SCOTTSDALE, Ariz. — P.F. Chang's China Bistro Inc. has reported earnings for fourth quarter 2008 and for the year ended Dec. 28.
For the 13-week period, comparable-store sales decreased 6.1 percent at Pei Wei due to a significant reduction in overall guest traffic combined with a flat average check and menu-price increases that were offset by menu mix changes. Comparable store sales at Pei Wei decreased 6.1 percent, 6.5 percent, and 5.7 percent in October, November and December, respectively.
For the fourth quarter of 2008, consolidated revenues were $294.8 million compared to $289.4 million for the fourth quarter of 2007. Sales at company-owned P.F. Chang's China Bistro restaurants accounted for $225.4 million of consolidated revenues, and sales at the company's Pei Wei Asian Diner restaurants accounted for $69.3 million of consolidated revenues.
During the fourth quarter of 2008, the company opened four new Pei Wei restaurants.
2009 expectations
The company anticipates a significant reduction in average weekly sales during fiscal 2009, with an estimated decrease of approximately 6 percent at both the Bistro and Pei Wei. Consolidated revenues for fiscal 2009 are expected to be flat compared to fiscal 2008 due to projected average weekly sales declines offset by the benefit of a full year of revenues for restaurants that opened during fiscal 2008 combined with revenues from anticipated new restaurant openings during fiscal 2009.
The company has reduced its planned 2009 new restaurant development and currently expects to open four to six new Bistro restaurants and two to four new Pei Wei restaurants during fiscal 2009. As a result, the company anticipates a significant reduction in pre-opening expenses for fiscal 2009.
