Pei Wei comps dip 3%

SCOTTSDALE, Ariz. — P.F. Chang's China Bistro Inc. has reported its financials for the second quarter ended June 29, 2008.

For the company's fast-casual concept, Pei Wei Asian Diner, comparable-store sales decreased 3.2 percent due to a reduction in overall guest traffic. Comparable store sales at Pei Wei decreased 2.2 percent, 4.2 percent, and 3.5 percent for April, May and June, respectively.

For the second quarter of 2008, consolidated revenues were $304.1 million compared to $266.8 million for the second quarter of 2007. Sales at company-owned P.F. Chang's China Bistro restaurants accounted for $231.8 million of consolidated revenues and sales at the company's Pei Wei Asian Diner restaurants accounted for $72.1 million of consolidated revenues.

Consolidated net income for the second quarter was $9.4 million, compared with $9.3 million reported for the second quarter of the prior year.

Net income for both years includes a loss from discontinued operations related to the company's previously announced decision to exit operation of its Taneko business. The company has reached an agreement to sell Taneko's assets and the transaction is expected to close on August 1, 2008.

During the second quarter of 2008, the company opened five new Bistro restaurants and four new Pei Wei restaurants. For the year, the company plans to open a total of 17 new Bistro restaurants and 25 new Pei Wei restaurants during 2008 and expects full-year fiscal 2008 consolidated revenues to increase 12 to 13 percent.