SCOTTSDALE Ariz. P.F. Chang's China Bistro Inc. reported on Wednesday a 7.1-percent year-over-year increase in first-quarter net profit on a 15.7-percent revenue jump, but trimmed its full-year earnings and revenue projections because of weak same-store sales trends at its namesake casual-dining chain.
P.F. Chang's now expects to earn $1.38 per share for the full year, down 7 cents from the company's original guidance of $1.45 per share. The company had earned $1.24 per share in fiscal 2006.
Its lowered projections reflect reduced same-store sales expectations throughout the year at the 153-unit P.F. Chang's China Bistro. The company had expected full-year same-store sales to drop just 0.2 percent from the year earlier, but now expects a full-year decline of 1.2 percent, the company reported. Bistro revenues are expected to total $850.4 million, down 1.5 percent from the original forecast of $863.5 million in revenue from the flagship brand.
Same-store sales at the 116-unit, fast-casual Pei-Wei Asian Diner brand are expected to improve throughout the year and increase 1.4 percent from the year earlier.
For the first quarter ended April 1, P.F. Chang's posted net income of $10.5 million, or 40 cents per share, compared with a year-earlier profit of $9.8 million, or 36 cents per share.
Revenue rose to $264.4 million. The Bistro brand revenues were $4.1 million below the company's forecast because of "reduced guest traffic," that led to a same-store sales decline of 2.5 percent. Pei Wei same-store sales increased 0.5 percent.