P.F. Chang’s China Bistro Inc. has reported financial results for the second quarter ended July 4, 2010.
Pei Wei achieved positive same store sales in the second quarter of 2010 including the 1.5 percent benefit of both an increase in traffic and average ticket, partially offset by a 1 percent menu price increase that went into effect in April.
Comparable store sales increased 0.1 percent at the Bistro and 3 percent at Pei Wei.
Consolidated revenues increased 3.8 percent to $312.8 million, including $1.3 million in revenues related to four international Bistro restaurants and a new line of premium frozen food entrées, all of which operate under licensing agreements.
Net income increased 10 percent to $13 million, up from $12 million reported in Q2 2009.
The Company repaid total outstanding borrowings of $40 million under the senior credit facility during the second quarter of 2010.
The company anticipates that fiscal 2010 consolidated revenues will increase slightly compared to fiscal 2009, including expectations of slightly higher average weekly sales at Pei Wei and slightly lower average weekly sales at the Bistro for the full year.
The company expects to open two new Bistro restaurants and one new Pei Wei restaurant during the second half of fiscal 2010. The company also plans to repurchase approximately $40 million in common shares under its current share repurchase authorization during fiscal 2010.
