News
Pei Wei comps flat for second quarter
July 22, 2009
Same-store sales at Pei Wei Asian Diner declined 0.1 percent for the 13 weeks ended June 28, according to parent company P.F. Chang's China Bistro Inc. The dip was due to average check declines reflecting the net impact of menu changes offset by an overall increase in guest traffic, according to the company.
Comparable-store sales at Pei Wei also were flat in April, increased 0.7 percent in May and decreased 1.0 percent in June.
During the second quarter of 2009, the company opened one new Pei Wei restaurant.
P.F. Chang's China Bistro Inc. reported consolidated revenues of $301.4 million compared to $301.5 million for the second quarter of 2008. Sales at company-owned P.F. Chang's China Bistro restaurants accounted for $227.1 million of consolidated revenues while sales at Pei Wei Asian Diner restaurants accounted for $74.2 million of consolidated revenues.
P.F. Chang's consolidated income from continuing operations was reported as $12.1 million for the second quarter compared to $9.9 million reported for the second quarter of the prior year. Net income for the second quarter of fiscal 2009 totaled $11.6 million compared to $9.4 million for the second quarter of the prior year.
2009 Expectations
The company continues to expect a negative sales environment for the remainder of 2009. As a result, the company anticipates average weekly sales for fiscal 2009 to decline approximately 3 percent to 4 percent at Pei Wei. Consolidated revenues for fiscal 2009 are expected to increase 1 percent to 2 percent compared to fiscal 2008.
The company expects to open seven new Pei Wei restaurants during fiscal 2009 andis hosting a conference call today at 1 p.m. Eastern time in which management will provide further details on the current quarter results. A webcast of the call can be accessed through the company's Web site.
According to an article in the San Diego Union-Tribune, Pei Wei will start testing a new Coca-Cola drink dispenser at locations in San Diego County. The dispenser has the capability of offering more than 100 drink varieties.
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