Wednesday, restaurant chain operator P.F. Chang's China Bistro, Inc. (PFCB) reported an increase in profit for the second quarter, despite comparable store sales declines at both Bistro and Pei Wei Asian Diner restaurants.
For the quarter, net income increased to $11.89 million from $9.86 million in the prior-year quarter.
Net income attributable to shareholders was $11.61 million or $0.49 per share compared to $9.37 million or $0.39 per share a year ago.
Income from continuing operations attributable to shareholders was $12.08 million or $0.51 per share as against $9.895 million or $0.41 per share last year.
On an average, 20 analysts polled by Thomson Reuters expected the company to earn $0.41 per share. Analysts' estimates typically exclude special items.
Revenues for the quarter edged down to $301.36 million from $301.53 million in the second quarter of fiscal 2008. Analysts expected the company to generate revenues of $299.88 million during the quarter.
Comparable store sales for the 13-week period declined 6.8% at the company's China Bistro restaurants, due to a decline in overall guest traffic along with a slight fall in average check reflecting the net impact of menu mix changes. Comparable store sales at the company's Pei Wei Asian Diner restaurants was down 0.1%, due to fall in average check reflecting the net impact of menu mix changes offset by an overall rise in guest traffic.
Total costs and expenses for the quarter decreased to $283.45 million from $286.57 million in the previous year.
For the 26-week period, net income was $25.61 million as against $20.21 million in the same period last year. Net income attributable to shareholders rose to $24.95 million or $1.05 per share from $19.02 million or $0.78 per share last year.
Revenues for the year-to-date period was up to $611.20 million from $607.45 million in the comparable period prior year.
Looking ahead, for the rest of the year, the company said it continues to anticipate a negative sales environment. As a result, it expects average weekly sales for the year to decline nearly 6% to 7% at Bistro and about 3% to 4% at Pei Wei. However, the company anticipates consolidated revenues for fiscal 2009 to be up by 1% to 2% from prior year.
During the year, P.F. Chang's expects to open eight new Bistro restaurants and seven new Pei Wei restaurants. As a result, it continues to expect a reduction in pre-opening expenses for the year compared to the previous year. Gross capital expenditures are expected to be nearly $45.0 million to $55.0 million.
The company said it has increased its estimate of fiscal 2009 earnings from continuing operations to a range of $1.60 to $1.65 per share.
PFCB is currently trading at $34.70 per share, down 0.60%, on the Nasdaq.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.