P.F. Chang's Reports Fourth Quarter and Full Year Fiscal 2011 Result

Submitted by admin on Sat, 02/18/2012 - 11:19am

SCOTTSDALE, Ariz.--(www.hospitalitybusinessnews.com)--P.F. Chang's China Bistro, Inc.  today reported financial results for the fourth quarter and fiscal year ended January 1, 2012.

Chairman and CEO Rick Federico commented, “While we were not satisfied with our earnings in the fourth quarter, we were pleased with our progress on the top line. We remain confident in the direction of recent initiatives to restore positive sales momentum, which have shown encouraging early signs in the first half of our first fiscal quarter. We believe 2012 will be an inflection point for our business and look forward to delivering on the goals we have articulated to our shareholders over the past several months.”

Fourth Quarter 2011

Total revenues were $309.8 million in the fourth quarter of fiscal 2011 as compared to $311.2 million in the prior year. Net income for the fourth quarter of fiscal 2011 was $4.1 million, as compared to $14.7 million in 2010, and diluted net income per share was $0.19 and $0.64, respectively. Net income per share for the fourth quarter would have been $0.11 higher (or $0.30 per share) when adjusting for:

  • The unfavorable impact of non-cash asset impairment charges related to two Bistro restaurants ($0.17 per share).
  • The unfavorable impact of charges related to the closure of three underperforming Pei Wei locations ($0.04 per share). The Company closed these locations at the end of the fourth quarter of fiscal 2011 after recognizing full asset impairment charges during the second and third quarters of fiscal 2011.
  • The favorable impact of non-cash share-based compensation expense adjustments ($0.05 per share) primarily related to the final value adjustment of Co-CEO performance unit awards.
  • The favorable impact of lowering the full fiscal year effective tax rate ($0.05 per share).

Comparable store sales decreased 2.4% at the Bistro and 1.9% at Pei Wei in the fourth quarter of 2011 due, in both cases, to declines in guest traffic. Monthly comparable store sales trends improved during the course of the fourth quarter. Specifically, on a monthly basis, comparable store sales for October, November and December decreased 3.2%, 3.1%, and 1.1%, respectively, at the Bistro and decreased 3.2%, 0.9%, and 1.4%, respectively, at Pei Wei.

Fiscal Year 2011

Total revenues were $1,238.8 million in fiscal 2011 as compared to $1,242.8 million in the prior year. Net income was $30.1 million in 2011, as compared to $46.6 million in 2010, and diluted net income per share was $1.36 and $2.02, respectively. Net income per share for fiscal 2011 would have been $0.17 higher (or $1.53 per share) when adjusting for:

  • The unfavorable impact of non-cash asset impairment and store closure charges related to three Pei Wei restaurants which closed in the fourth quarter and non-cash asset impairment charges related to three Bistro restaurants ($0.39 per share).
  • The favorable impact non-cash of share-based compensation expense adjustments ($0.25 per share).
  • The unfavorable impact of charges related to the departure of the Bistro's Chief Operating Officer and one-time costs associated with streamlining of certain organizational support functions ($0.03 per share).

2012 Expectations

The Company anticipates that full year fiscal 2012 consolidated revenues will increase 1% to 2% compared to fiscal 2011. Revenue expectations for 2012 assume flat comparable store sales at both concepts, combined with incremental revenues contributed from 14 to 19 anticipated new domestic restaurant openings and restaurant and retail licensing growth in excess of 60%.

The Company expects fiscal 2012 restaurant operating income to increase by approximately 8% to 9% compared to fiscal 2011 levels. Excluding the impact of $11.8 million in asset impairment and store closure charges recognized during fiscal 2011, the Company expects restaurant operating income to decline 1% to 2% in 2012. The Company anticipates commodities inflation of 4% to 5% during fiscal 2012, a portion of which may be offset with slight menu price increases and menu mix shifts. The Company expects incremental revenues from its licensing businesses to provide greater contribution to restaurant operating income and partially offset these cost pressures.

