Exhibit 99.1

P.F. Chang’s China Bistro, Inc.

P.F. CHANG’S REPORTS SECOND QUARTER 2010 RESULTS

SCOTTSDALE, ARIZONA, July 28, 2010 — P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) today reported financial results for the second quarter ended July 4, 2010.

(000 except per share data)		Q2 2010				Q2 2009				% Change
Revenues		$	312,838			$	301,360				3.8	%
Income from continuing operations		$	18,158			$	17,475				3.9	%
Net income		$	12,773			$	11,605				10.1	%
Diluted income per share:
Income from continuing operations		$	0.55			$	0.51				7.8	%
Net income		$	0.55			$	0.49				12.2	%
Weighted average shares — diluted			23,277				23,526				-1.1	%

Highlights for the second quarter of 2010 compared to the prior year quarter include:

•

Consolidated revenues increased 3.8% to $312.8 million, including $1.3 million in revenues related to four international Bistro restaurants and a new line of premium frozen food entrées, all of which operate under licensing agreements.

•

Comparable store sales increased 0.1% at the Bistro and 3.0% at Pei Wei.

•

Income from continuing operations increased 3.9% to $18.2 million.

•

Net income increased 10.1% to $12.8 million.

•

Income from continuing operations per diluted share increased 7.8% to $0.55.

•

Net income per diluted share increased 12.2% to $0.55.

•

The Company repaid total outstanding borrowings of $40.0 million under the senior credit facility during the second quarter of 2010.

Second quarter comparable store sales

		Fiscal 2010
		April				May				June				Total Q2
Bistro
Traffic effect			3.3	%			2.0	%			2.4	%			2.6	%
Average ticket effect			-4.6	%			-1.2	%			-1.3	%			-2.5	%
Total comparable store sales			-1.3	%			0.8	%			1.1	%			0.1	%
Pei Wei
Traffic effect			2.5	%			0.5	%			0.9	%			1.5	%
Average ticket effect			1.4	%			1.7	%			1.5	%			1.5	%
Total comparable store sales			3.9	%			2.2	%			2.4	%			3.0	%

Bistro

The Bistro achieved positive same store sales in the second quarter of 2010 including the benefit of positive traffic throughout the entire quarter. Average ticket at the Bistro declined during the quarter but sequentially improved in May, primarily due to the benefit of a one to two percent menu price increase and year-over-year improvement in the amount of high-dollar tickets.

Pei Wei

Pei Wei achieved positive same store sales in the second quarter of 2010 including the benefit of positive traffic throughout the entire quarter. Average ticket at Pei Wei, which includes the benefit of an approximate one percent menu price increase that went into effect in April, was positive for the entire quarter.

Comparable store sales for the second quarter of fiscal 2010 reflect results from the 13 week operating period in the current year compared to the same 13 week operating period in the prior year.

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 continues to expect fiscal 2010 restaurant operating margins to be consistent with fiscal 2009 and consolidated diluted earnings per share for fiscal 2010 to approximate $2.00.

The Company expects to open two new Bistro restaurants and one new Pei Wei restaurant during the second half of fiscal 2010. The Company also plans to repurchase approximately $40 million in common shares under its current share repurchase authorization during fiscal 2010.

Quarterly dividend

The Company’s Board of Directors has authorized a cash dividend payment of $0.25 per share on the Company’s outstanding common stock. The dividend is payable on August 23, 2010 to shareholders of record at the close of business on August 9, 2010. The amount of the cash dividend was computed based on 45% of the Company’s net income for the quarter ended July 4, 2010.

Definitions

The following definitions apply to these terms as used throughout this release:

•

Income from continuing operations refers to income from continuing operations, net of tax, attributable to PFCB common stockholders.

•

Net income refers to Net income attributable to PFCB common stockholders

•

Comparable store sales changes include company-operated restaurants and represent the change in period-over-period sales for the comparable restaurant base. A restaurant becomes comparable in its eighteenth month of operation.

