SCOTTSDALE Ariz. P.F. Chang’s China Bistro Inc.’s fourth-quarter profit more than doubled from the same quarter a year earlier on a nearly 11-percent jump in revenue, helped by increased traffic at the company’s fast-casual Pei Wei Asian Diner concept.
For the fourth quarter ended Jan. 3, P.F. Chang’s profit rose 121 percent to $12 million, or 52 cents a share, from $5.4 million, or 23 cents a share, in the same period last year. In the fourth quarter a year ago, the company booked $2 million in losses from discontinued operations and more than half a million in interest expense.
Latest-quarter revenue increased 10.8 percent to $326.7 million and reflected an extra operating week compared with a year earlier.
Fourth quarter same-store sales increased 3 percent at the fast-casual, 166-unit Pei Wei and fell 5.2 percent at the 197-unit China Bistro concept.
In guidance for 2010, the company said it expects revenue to be flat compared to fiscal 2009, reflecting expectations of “slightly lower average weekly sales” at both chains. P.F. Chang’s also said it expects to open between three and five new full-service Bistro units and between three and five Pei Wei diners.
Earlier this week, P.F. Chang’s announced a new development agreement for the Philippines, part of the company’s growing expansion abroad.
The deal with Global Restaurant Concepts Inc., a 13-year-old company based in Manila that operates casual-dining and pizza restaurants, calls for eight China Bistros over the next five years, with the first to open in Manila in 2011.
P.F. Chang’s last year opened units in Mexico and Kuwait. It also has reportedly been seeking deals in Canada, Puerto Rico, India and Singapore.
“We continue to selectively seek out great partners to help us offer our dining experience to other countries around the world,” said Mike Welborn, president of global brand development for P.F. Chang’s.
Contact Ron Ruggless at [email protected].