P F CHANGS CHINA BISTRO INC - FORM 8-K - EX-99.1

Attached files

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8-K - 8-K - P F CHANGS CHINA BISTRO INC	a8-kq2x11earningsrelease.htm
EX-99.2 - EX-99.2 - P F CHANGS CHINA BISTRO INC	ex-992xq2x11confcalltrans.htm

Exhibit 99.1



	P.F. Chang's China Bistro, Inc.

P.F. CHANG'S REPORTS SECOND QUARTER 2011 RESULTS

SCOTTSDALE, ARIZONA, July 27, 2011 - P.F. Chang's China Bistro, Inc. (NASDAQ: PFCB) today reported financial results for the second quarter of fiscal 2011, which ended on July 3, 2011. Total revenues were $311.0 million in the second quarter of fiscal 2011 as compared to $312.8 million in the prior year. Net income and diluted net income per share were $9.1 million and $0.40, respectively.

Operating results

Comparable store sales decreased 2.5% at the Bistro and 2.7% at Pei Wei in the second quarter of 2011 due, in both cases, primarily to a decline in guest traffic. These sales declines occurred in the face of a one to two percent menu price increase at the Bistro and a two to three percent menu price increase at Pei Wei.

On a monthly basis, comparable store sales for April, May and June decreased 2.2%, 2.6%, and 2.9%, respectively, at the Bistro and decreased 4.0%, 2.5%, and 1.3%, respectively, at Pei Wei.

Consolidated restaurant operating income declined $7.6 million primarily due to softer-than-expected sales, higher health and workers' compensation insurance costs as well as increased labor expenses at both concepts. Restaurant operating income also included the impact of a $0.6 million non-cash asset impairment charge related to the full write-off of assets at one Pei Wei restaurant that continues to operate. Additionally, general and administrative expenses included the benefit of lower expense primarily resulting from a decrease in the fair value of performance units and other share-based awards that are tied to the Company's stock price (approximately $0.05 per share).

“We are disappointed with our second quarter results,” said Rick Federico, Chairman and CEO. "Through enhanced consumer research and further internal analysis, we have gained more clarity into the issues and are taking immediate steps to improve our operating performance. We have initiatives planned and underway to meaningfully improve our price/value proposition, enhance the guest experience and continue to evolve the look and feel of our restaurants. We believe these initiatives will generate real opportunities to increase guest traffic and restore positive momentum to both the Bistro and Pei Wei over the long-term.”

2011 Outlook

Based on recent sales trends, the Company now anticipates that fiscal 2011 consolidated revenues will increase approximately one percent from fiscal 2010, which assumes estimated same store sales declines of two to three percent at both concepts for the remainder of the year. The Company also expects to experience incrementally higher labor costs and, as a result, anticipates that restaurant operating income will decline approximately 120 basis points compared to fiscal 2010.

Overall, the Company now expects consolidated diluted earnings per share to range from $1.60 to $1.70 for fiscal 2011.

2011 development

The Company expects to open two new Bistro restaurants during the second half of fiscal 2011. All five of the Pei Wei restaurants expected to open during fiscal 2011 are open. In addition, the Company expects its international partners to collectively open nine to ten Bistro restaurants in international markets during fiscal 2011, three of which were open as of the end of the second quarter.

The Company also expects to open its first two Pei Wei Asian Diner airport locations late this year through a licensing agreement with HMS Host.

Quarterly dividend

Beginning with the second quarter of fiscal 2011, the Company's Board of Directors approved a quarterly fixed cash dividend which is currently set at $0.25 per share. In prior quarters, cash dividends were variable and calculated based on 45% of the Company's quarterly net income. The next quarterly dividend is payable on August 22, 2011 to shareholders of record at the close of business on August 8, 2011.

Definitions

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


•	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 7:30 am Eastern Time during 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 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. In addition, the Company has extended the P.F. Chang's brand to international markets and retail products both of which are operated under licensing agreements.