Conference call information

The Company is hosting a conference call today at 1:00 pm ET in which management will provide further details on the second quarter results. A webcast of the call can be accessed through the company’s website at http://www.pfcb.com.

About the Company

P.F. Chang’s China Bistro, Inc. owns and operates two restaurant concepts in the Asian niche. P.F. Chang’s China Bistro features a blend of high-quality, Chinese-inspired cuisine and American hospitality in a sophisticated, contemporary bistro setting. Pei Wei Asian Diner offers a modest menu of freshly prepared pan-Asian cuisine in a relaxed, warm environment offering attentive counter service and take-out flexibility.

Note with respect to non-GAAP financial measures contained within Supplemental Financial Information

In addition to using GAAP results in evaluating the Company’s business, management measures restaurant operating income to assess the performance of its existing restaurant concepts. Restaurant operating income includes all ongoing costs related to operating the Company’s restaurants but excludes preopening expenses and partner investment expense. Because preopening and partner investment expenses are associated with expansion of the Company’s business and vary in timing and magnitude, they make an accurate assessment of the health of its ongoing operations more difficult and are therefore excluded. Additionally, general and administrative expenses are only included in the Company’s consolidated financial presentation as these costs relate to support of both restaurant concepts and are generally not specifically identifiable to individual restaurant operations. As the Company’s expansion is funded entirely from its ongoing restaurant operations, restaurant operating income is a consideration of management when determining whether and when to open additional restaurants. The non-GAAP financial information presented herein should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Please see the non-GAAP to GAAP reconciliation at the bottom of pages 5 through 7 of this press release for a reconciliation of restaurant operating income to the most directly comparable GAAP measure, income from operations.

Note with respect to forward looking statements

The statements contained in this press release that are not purely historical, including the Company’s estimates of its earnings, revenues and anticipated new restaurants are forward-looking statements. The accuracy of these forward-looking statements may be affected by certain risks and uncertainties, including, but not limited to, failure of the Company’s existing or new restaurants to achieve expected results; changes in general economic and political conditions that affect consumer spending; changes in government legislation that may increase labor costs; the dependency on sales concentrated in certain geographic areas or generated by corporate spending; intense competition in the restaurant industry; Global Brand Development initiatives that may impact our brand; damage to our brands or reputation; litigation; adverse public or medical opinions about the health effects of consuming our products; failure to comply with governmental regulations; changes in food costs; the inability to retain key personnel; the Company’s ability to successfully expand its operations; federal and state tax rules could negatively impact results of operations and financial position; fluctuating insurance requirements and costs; marketing programs may not be successful; potential labor shortages that may delay planned openings; the inability to develop and construct restaurants within projected budgets and time periods; seasonality of the Company’s business and other risks described in the Company’s recent SEC filings.

Contacts:

Investor:		Allison Schulder		(480) 888-3000		allison.schulder@pfcb.com
Media:		Pete Marino Dig Communications		(312) 339-8833		pmarino@digcommunications.com

P.F. Chang’s China Bistro, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)

