P.F. Chang's profit falls on Pei Wei closures

SCOTTSDALE Ariz. P.F. Chang’s China Bistro Inc. reported on Wednesday a 43.8-percent year-to-year drop in third quarter profit because of charges for the planned closure of 10 Pei Wei Asian Diners and continued slow traffic at its restaurants.

Net income for the quarter ended Sept. 28 dropped to nearly $3 million, or 12 cents per share, from year-ago earnings of $5.3 million, or 20 cents a share. Revenue rose 10 percent in the latest quarter to $298.4 million.

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