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 ongoing operations more difficult and are therefore excluded. Additionally, general and administrative expenses are generally not specifically identifiable to individual business units and are only included in the Company's consolidated financial presentation as these costs relate to support of both restaurant concepts and the extension of the Company's brands into international markets and retail products. 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 2011 expectations, 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; damage to our brands or reputation; inability to successfully expand our operations; changes in general economic conditions and dependence on sales concentrated in certain geographic areas; intense competition in the restaurant industry; changes in government legislation that may increase labor costs; 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; federal and state tax rules could negatively impact results of operations and financial position; fluctuating insurance requirements and costs; seasonality of the Company's business; adverse impact if information technology and computer systems do not perform properly. More detailed information about the Company and the risk factors that may affect the realization of any forward-looking statements is set forth in the Company's filings with the SEC, including its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.



Contacts:
Investor:	Allison Schulder	(480) 888-3000	allison.schulder@pfcb.com

Media:	Krissy Zotaley	(312) 577-1764	kzotaley@oco.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 3,			July 4,			July 3,			July 4,
	2011			2010			2011			2010
Revenues:
Restaurant sales	$	309,641		$	311,502		$	625,945		$	621,744
Restaurant licensing	649			1,108			1,333			1,237
Retail licensing	724			228			1,105			228
Total revenues	311,014			312,838			628,383			623,209
Costs and expenses:
Cost of sales	82,175			81,717			165,497			165,730
Labor	105,321			102,295			211,785			206,770
Operating	52,471			51,597			106,278			104,350
Occupancy	18,681			18,609			37,106			36,447
General and administrative	19,164			19,765			39,444			38,818
Depreciation and amortization	20,780			19,335			40,478			38,336
Preopening expense	213			832			611			965
Partner investment expense	(50		)	(135		)	(176		)	(124		)
Total costs and expenses	298,755			294,015			601,023			591,292
Income from operations	12,259			18,823			27,360			31,917
Interest and other income (expense), net	128			(665		)	332			(1,080		)
Income from continuing operations before taxes	12,387			18,158			27,692			30,837
Provision for income taxes	(3,143		)	(5,144		)	(7,698		)	(8,932		)
Income from continuing operations, net of tax	9,244			13,014			19,994			21,905
Income (loss) from discontinued operations, net of tax	(32		)	—			(29		)	6
Net income	9,212			13,014			19,965			21,911
Less net income attributable to noncontrolling interests	120			241			277			447
Net income attributable to PFCB	$	9,092		$	12,773		$	19,688		$	21,464

Basic income per share:
Income from continuing operations attributable to PFCB common stockholders	$	0.41		$	0.56		$	0.88		$	0.94
Income (loss) from discontinued operations, net of tax, attributable to PFCB common stockholders	0.00			0.00			0.00			0.00
Net income attributable to PFCB common stockholders	$	0.41		$	0.56		$	0.88		$	0.94

Diluted income per share:
Income from continuing operations attributable to PFCB common stockholders	$	0.40		$	0.55		$	0.87		$	0.93
Income (loss) from discontinued operations, net of tax, attributable to PFCB common stockholders	0.00			0.00			0.00			0.00
Net income attributable to PFCB common stockholders	$	0.40		$	0.55		$	0.87		$	0.93

Weighted average shares used in computation:
Basic	22,249			22,828			22,386			22,730
Diluted	22,581			23,277			22,741			23,190

Cash dividends declared per share	$	0.25		$	0.25		$	0.46		$	0.42

Amounts attributable to PFCB:
Income from continuing operations, net of tax	$	9,124		$	12,773		$	19,717		$	21,458
Income (loss) from discontinued operations, net of tax	(32		)	—			(29		)	6
Net income attributable to PFCB	$	9,092		$	12,773		$	19,688		$	21,464



P.F. Chang's China Bistro, Inc.