The Company anticipates consolidated general and administrative expenses to range from $78 to $80 million during 2012, which is in line with consolidated general and administrative expenses for fiscal 2011, when adjusting for the benefit of approximately $7.5 million in share-based compensation expense credits recognized during fiscal 2011.

The Company currently expects to open 2 to 3 new Bistro restaurants and 12 to 16 new Pei Wei restaurants during fiscal 2012. As a result, the Company anticipates higher preopening expenses in fiscal 2012 from the increase in Pei Wei new store development compared to fiscal 2011.

In addition, the Company expects its international partners to open 10 to 14 new Bistro restaurants during 2012, an increase of 60% to 80% relative to international Bistros in operation at the end of 2011. The Company also anticipates the opening of 2 to 4 new Pei Wei international restaurants through licensing agreements during fiscal 2012, compared to one international Pei Wei unit in operation at the end of fiscal 2011. Also, through licensing agreements, the Company expects 3 to 5 Pei Wei domestic airport locations to open during fiscal 2012.

During 2012, the Company expects cash flows from operations to approximate $105 million to $115 million, an increase compared to cash flows from operations of $103 million in 2011. Capital expenditures are expected to approximate $55 million to $60 million.

Overall, the Company expects consolidated diluted earnings per share to range from $1.50 to $1.60 for fiscal 2012. Earnings per share for the first quarter of 2012 is expected to range from $0.34 to $0.36.

Commenting on the 2012 outlook, Federico said, “While we remain cautious about the outlook for consumer spending generally, we are beginning to see early signs of progress. We believe our initiatives, aimed at driving restaurant traffic by enhancing our price/value proposition and elevating the guest experience, are gaining traction at both concepts. As a result, we anticipate that our quarterly earnings per share will be higher in the back half of 2012 than the first half of the year. Additionally, we foresee increased contribution from restaurant and retail licensing opportunities in 2012. We will continue to execute on our strategic plan and expect to build on our successes throughout 2012.”

Share Repurchase Program

On February 8, 2012, the Company's Board of Directors increased the authorized amount of the Company's share repurchase program from $100 million to $150 million. The Company plans to fully utilize the $150.0 million share repurchase authorization during fiscal 2012.

Quarterly Dividend

The Board of Directors authorized an increase to the Company's quarterly cash dividend payment from $0.25 to $0.275 per share on the Company's outstanding common stock, an increase of 10%. The next quarterly dividend is payable on March 12, 2012 to shareholders of record at the close of business on February 27, 2012.

True Food Kitchen

During 2009, the Company extended a loan facility to fund early stage development of the True Food Kitchen restaurant concept with a right to convert its loan into a majority equity ownership position. In February 2012, after receiving authorization from its Board of Directors, the Company and True Food Kitchen's partners mutually agreed to exercise the Company's conversion option, which is expected to be completed during the second quarter of fiscal 2012. Upon completion, P.F. Chang's will own 51% of True Food Kitchen, with potential rights and obligations that would enable the Company to increase its ownership to 90% or more in the future.