		13 Weeks Ended								26 Weeks Ended
		July 4,				June 28,				July 4,				June 28,
		2010				2009				2010				2009
Revenues		$	312,838			$	301,360			$	623,209			$	611,197
Costs and expenses:
Cost of sales			81,717				79,657				165,730				162,729
Labor			102,295				98,111				206,770				198,818
Operating			51,597				48,809				104,350				99,500
Occupancy			18,609				17,403				36,447				34,781
General and administrative			19,765				20,523				38,818				40,337
Depreciation and amortization			19,335				18,575				38,336				37,071
Preopening expense			832				461				965				949
Partner investment expense			(135	)			(91	)			(124	)			(555	)
Total costs and expenses			294,015				283,448				591,292				573,630
Income from operations			18,823				17,912				31,917				37,567
Interest and other income (expense), net			(665	)			(437	)			(1,080	)			(1,377	)
Income from continuing operations before taxes			18,158				17,475				30,837				36,190
Provision for income taxes			(5,144	)			(5,108	)			(8,932	)			(10,061	)
Income from continuing operations, net of tax			13,014				12,367				21,905				26,129
Income (loss) from discontinued operations, net of tax			—				(474	)			6				(517	)
Net income			13,014				11,893				21,911				25,612
Less: Net income attributable to noncontrolling interests			241				288				447				658
Net income attributable to PFCB		$	12,773			$	11,605			$	21,464			$	24,954
Basic income per share:
Income from continuing operations attributable to PFCB common stockholders		$	0.56			$	0.52			$	0.94			$	1.10
Income (loss) from discontinued operations, net of tax, attributable to PFCB common stockholders			0.00				(0.02	)			0.00				(0.03	)
Net income attributable to PFCB common stockholders		$	0.56			$	0.50			$	0.94			$	1.07
Diluted income per share:
Income from continuing operations attributable to PFCB common stockholders		$	0.55			$	0.51			$	0.93			$	1.08
Income (loss) from discontinued operations, net of tax, attributable to PFCB common stockholders			0.00				(0.02	)			0.00				(0.03	)
Net income attributable to PFCB common stockholders		$	0.55			$	0.49			$	0.93			$	1.05
Weighted average shares used in computation:
Basic			22,828				23,057				22,730				23,249
Diluted			23,277				23,526				23,190				23,660
Amounts attributable to PFCB:
Income from continuing operations, net of tax		$	12,773			$	12,079			$	21,458			$	25,471
Income (loss) from discontinued operations, net of tax			—				(474	)			6				(517	)
Net income attributable to PFCB		$	12,773			$	11,605			$	21,464			$	24,954