Supplemental Financial Information

	2009 ⁽³⁾			1Q10			2Q10			3Q10			4Q10			2010			1Q11			2Q11			YTD Q2 2011

Units	363			364			366			368			369			369			372			374			374
Sales weeks	18,756			4,731			4,736			4,770			4,791			19,028			4,819			4,852			9,671
AWS	65,482			65,604			66,055			64,656			64,951			65,314			65,858			64,100			64,976

Revenues (1)
Restaurant sales	1,228,045			310,242			311,502			307,499			310,260			1,239,503			316,304			309,641			625,945
Restaurant licensing	134			129			1,108			394			474			2,105			684			649			1,333
Retail licensing	—			—			228			517			446			1,191			381			724			1,105
Total revenues	1,228,179			310,371			312,838			308,410			311,180			1,242,799			317,369			311,014			628,383

Operating costs
Cost of sales	326,421			84,013			81,717			78,380			80,621			324,731			83,322			82,175			165,497
Labor	401,583			104,475			102,295			101,620			101,610			410,000			106,464			105,321			211,785
Operating	203,859			52,753			51,597			52,058			51,886			208,294			53,807			52,471			106,278
Occupancy	70,635			17,838			18,609			18,504			18,756			73,707			18,425			18,681			37,106
Net income attributable to noncontrolling interests	1,408			206			241			172			165			784			157			120			277
Depreciation & amortization	74,429			19,001			19,335			19,318			19,832			77,486			19,698			20,780			40,478
Restaurant operating income	149,844			32,085			39,044			38,358			38,310			147,797			35,496			31,466			66,962

Development costs
Preopening expenses	3,919			133			832			572			439			1,976			398			213			611
Partner investment expense	(629		)	11			(135		)	(147		)	(47		)	(318		)	(126		)	(50		)	(176		)

Other expenses
General and administrative (2)	82,749			19,053			19,765			23,226			19,839			81,883			20,280			19,164			39,444
Interest and other (income) expense, net	1,637			415			665			(175		)	(333		)	572			(204		)	(128		)	(332		)
Provision for income taxes	18,492			3,788			5,144			4,417			3,773			17,122			4,555			3,143			7,698
Income from continuing operations	43,676			8,685			12,773			10,465			14,639			46,562			10,593			9,124			19,717
Income (loss) from discontinued operations, net of tax	(479		)	6			—			—			40			46			3			(32		)	(29		)
Net income attributable to PFCB	43,197			8,691			12,773			10,465			14,679			46,608			10,596			9,092			19,688

Income from continuing operations per FDS	$	1.87		$	0.38		$	0.55		$	0.45		$	0.64		$	2.01		$	0.46		$	0.40		$	0.87

Fully diluted shares (FDS)	23,413			23,104			23,277			23,070			23,011			23,115			22,901			22,581			22,741