 
P.F. Chang's China Bistro, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
                                 
        13 Weeks Ended       52 Weeks Ended
        January 1,       January 2,       January 1,       January 2,
        2012       2011       2012       2011
Revenues:                                
Restaurant sales       $ 308,155         $ 310,260         $ 1,233,076         $ 1,239,503  
Restaurant licensing       968         474         3,065         2,105  
Retail licensing       632         446         2,614         1,191  
Total revenues       309,755         311,180         1,238,755         1,242,799  
Costs and expenses:                                
Cost of sales       82,453         80,621         325,771         324,731  
Labor       105,371         101,610         419,302         410,000  
Operating       53,316         51,886         214,050         208,294  
Occupancy       20,368         18,756         75,864         73,707  
General and administrative (1)       17,980         19,839         70,088         81,883  
Depreciation and amortization       20,462         19,832         80,355         77,486  
Asset impairment charges       5,056         —         10,486         —  
Preopening expense       808         439         2,048         1,976  
Partner investment expense       —         (47 )       (236 )       (318 )
Total costs and expenses       305,814         292,936         1,197,728         1,177,759  
Income from operations       3,941         18,244         41,027         65,040  
Interest and other income (expense), net       327         333         (288 )       (572 )
Income from continuing operations before taxes       4,268         18,577         40,739         64,468  
Provision for income taxes       (116 )       (3,773 )       (10,253 )       (17,122 )
Income from continuing operations, net of tax       4,152         14,804         30,486         47,346  
Income (loss) from discontinued operations, net of tax       (44 )       40         (63 )       46  
Net income       4,108         14,844         30,423         47,392  
Less net income attributable to noncontrolling interests       30         165         346         784  
Net income attributable to PFCB       $ 4,078         $ 14,679         $ 30,077         $ 46,608  
                                 
Basic income per share:                                
Income from continuing operations attributable to PFCB common stockholders       $ 0.20         $ 0.65         $ 1.38         $ 2.05  
Income (loss) from discontinued operations, net of tax, attributable to PFCB common stockholders       (0.01 )       0.00         0.00         0.00  
Net income attributable to PFCB common stockholders       $ 0.19         $ 0.65         $ 1.38         $ 2.05  
                                 
Diluted income per share:                                
Income from continuing operations attributable to PFCB common stockholders       $ 0.19         $ 0.64         $ 1.36         $ 2.01  
Income (loss) from discontinued operations, net of tax, attributable to PFCB common stockholders       0.00         0.00         0.00         0.01  
Net income attributable to PFCB common stockholders       $ 0.19         $ 0.64         $ 1.36         $ 2.02  
                                 
Weighted average shares used in computation:                                
Basic       21,071         22,599         21,831         22,689  
Diluted       21,175         23,011         22,104         23,115  
                                 
Cash dividends declared per share       $ 0.28         $ 0.29         $ 0.99         $ 0.92  
                                 
Amounts attributable to PFCB:                                
Income from continuing operations, net of tax       $ 4,122         $ 14,639         $ 30,140         $ 46,562  
Income (loss) from discontinued operations, net of tax       (44 )       40         (63 )       46  
Net income attributable to PFCB       $ 4,078         $ 14,679         $ 30,077         $ 46,608  

(1) General and administrative includes the benefit of lower incentive accruals of $4.9 million and lower share-based compensation expense of $7.5 million during the year ended January 1, 2012.

 
P.F. Chang's China Bistro, Inc.
Supplemental Financial Information
                                                               
      1Q10     2Q10     3Q10     4Q10     2010       1Q11     2Q11     3Q11     4Q11     YTD 2011
                                                               
Units     364       366       368       369       369         372       374       375       377       377  
Sales weeks     4,731       4,736       4,770       4,791       19,028         4,819       4,852       4,859       4,885       19,415  
AWS     65,576       65,773       64,465       64,759       65,141         65,637       63,817       61,530       63,082       63,512  
                                                               
Revenues (1)                                                              
Restaurant sales     310,242       311,502       307,499       310,260       1,239,503         316,304       309,641       298,976       308,155       1,233,076  
Restaurant licensing     129       1,108       394       474       2,105         684       649       764       968       3,065  
Retail licensing     —       228       517       446       1,191         381       724       877       632       2,614  
Total revenues     310,371       312,838       308,410       311,180       1,242,799         317,369       311,014       300,617       309,755       1,238,755  
                                                               
