P.F. Chang's records continued same-store sales slump in 4th q

Nation's Restaurant News,  Jan 15, 2007  

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SCOTTSDALE, ARIZ. -- P.F. Chang's China Bistro Inc. reported same-store sales declines of 0.9 percent and 0.7 percent at its namesake chain and Pei Wei Asian Diner chain, respectively, for the fourth quarter ended Dec. 31.

Both concepts took menu price increases of between 2 percent and 3 percent during the quarter, P.F. Chang's noted, which signifies that traffic was negative at both chains. In fiscal 2006, same-store sales have been negative since the second quarter at the company's Bistro chain, and negative every quarter at Pei Wei.

Total fourth-quarter revenues, however, rose 17.9 percent to $252 million, the company reported. During the quarter P.F. Chang's opened 10 Bistro restaurants, 10 Pei Wei restaurants and its first Taneko Japanese Tavern restaurant. The company, whose flagship chains include 152 Bistro locations and 107 Pei Wei units, is expected to release full fourth-quarter earnings results Feb. 14.

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