Revenues	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Cost of sales	26.6		%	27.1		%	26.1		%	25.4		%	25.9		%	26.1		%	26.3		%	26.4		%	26.3		%
Labor	32.7		%	33.7		%	32.7		%	32.9		%	32.7		%	33.0		%	33.5		%	33.9		%	33.7		%
Operating	16.6		%	17.0		%	16.5		%	16.9		%	16.7		%	16.8		%	17.0		%	16.9		%	16.9		%
Occupancy	5.8		%	5.7		%	5.9		%	6.0		%	6.0		%	5.9		%	5.8		%	6.0		%	5.9		%
Net income attributable to noncontrolling interests	0.1		%	0.1		%	0.1		%	0.1		%	0.1		%	0.1		%	0.0		%	0.0		%	0.0		%
Depreciation & amortization	6.1		%	6.1		%	6.2		%	6.3		%	6.4		%	6.2		%	6.2		%	6.7		%	6.4		%
Restaurant operating income	12.2		%	10.3		%	12.5		%	12.4		%	12.3		%	11.9		%	11.2		%	10.1		%	10.7		%
Preopening expenses	0.3		%	0.0		%	0.3		%	0.2		%	0.1		%	0.2		%	0.1		%	0.1		%	0.1		%
Partner investment expense	(0.1%)			0.0		%	(0.0%)			(0.0%)			(0.0%)			(0.0%)			0.0		%	0.0		%	0.0		%
General and administrative (2)	6.7		%	6.1		%	6.3		%	7.5		%	6.4		%	6.6		%	6.4		%	6.2		%	6.3		%
Interest and other (income) expense, net	0.1		%	0.1		%	0.2		%	(0.1%)			(0.1%)			0.0		%	(0.1%)			0.0		%	(0.1		)%
Provision for income taxes	1.5		%	1.2		%	1.6		%	1.4		%	1.2		%	1.4		%	1.4		%	1.0		%	1.2		%
Income from continuing operations	3.6		%	2.8		%	4.1		%	3.4		%	4.7		%	3.7		%	3.3		%	2.9		%	3.1		%
Income (loss) from discontinued operations, net of tax	(0.0%)			0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%
Net income attributable to PFCB	3.5		%	2.8		%	4.1		%	3.4		%	4.7		%	3.8		%	3.3		%	2.9		%	3.1		%

Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income	149,844			32,085			39,044			38,358			38,310			147,797			35,496			31,466			66,962
Add: Net income attributable to noncontrolling interests	1,408			206			241			172			165			784			157			120			277
Less: General and administrative (2)	(82,749		)	(19,053		)	(19,765		)	(23,226		)	(19,839		)	(81,883		)	(20,280		)	(19,164		)	(39,444		)
Less: Preopening expenses	(3,919		)	(133		)	(832		)	(572		)	(439		)	(1,976		)	(398		)	(213		)	(611		)
Less: Partner investment expense	629			(11		)	135			147			47			318			126			50			176
Income from operations	65,213			13,094			18,823			14,879			18,244			65,040			15,101			12,259			27,360

Note: Consolidated results include the impact of Shared Services and Other as well as the Bistro and Pei Wei concepts

(1) Consolidated revenues include revenues related to the Bistro and Pei Wei concepts as well as Global Brand Development initiatives

(2) Consolidated general and administrative expenses includes the costs of supporting the Company, including all concepts as well as Global Brand Development initiatives

(3) 2009 results were comprised of a 53 week operating year



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


	2009		1Q10		2Q10		3Q10		4Q10		2010		1Q11		2Q11		YTD Q2 2011

Units	197		197		199		200		201		201		201		201		201
Sales weeks	10,150		2,561		2,565		2,593		2,607		10,326		2,613		2,613		5,226
AWS	91,161		90,077		90,964		89,202		89,726		89,989		90,181		88,487		89,334

Total revenues	925,321		230,767		233,365		231,309		233,931		929,372		235,782		231,226		467,008

Operating costs
Cost of sales	244,816		62,711		60,914		58,135		60,008		241,768		61,333		60,759		122,092
Labor	300,775		78,192		76,769		76,533		76,667		308,161		79,792		78,442		158,234
Operating	150,883		38,546		38,183		38,554		37,804		153,087		38,783		38,442		77,225
Occupancy	50,186		12,640		13,254		13,242		13,368		52,504		13,074		13,125		26,199
Net income attributable to noncontrolling interests	538		71		93		62		70		296		79		69		148
Depreciation & amortization	54,521		13,854		14,043		14,018		14,519		56,434		14,384		14,550		28,934
Restaurant operating income	123,602		24,753		30,109		30,765		31,495		117,122		28,337		25,839		54,176