Operating costs                                                              
Cost of sales     84,013       81,717       78,380       80,621       324,731         83,322       82,175       77,821       82,453       325,771  
Labor     104,475       102,295       101,620       101,610       410,000         106,464       105,321       102,146       105,371       419,302  
Operating     52,753       51,597       52,058       51,886       208,294         53,807       52,471       54,456       53,316       214,050  
Occupancy     17,838       18,609       18,504       18,756       73,707         18,425       18,681       18,390       20,368       75,864  
Net income attributable to noncontrolling interests     206       241       172       165       784         157       120       39       30       346  
Depreciation & amortization     19,001       19,335       19,318       19,832       77,486         19,698       20,149       20,046       20,462       80,355  
Asset impairment charges     —       —       —       —       —         —       631       4,799       5,056       10,486  
Restaurant operating income     32,085       39,044       38,358       38,310       147,797         35,496       31,466       22,920       22,699       112,581  
                                                               
Development costs                                                              
Preopening expense     133       832       572       439       1,976         398       213       629       808       2,048  
Partner investment expense     11       (135 )     (147 )     (47 )     (318 )       (126 )     (50 )     (60 )     —       (236 )
                                                               
Other expenses                                                              
General and administrative (2)     19,053       19,765       23,226       19,839       81,883         20,280       19,164       12,664       17,980       70,088  
Interest and other (income) expense, net     415       665       (175 )     (333 )     572         (204 )     (128 )     947       (327 )     288  
Provision for income taxes     3,788       5,144       4,417       3,773       17,122         4,555       3,143       2,439       116       10,253  
Income from continuing operations     8,685       12,773       10,465       14,639       46,562         10,593       9,124       6,301       4,122       30,140  
Income (loss) from discontinued operations, net of tax     6       —       —       40       46         3       (32 )     10       (44 )     (63 )
Net income attributable to PFCB     8,691       12,773       10,465       14,679       46,608         10,596       9,092       6,311       4,078       30,077  
                                                               
Income from continuing operations per FDS     $ 0.38       $ 0.55       $ 0.45       $ 0.64       $ 2.01         $ 0.46       $ 0.40       $ 0.29       $ 0.19       $ 1.36  
                                                               
Fully diluted shares (FDS)     23,104       23,277       23,070       23,011       23,115         22,901       22,581       21,758       21,175       22,104  
                                                               
Revenues     100.0 %     100.0 %     100.0 %     100.0 %     100.0 %       100.0 %     100.0 %     100.0 %     100.0 %     100.0 %
Cost of sales     27.1 %     26.1 %     25.4 %     25.9 %     26.1 %       26.3 %     26.4 %     25.9 %     26.6 %     26.3 %
Labor     33.7 %     32.7 %     32.9 %     32.7 %     33.0 %       33.5 %     33.9 %     34.0 %     34.0 %     33.8 %
Operating     17.0 %     16.5 %     16.9 %     16.7 %     16.8 %       17.0 %     16.9 %     18.1 %     17.2 %     17.3 %
Occupancy     5.7 %     5.9 %     6.0 %     6.0 %     5.9 %       5.8 %     6.0 %     6.1 %     6.6 %     6.1 %
Net income attributable to noncontrolling interests     0.1 %     0.1 %     0.1 %     0.1 %     0.1 %       0.0 %     0.0 %     0.0 %     0.0 %     0.0 %
Depreciation & amortization     6.1 %     6.2 %     6.3 %     6.4 %     6.2 %       6.2 %     6.5 %     6.7 %     6.6 %     6.5 %
Asset impairment charges     0.0 %     0.0 %     0.0 %     0.0 %     0.0 %       0.0 %     0.2 %     1.6 %     1.6 %     0.8 %
Restaurant operating income     10.3 %     12.5 %     12.4 %     12.3 %     11.9 %       11.2 %     10.1 %     7.6 %     7.3 %     9.1 %
Preopening expenses     0.0 %     0.3 %     0.2 %     0.1 %     0.2 %       0.1 %     0.1 %     0.2 %     0.3 %     0.2 %
Partner investment expense     0.0 %     (0.0%)     (0.0%)     (0.0%)     (0.0%)       0.0 %     0.0 %     0.0 %     0.0 %     0.0 %
General and administrative (2)     6.1 %     6.3 %     7.5 %     6.4 %     6.6 %       6.4 %     6.2 %     4.2 %     5.8 %     5.7 %
Interest and other (income) expense, net     0.1 %     0.2 %     (0.1%)     (0.1%)     0.0 %       (0.1%)     0.0 %     0.3 %     (0.1 )%     0.0 %
Provision for income taxes     1.2 %     1.6 %     1.4 %     1.2 %     1.4 %       1.4 %     1.0 %     0.8 %     0.0 %     0.8 %
Income from continuing operations     2.8 %     4.1 %     3.4 %     4.7 %     3.7 %       3.3 %     2.9 %     2.1 %     1.3 %     2.4 %
Income (loss) from discontinued operations, net of tax     0.0 %     0.0 %     0.0 %     0.0 %     0.0 %       0.0 %     0.0 %     0.0 %     0.0 %     0.0 %
Net income attributable to PFCB     2.8 %     4.1 %     3.4 %     4.7 %     3.8 %       3.3 %     2.9 %     2.1 %     1.3 %     2.4 %
                                                               

