 2008. Thus far, according to CEO Rick Federico, the company only has signed about five to seven Pei Wei leases as it continues to refine the concept, now being tested in five units. A system-wide rollout could begin in the summer. But economic conditions are leading to a cautious view on leasing for next year.

“We continue to tee up real estate, but are cautious about signing leases,” Federico said. “In the event we don’t get what we’re looking for, we will see modest development in 2009. As we gain more confidence, we will be backweighted in 2009.”

In other news, Chang’s did not reach a definitive agreement with the anticipated buyer of its Taneko division, and continues to pursue a sale.

Consolidated revenues were $308.6 million, compared to $263.7 million the previous year. Comparable store sales increased 0.1% at the Bistro and decreased 2.4% at Pei Wei. Net income was $9.6 million, compared with $10.5 million the previous year. During the quarter the company opened opened five new Bistro restaurants and 11 new Pei Wei restaurants.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.