News
P.F. Chang's reports financial results for Pei Wei Asian Diner
February 16, 2010
P.F. Chang's China Bistro Inc. has reported financial results for the fourth quarter and fiscal year ended January 3, 2010. The company's fourth quarter and fiscal year 2009 results were comprised of 14 and 53 weeks, respectively, compared to 13 and 52 weeks in the fourth quarter and fiscal year 2008.
At P.F. Chang's offshoot Pei Wei Asian Diner, comparable store sales increased 3 percent for the quarter ended Jan. 3, 2010. The rise was due to an increase in overall guest traffic partially offset by a slight decline in check averages, reflecting the net impact of menu mix changes. Comparable store sales at Pei Wei increased 3 percent, 3.7 percent, and 2.4 percent in October, November and December, respectively.
For Pei Wei's parent company, same-store sales decreased 5.2 percent at the Bistro due to a reduction in overall guest traffic combined with a slight decline in average check, reflecting the net impact of menu mix changes. Comparable store sales at the Bistro decreased 6.2 percent, 5.2 percent, and 4.3 percent in October, November and December, respectively.
Overall, consolidated revenues for the company increased 10.8 percent to $326.7 million, up from $294.8 million reported in the same quarter last year.
For Pei Wei Asian Diner, revenue increased 16 percent to $80.6 million, up from $69.4 million reported during the same quarter last year. Overall net income increased 121 percent up to $12 million for the 2009 fourth quarter compared to $5 million reported in the same quarter last year.
Fiscal Year 2009
For the full year ended Jan. 3, 2010, same-store sales at Pei Wei Asian Diner increased 0.1 percent. Meanwhile, comparable-store sales declined 6.7 percent at P.F. Chang's Asian Bistro.
Consolidated revenues increased 2.5 percent to $1.2 billion. Revenue to Pei Wei Asian Diner increased .08 percent to $302.7 million, up from $278.1 million reported in FY 2008.
Overall, net income increased 57.5 percent to $43.2 million.
The company opened seven Pei Wei locations in 2009 for a systemwide total of 166 locations.
The company anticipates that fiscal 2010 consolidated revenues will be flat compared to fiscal 2009. This is based on expectations of slightly lower average weekly sales at both concepts during fiscal 2010 and the impact of a 52 week fiscal year in fiscal 2010, offset by the benefit of a full year of revenues for restaurants that opened during fiscal 2009 combined with revenues from six to 10 anticipated new restaurant openings during FY 2010.
The company also expects to open three to five new Pei Wei restaurants during fiscal year 2010.
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