P.F. Chang's First Quarter Revenues Grow 41%

Apr 03, 2001, 01:00 ET from P.F. Chang's China Bistro, Inc.

    SCOTTSDALE, Ariz., April 3 /PRNewswire/ -- P.F. Chang's China Bistro, Inc.
 (Nasdaq:   PFCB) reported revenues increased 41% to $72.4 million for the first
 quarter ended April 1, 2001 from $51.4 million in the first quarter of 2000.
     Comparable store sales increased 5.4% for the first quarter of 2001 as
 compared to the first quarter of 2000.  Approximately 1% of the comparable
 store increase is attributed to a price increase implemented during the fourth
 quarter of 2000; the remaining growth reflects an increase in customer
 traffic.  Comparable sales increased 7.0% for the five-week period ending
 February 4th, 4.2% for the four-week period ending March 4th and 4.7% for the
 four-week period ending April 1st.
     The company anticipates that first quarter earnings per share will range
 from $0.30 to $0.31.
     In its February 14th conference call, the company had forecast sales
 growth for the first quarter in the range of 34% - 38%.  Implicit in this
 revenue forecast was an increase in comparable store sales of 5% - 8%.  In
 addition, the company had anticipated earnings per share for the quarter to
 range from $0.28 to $0.30.
 
                      Second Quarter Revenue Expectations
 
     The company expects revenues to increase 34% - 38% in the second quarter
 of 2001 as compared to the prior year.  Implicit in this revenue projection is
 the assumption that comparable sales will increase 2% - 4%.
     The company intends to release its first quarter earnings on April 25,
 2001 at approximately 7:00am EST.  A conference call will be held later that
 same day at 12:00pm EST.  A webcast of the conference call can be accessed at
 http://www.streetfusion.com.
 
     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, traditional Chinese cuisine and American hospitality in a
 sophisticated, contemporary bistro setting.  Pei Wei Asian Diner offers a
 modest menu of freshly prepared Asian cuisine served in a relaxed, warm
 environment offering attentive counter service and take-out flexibility.
 
     The statements contained in this press release that are not purely
 historical, including the company's estimates of its revenues, earnings and
 comparable sales, are forward-looking statements.  The accuracy of these
 forward-looking statements may be affected by certain risks and uncertainties,
 including, but not limited to, the company's ability to locate acceptable
 restaurant sites; open new restaurants and operate its restaurants profitably;
 the company's ability to hire, train and retain skilled management and other
 personnel; the company's ability to access sufficient financing on acceptable
 terms; changes in consumer tastes and trends; national, regional and local
 economic and weather conditions; changes in costs related to food, utilities
 and labor; and other risks described in the company's recent SEC filings.
 
 

SOURCE P.F. Chang's China Bistro, Inc.
    SCOTTSDALE, Ariz., April 3 /PRNewswire/ -- P.F. Chang's China Bistro, Inc.
 (Nasdaq:   PFCB) reported revenues increased 41% to $72.4 million for the first
 quarter ended April 1, 2001 from $51.4 million in the first quarter of 2000.
     Comparable store sales increased 5.4% for the first quarter of 2001 as
 compared to the first quarter of 2000.  Approximately 1% of the comparable
 store increase is attributed to a price increase implemented during the fourth
 quarter of 2000; the remaining growth reflects an increase in customer
 traffic.  Comparable sales increased 7.0% for the five-week period ending
 February 4th, 4.2% for the four-week period ending March 4th and 4.7% for the
 four-week period ending April 1st.
     The company anticipates that first quarter earnings per share will range
 from $0.30 to $0.31.
     In its February 14th conference call, the company had forecast sales
 growth for the first quarter in the range of 34% - 38%.  Implicit in this
 revenue forecast was an increase in comparable store sales of 5% - 8%.  In
 addition, the company had anticipated earnings per share for the quarter to
 range from $0.28 to $0.30.
 
                      Second Quarter Revenue Expectations
 
     The company expects revenues to increase 34% - 38% in the second quarter
 of 2001 as compared to the prior year.  Implicit in this revenue projection is
 the assumption that comparable sales will increase 2% - 4%.
     The company intends to release its first quarter earnings on April 25,
 2001 at approximately 7:00am EST.  A conference call will be held later that
 same day at 12:00pm EST.  A webcast of the conference call can be accessed at
 http://www.streetfusion.com.
 
     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, traditional Chinese cuisine and American hospitality in a
 sophisticated, contemporary bistro setting.  Pei Wei Asian Diner offers a
 modest menu of freshly prepared Asian cuisine served in a relaxed, warm
 environment offering attentive counter service and take-out flexibility.
 
     The statements contained in this press release that are not purely
 historical, including the company's estimates of its revenues, earnings and
 comparable sales, are forward-looking statements.  The accuracy of these
 forward-looking statements may be affected by certain risks and uncertainties,
 including, but not limited to, the company's ability to locate acceptable
 restaurant sites; open new restaurants and operate its restaurants profitably;
 the company's ability to hire, train and retain skilled management and other
 personnel; the company's ability to access sufficient financing on acceptable
 terms; changes in consumer tastes and trends; national, regional and local
 economic and weather conditions; changes in costs related to food, utilities
 and labor; and other risks described in the company's recent SEC filings.
 
 SOURCE  P.F. Chang's China Bistro, Inc.