Total revenues	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Cost of sales	26.5	%	27.2	%	26.1	%	25.1	%	25.7	%	26.0	%	26.0	%	26.3	%	26.1	%
Labor	32.5	%	33.9	%	32.9	%	33.1	%	32.8	%	33.2	%	33.8	%	33.9	%	33.9	%
Operating	16.3	%	16.7	%	16.4	%	16.7	%	16.2	%	16.5	%	16.4	%	16.6	%	16.5	%
Occupancy	5.4	%	5.5	%	5.7	%	5.7	%	5.7	%	5.6	%	5.5	%	5.7	%	5.6	%
Net income attributable to noncontrolling interests	0.1	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Depreciation & amortization	5.9	%	6.0	%	6.0	%	6.1	%	6.2	%	6.1	%	6.1	%	6.3	%	6.2	%
Restaurant operating income	13.4	%	10.7	%	12.9	%	13.3	%	13.5	%	12.6	%	12.0	%	11.2	%	11.6	%

Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income	123,602		24,753		30,109		30,765		31,495		117,122		28,337		25,839		54,176
Add: Net income attributable to noncontrolling interests	538		71		93		62		70		296		79		69		148
Less: Preopening expenses	(2,835	)	(26	)	(765	)	(411	)	(265	)	(1,467	)	2		(28	)	(26	)
Less: Partner investment expense	236		—		—		—		—		—		—		—		—
Income from operations	121,541		24,798		29,437		30,416		31,300		115,951		28,418		25,880		54,298

Note: General and administrative expenses are reflected in the Company’s consolidated results



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


	2009		1Q10		2Q10		3Q10		4Q10		2010		1Q11		2Q11		YTD Q2 2011

Units	166		167		167		168		168		168		171		173		173
Sales weeks	8,606		2,170		2,171		2,177		2,184		8,702		2,206		2,239		4,445
AWS	35,171		36,597		35,991		34,998		34,950		35,632		36,501		35,022		35,756

Total revenues	302,724		79,475		78,137		76,190		76,329		310,131		80,522		78,415		158,937

Operating costs
Cost of sales	81,605		21,302		20,803		20,245		20,613		82,963		21,989		21,416		43,405
Labor	100,808		26,283		25,526		25,087		24,943		101,839		26,672		26,879		53,551
Operating	52,976		14,207		13,414		13,504		14,082		55,207		15,024		14,029		29,053
Occupancy	20,449		5,198		5,355		5,262		5,388		21,203		5,351		5,556		10,907
Net income attributable to noncontrolling interests	870		135		148		110		95		488		78		51		129
Depreciation & amortization	18,103		4,647		4,762		4,772		4,761		18,942		4,767		5,560		10,327
Restaurant operating income	27,913		7,703		8,129		7,210		6,447		29,489		6,641		4,924		11,565

Total revenues	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Cost of sales	27.0	%	26.8	%	26.6	%	26.6	%	27.0	%	26.8	%	27.3	%	27.3	%	27.3	%
Labor	33.3	%	33.1	%	32.7	%	32.9	%	32.7	%	32.8	%	33.1	%	34.3	%	33.7	%
Operating	17.5	%	17.9	%	17.2	%	17.7	%	18.4	%	17.8	%	18.7	%	17.9	%	18.3	%
Occupancy	6.8	%	6.5	%	6.9	%	6.9	%	7.1	%	6.8	%	6.6	%	7.1	%	6.9	%
Net income attributable to noncontrolling interests	0.3	%	0.2	%	0.2	%	0.1	%	0.1	%	0.2	%	0.1	%	0.1	%	0.1	%
Depreciation & amortization	6.0	%	5.8	%	6.1	%	6.3	%	6.2	%	6.1	%	5.9	%	7.1	%	6.5	%
Restaurant operating income	9.2	%	9.7	%	10.4	%	9.5	%	8.4	%	9.5	%	8.2	%	6.3	%	7.3	%

Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income	27,913		7,703		8,129		7,210		6,447		29,489		6,641		4,924		11,565
Add: Net income attributable to noncontrolling interests	870		135		148		110		95		488		78		51		129
Less: Preopening expenses	(1,084	)	(107	)	(67	)	(161	)	(174	)	(509	)	(400	)	(185	)	(585	)
Less: Partner investment expense	393		(11	)	135		147		47		318		126		50		176
Income from operations	28,092		7,720		8,345		7,306		6,415		29,786		6,445		4,840		11,285