P.F. Chang’s China Bistro, Inc.
Supplemental Financial Information

		2008				1Q09				2Q09				3Q09				4Q09				2009				1Q10				2Q10				YTD Q2 2010
Units			348				350				351				356				363				363				364				366				366
Sales weeks			17,170				4,531				4,563				4,604				5,058				18,756				4,731				4,736				9,467
AWS			69,780				68,382				66,044				63,060				64,581				65,482				65,604				66,055				65,830
Revenues (1)			1,198,124				309,837				301,360				290,329				326,653				1,228,179				310,371				312,838				623,209
Operating costs
Cost of sales			325,630				83,072				79,657				76,364				87,328				326,421				84,013				81,717				165,730
Labor			396,911				100,707				98,111				95,713				107,052				401,583				104,475				102,295				206,770
Operating			198,967				50,691				48,809				50,883				53,476				203,859				52,753				51,597				104,350
Occupancy			69,809				17,378				17,403				17,566				18,288				70,635				17,838				18,609				36,447
Net income attributable to noncontrolling interests			1,933				370				288				155				595				1,408				206				241				447
Depreciation & amortization			68,711				18,496				18,575				19,055				18,303				74,429				19,001				19,335				38,336
Restaurant operating income			136,163				39,123				38,517				30,593				41,611				149,844				32,085				39,044				71,129
Development costs
Preopening expenses			8,457				488				461				1,550				1,420				3,919				133				832				965
Partner investment expense			(354	)			(464	)			(91	)			18				(92	)			(629	)			11				(135	)			(124	)
Other expenses
General and administrative (2)			77,488				19,814				20,523				20,408				22,004				82,749				19,053				19,765				38,818
Interest and other (income) expense, net			3,362				940				437				(85	)			345				1,637				415				665				1,080
Provision for income taxes			12,193				4,953				5,108				2,477				5,954				18,492				3,788				5,144				8,932
Income from continuing operations			35,017				13,392				12,079				6,225				11,980				43,676				8,685				12,773				21,458
Income (loss) from discontinued operations, net of tax			(7,591	)			(43	)			(474	)			(17	)			55				(479	)			6				—				6
Net income attributable to PFCB			27,426				13,349				11,605				6,208				12,035				43,197				8,691				12,773				21,464
Income from continuing operations per FDS		$	1.45			$	0.56			$	0.51			$	0.27			$	0.52			$	1.87			$	0.38			$	0.55			$	0.93
Fully diluted shares (FDS)			24,080				23,795				23,526				23,285				23,045				23,413				23,104				23,277				23,190
Revenues			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
Cost of sales			27.2	%			26.8	%			26.4	%			26.3	%			26.7	%			26.6	%			27.1	%			26.1	%			26.6	%
Labor			33.1	%			32.5	%			32.6	%			33.0	%			32.8	%			32.7	%			33.7	%			32.7	%			33.2	%
Operating			16.6	%			16.4	%			16.2	%			17.5	%			16.4	%			16.6	%			17.0	%			16.5	%			16.7	%
Occupancy			5.8	%			5.6	%			5.8	%			6.1	%			5.6	%			5.8	%			5.7	%			5.9	%			5.8	%
Net income attributable to noncontrolling interests			0.2	%			0.1	%			0.1	%			0.1	%			0.2	%			0.1	%			0.1	%			0.1	%			0.1	%
Depreciation & amortization			5.7	%			6.0	%			6.2	%			6.6	%			5.6	%			6.1	%			6.1	%			6.2	%			6.2	%
Restaurant operating income			11.4	%			12.6	%			12.8	%			10.5	%			12.7	%			12.2	%			10.3	%			12.5	%			11.4	%
Preopening expenses			0.7	%			0.2	%			0.2	%			0.5	%			0.4	%			0.3	%			0.0	%			0.3	%			0.2	%
Partner investment expense			(0.0	%)			(0.1	%)			(0.0	%)			0.0	%			(0.0	%)			(0.1	%)			0.0	%			(0.0	%)			(0.0	%)
General and administrative (2)			6.5	%			6.4	%			6.8	%			7.0	%			6.7	%			6.7	%			6.1	%			6.3	%			6.2	%
Interest and other (income) expense, net			0.3	%			0.3	%			0.1	%			(0.0	%)			0.1	%			0.1	%			0.1	%			0.2	%			0.2	%
Provision for income taxes			1.0	%			1.6	%			1.7	%			0.9	%			1.8	%			1.5	%			1.2	%			1.6	%			1.4	%
Income from continuing operations			2.9	%			4.3	%			4.0	%			2.1	%			3.7	%			3.6	%			2.8	%			4.1	%			3.4	%
Income (loss) from discontinued operations, net of tax			(0.6	%)			(0.0	%)			(0.2	%)			(0.0	%)			0.0	%			(0.0	%)			0.0	%			0.0	%			0.0	%
Net income attributable to PFCB			2.3	%			4.3	%			3.9	%			2.1	%			3.7	%			3.5	%			2.8	%			4.1	%			3.4	%
Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income			136,163				39,123				38,517				30,593				41,611				149,844				32,085				39,044				71,129
Add: Net income attributable to noncontrolling interests			1,933				370				288				155				595				1,408				206				241				447
Less: General and administrative (2)			(77,488	)			(19,814	)			(20,523	)			(20,408	)			(22,004	)			(82,749	)			(19,053	)			(19,765	)			(38,818	)
Less: Preopening expenses			(8,457	)			(488	)			(461	)			(1,550	)			(1,420	)			(3,919	)			(133	)			(832	)			(965	)
Less: Partner investment expense			354				464				91				(18	)			92				629				(11	)			135				124
Income from operations			52,505				19,655				17,912				8,772				18,874				65,213				13,094				18,823				31,917

