P.F. Chang's posts increased Q4 revenue, sees higher operating costs
Asian cuisine restaurant chain P.F. Chang’s China Bistro, Inc. (Nasdaq: PFCB) reported sales for the fourth quarter rose 16%, but said it expects to incur higher-than-anticipated operating costs.
For the last three months ended Dec. 30, 2007, the small cap booked revenues of $292.6 million, compared with revenues of $252 million for the fourth quarter of 2006. Sales beat the consensus of 17 analysts polled by Thomson Financial of $286.49 million.
The company’s sales breakdown was as follows: P.F. Chang’s China Bistro restaurants accounted for $225.9 million of consolidated revenues, sales from Pei Wei Asian Diner restaurants accounted for $65.9 million of consolidated revenues and sales from Taneko Japanese Tavern restaurant accounted for $0.7 million of consolidated revenues.
Comparable store sales for the quarter declined 1% at the Bistro and decreased 0.5% at Pei Wei, compared with the same period in 2006. P.F. Chang’s attributed the 1% decline in comparable store sales for the Bistro to the net impact of price and menu mix changes driven by a rollout of the chain’s new grill menu.
The company also said it is continuing to experience rising restaurant operating costs, but noted that such costs are forecasted to have a greater impact during the fourth quarter than previously projected.
Shares of P.F. Chang’s (PFCB) were halted in pre-market trading.