Note: General and administrative expenses are reflected in the Company’s consolidated results

(A) All current and historical operating results related to closed Pei Wei restaurants are reflected within discontinued operations for all periods presented




P.F. Chang's China Bistro

Supplemental Sales Information (Company Owned)

Year of Unit Opening (1)
	Pre-2003	2003	2004	2005	2006	2007	2008	2009	2010	2011	Total
Units	78	18	18	18	20	20	17	8	4	—	201

Sales (000)
1Q11	101,661	22,626	18,627	18,865	21,852	22,395	17,146	8,169	4,302	—	235,643
2Q11	99,024	22,227	18,929	18,425	21,522	22,117	16,720	7,955	4,297	—	231,216

2011	200,685	44,853	37,556	37,290	43,374	44,512	33,866	16,124	8,599	—	466,859

Average Weekly Sales (AWS)
1Q11	100,257	96,694	79,602	80,618	84,045	86,133	77,586	78,551	82,724	—	90,181
2Q11	97,656	94,987	80,896	78,739	82,778	85,066	75,658	76,490	82,627	—	88,487

2011	98,957	95,840	80,249	79,679	83,412	85,599	76,622	77,520	82,675	—	89,334

Year-Over-Year Change Comparable Store Sales (2)
Units	78	18	18	18	20	20	17	8	—	—	197

1Q11	0.8%	0.4%	2.5%	0.1%	0.6%	-0.7%	1.1%	-7.3%	—	—	0.5%
2Q11	-2.0%	-2.5%	-0.5%	-3.2%	-1.9%	-3.5%	-4.4%	-7.9%	—	—	-2.5%

2011	-0.6%	-1.1%	1.0%	-1.6%	-0.6%	-2.1%	-1.7%	-7.7%	—	—	-1.0%

(1) Includes all restaurants opened in the period indicated.
(2) A unit becomes comparable in the eighteenth month of operation.




Pei Wei Asian Diner

Supplemental Sales Information

Year of Unit Opening (1)
	Pre-2003	2003	2004	2005	2006	2007	2008	2009	2010	2011	Total
Units	16	17	19	23	27	32	25	7	2	5	173

Sales (000)
1Q11	7,956	8,638	10,048	11,243	13,240	14,022	10,515	3,035	892	933	80,522
2Q11	7,587	8,351	9,547	10,882	12,790	13,272	10,174	2,901	807	2,104	78,415

2011	15,543	16,989	19,595	22,125	26,030	27,294	20,689	5,936	1,699	3,037	158,937

Average Weekly Sales (AWS)
1Q11	38,247	39,085	40,678	37,603	37,721	33,707	32,353	33,350	34,323	42,421	36,501
2Q11	36,477	37,787	38,653	36,393	36,439	31,904	31,304	31,879	31,014	38,242	35,022

2011	37,362	38,436	39,666	36,998	37,080	32,806	31,829	32,615	32,668	39,436	35,756

Year-Over-Year Change Comparable Store Sales (2)
Units	16	17	19	23	27	32	25	7	1	—	167
1Q11	-4.2%	-1.5%	0.3%	0.8%	0.5%	0.5%	1.1%	-0.7%	—	—	-0.2%
2Q11	-3.1%	-2.5%	-3.2%	-1.4%	-2.3%	-3.8%	-2.5%	-3.5%	-9.8%	—	-2.7%

2011	-3.7%	-2.0%	-1.4%	-0.3%	-0.9%	-1.6%	-0.7%	-2.2%	-9.8%	—	-1.5%

(1) Includes all restaurants opened in the period indicated.
(2) A unit becomes comparable in the eighteenth month of operation.

Attached files

P F CHANGS CHINA BISTRO INC Reports

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