Concept: P.F. Chang’s China Bistro
Supplemental Financial Information

		2008				1Q09				2Q09				3Q09				4Q09				2009				1Q10				2Q10				YTD Q2 2010
Units			189				190				190				192				197				197				197				199				199
Sales weeks			9,373				2,458				2,470				2,486				2,736				10,150				2,561				2,565				5,126
AWS			98,127				95,661				91,958				87,324				89,884				91,161				90,077				90,964				90,521
Revenues			919,963				235,141				227,144				217,093				245,943				925,321				230,767				233,365				464,132
Operating costs
Cost of sales			249,911				62,963				59,749				56,624				65,480				244,816				62,711				60,914				123,625
Labor			301,967				76,051				73,286				71,216				80,222				300,775				78,192				76,769				154,961
Operating			149,083				36,973				36,373				37,487				40,050				150,883				38,546				38,183				76,729
Occupancy			50,670				12,441				12,412				12,390				12,943				50,186				12,640				13,254				25,894
Net income attributable to noncontrolling interests			1,361				179				145				104				110				538				71				93				164
Depreciation & amortization			51,091				13,728				13,646				13,900				13,247				54,521				13,854				14,043				27,897
Restaurant operating income			115,880				32,806				31,533				25,372				33,891				123,602				24,753				30,109				54,862
Revenues			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
Cost of sales			27.2	%			26.8	%			26.3	%			26.1	%			26.6	%			26.5	%			27.2	%			26.1	%			26.6	%
Labor			32.8	%			32.3	%			32.3	%			32.8	%			32.6	%			32.5	%			33.9	%			32.9	%			33.4	%
Operating			16.2	%			15.7	%			16.0	%			17.3	%			16.3	%			16.3	%			16.7	%			16.4	%			16.5	%
Occupancy			5.5	%			5.3	%			5.5	%			5.7	%			5.3	%			5.4	%			5.5	%			5.7	%			5.6	%
Net income attributable to noncontrolling interests			0.1	%			0.1	%			0.1	%			0.0	%			0.0	%			0.1	%			0.0	%			0.0	%			0.0	%
Depreciation & amortization			5.6	%			5.8	%			6.0	%			6.4	%			5.4	%			5.9	%			6.0	%			6.0	%			6.0	%
Restaurant operating income			12.6	%			14.0	%			13.9	%			11.7	%			13.8	%			13.4	%			10.7	%			12.9	%			11.8	%
Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income			115,880				32,806				31,533				25,372				33,891				123,602				24,753				30,109				54,862
Add: Net income attributable to noncontrolling interests			1,361				179				145				104				110				538				71				93				164
Less: Preopening expenses			(5,677	)			(294	)			(280	)			(1,004	)			(1,257	)			(2,835	)			(26	)			(765	)			(791	)
Less: Partner investment expense			1,066				148				20				—				68				236				—				—				—
Income from operations			112,630				32,839				31,418				24,472				32,812				121,541				24,798				29,437				54,235

