P.F. Chang's China Bistro Inc. has reported financial results for the third quarter ended October 3, 2010.
While same-store sales at the chain's P.F. Chang's China Bistro increased 2.3 percent for the quarter, comps for its Pei Wei Asian Diner remained flat at 0.8 percent.
China Bistro comps were aided by an increase in month-over-month traffic when compared to the same quarter in 2009; however, traffic at its Asian Diner was reported to have increased 0.5 percent in July, decreased 1.2 percent in August and decreased 4.3 percent in September. Despite the decreases, average ticket sales improved overall for the Asian Diner and were reported at 2.3 percent for the quarter.
Systemwide revenue increased 6.2 percent to $308 million for the company's third quarter when compared to $290 million reported for the same quarter in 2009.
Additionally, net income increased 68.6 percent to $10.5 million, up from $6.2 million.
2010 expectations
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 also plans to repurchase approximately $40.0 million in common shares under its current share repurchase authorization during fiscal 2010. The company repurchased $26.2 million of its common shares through the quarter ended October 3, 2010.
