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P.F. Chang's misses revenue projections despite 16% gain

SCOTTSDALE Ariz. P.F. Chang's China Bistro Inc., operator of 153 namesake restaurants and 117 Pei Wei Asian Diners, reported negative same-store sales at P.F. Chang's for its first quarter of fiscal 2007, and total quarterly revenues of $264.4 million, which were up nearly 16 percent from a year ago, but still below most Wall Street projections.

For the 13 weeks ended April 1, same-store sales decreased 2.5 percent at the Bistro chain, despite a 2-percent to 3-percent price increase, the company reported. Monthly same-store store sales fell 2.9 percent, 1.6 percent and 3.0 percent in January, February and March, respectively.

At Pei Wei, first-quarter same-store sales increased 0.5 percent, aided by a 2-percent to 3-percent price increase. Monthly same-store sales fell 1.4 percent in January and increased 2.7 percent and 0.5 percent in February and March, respectively.

First quarter total sales rose 15.7 percent from a year earlier and consisted of $207.0 million from P.F. Chang's, $56.7 million from Pei Wei and $700,000 from the company's new Taneko Japanese Tavern restaurant. Securities analysts, on average, had estimated total revenues of about $267.9 million. During the quarter, the company opened one new Bistro restaurant and 10 new Pei Wei units.

P.F. Chang's said it would release full corporate earnings for its first quarter on April 25.

TAGS: Finance
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