Concept: Pei Wei Asian Diner ^(A)
Supplemental Financial Information

		2008				1Q09				2Q09				3Q09				4Q09				2009				1Q10				2Q10				YTD Q2 2010
Units			159				160				161				164				166				166				167				167				167
Sales weeks			7,797				2,073				2,093				2,118				2,322				8,606				2,170				2,171				4,341
AWS			35,675				36,011				35,459				34,578				34,701				35,171				36,597				35,991				36,294
Revenues			278,161				74,696				74,216				73,236				80,576				302,724				79,475				78,137				157,612
Operating costs
Cost of sales			75,719				20,109				19,908				19,740				21,848				81,605				21,302				20,803				42,105
Labor			94,944				24,656				24,825				24,497				26,830				100,808				26,283				25,526				51,809
Operating			49,884				13,718				12,436				13,396				13,426				52,976				14,207				13,414				27,621
Occupancy			19,139				4,937				4,991				5,176				5,345				20,449				5,198				5,355				10,553
Net income attributable to noncontrolling interests			572				191				143				51				485				870				135				148				283
Depreciation & amortization			16,158				4,350				4,440				4,647				4,666				18,103				4,647				4,762				9,409
Restaurant operating income			21,745				6,735				7,473				5,729				7,976				27,913				7,703				8,129				15,832
Revenues			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
Cost of sales			27.2	%			26.9	%			26.8	%			27.0	%			27.1	%			27.0	%			26.8	%			26.6	%			26.7	%
Labor			34.1	%			33.0	%			33.4	%			33.4	%			33.3	%			33.3	%			33.1	%			32.7	%			32.9	%
Operating			17.9	%			18.4	%			16.8	%			18.3	%			16.7	%			17.5	%			17.9	%			17.2	%			17.5	%
Occupancy			6.9	%			6.6	%			6.7	%			7.1	%			6.6	%			6.8	%			6.5	%			6.9	%			6.7	%
Net income attributable to noncontrolling interests			0.2	%			0.3	%			0.2	%			0.1	%			0.6	%			0.3	%			0.2	%			0.2	%			0.2	%
Depreciation & amortization			5.8	%			5.8	%			6.0	%			6.3	%			5.8	%			6.0	%			5.8	%			6.1	%			6.0	%
Restaurant operating income			7.8	%			9.0	%			10.1	%			7.8	%			9.9	%			9.2	%			9.7	%			10.4	%			10.0	%
Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income			21,745				6,735				7,473				5,729				7,976				27,913				7,703				8,129				15,832
Add: Net income attributable to noncontrolling interests			572				191				143				51				485				870				135				148				283
Less: Preopening expenses			(2,780	)			(194	)			(181	)			(546	)			(163	)			(1,084	)			(107	)			(67	)			(174	)
Less: Partner investment expense			(712	)			316				71				(18	)			24				393				(11	)			135				124
Income from operations			18,825				7,048				7,506				5,216				8,322				28,092				7,720				8,345				16,065

P.F. Chang’s China Bistro

Supplemental Sales Information (Company Owned)

		Year of Unit Opening (1)
		Pre-2002				2002				2003				2004				2005				2006				2007				2008				2009				2010				Total
Units			64				14				18				18				18				20				20				17				8				2				199

		Sales (000)
1Q10			84,443				16,452				22,541				18,179				18,840				21,713				22,542				16,961				9,017				—				230,688
2Q10			84,934				16,111				22,795				19,015				19,043				21,928				22,913				17,483				8,620				481				233,323
2010			169,377				32,563				45,336				37,194				37,883				43,641				45,455				34,444				17,637				481				464,011

		Average Weekly Sales (AWS)
1Q10			101,494				90,396				96,331				77,688				80,514				83,510				86,700				76,747				86,697				—				90,077
2Q10			102,084				88,522				97,414				81,262				81,380				84,339				88,125				79,106				82,887				120,210				90,964
2010			101,789				89,459				96,872				79,475				80,947				83,925				87,412				77,927				84,792				120,210				90,521

		Year-Over-Year Change Comparable Store Sales (2)(3)
Units			64				14				18				18				18				20				20				17				—				—				189
1Q10			-4.0	%			-3.0	%			-1.7	%			-1.5	%			-1.8	%			-0.7	%			-0.9	%			-5.1	%			—				—				-2.7	%
2Q10			-1.0	%			0.2	%			1.1	%			2.4	%			1.0	%			1.8	%			1.1	%			-2.7	%			—				—				0.1	%
2010			-2.5	%			-1.4	%			-0.3	%			0.5	%			-0.4	%			0.6	%			0.1	%			-3.6	%			—				—				-1.3	%

Pei Wei Asian Diner

Supplemental Sales Information

		Year of Unit Opening (1)
		Pre-2002				2002				2003				2004				2005				2006				2007				2008				2009				2010				Total
Units			5				11				17				19				23				27				32				25				7				1				167