Reconciliation of Non-GAAP Financial Information to GAAP measures:

                                                              
Restaurant operating income     32,085       39,044       38,358       38,310       147,797         35,496       31,466       22,920       22,699       112,581  
Add: Net income attributable to noncontrolling interests     206       241       172       165       784         157       120       39       30       346  
Less: General and administrative (2)     (19,053 )     (19,765 )     (23,226 )     (19,839 )     (81,883 )       (20,280 )     (19,164 )     (12,664 )     (17,980 )     (70,088 )
Less: Preopening expense     (133 )     (832 )     (572 )     (439 )     (1,976 )       (398 )     (213 )     (629 )     (808 )     (2,048 )
Less: Partner investment expense     (11 )     135       147       47       318         126       50       60       —       236  
Income from operations     13,094       18,823       14,879       18,244       65,040         15,101       12,259       9,726       3,941       41,027  
Note: Consolidated results include the impact of Shared Services and Other as well as the Bistro and Pei Wei concepts.
(1) Consolidated revenues include revenues related to the Bistro and Pei Wei concepts as well as Global Brand Development initiatives.
(2) Consolidated general and administrative expenses includes the costs of supporting the Company, including all concepts as well as Global Brand Development initiatives.
 
Concept: P.F. Chang's China Bistro
Supplemental Financial Information
                       
                       
  1Q10 2Q10 3Q10 4Q10 2010   1Q11 2Q11 3Q11 4Q11 YTD 2011
                       
Units 197   199   200   201   201     201   201   202   204   204  
Sales weeks 2,561   2,565   2,593   2,607   10,326     2,613   2,613   2,610   2,636   10,472  
AWS 90,077   90,964   89,202   89,726   89,989     90,181   88,487   85,494   87,725   87,972  
                       
Total revenues 230,767   233,365   231,309   233,931   929,372     235,782   231,226   223,118   231,253   921,379  
                       
Operating costs                      
Cost of sales 62,711   60,914   58,135   60,008   241,768     61,333   60,759   57,677   61,660   241,429  
Labor 78,192   76,769   76,533   76,667   308,161     79,792   78,442   76,273   79,120   313,627  
Operating 38,546   38,183   38,554   37,804   153,087     38,783   38,442   40,602   38,367   156,194  
Occupancy 12,640   13,254   13,242   13,368   52,504     13,074   13,125   12,955   13,602   52,756  
Net income attributable to noncontrolling interests 71   93   62   70   296     79   69   20   18   186  
Depreciation & amortization 13,854   14,043   14,018   14,519   56,434     14,384   14,550   14,455   14,989   58,378  
Asset impairment charges —   —   —   —   —     —   —   3,503   5,056   8,559  
Restaurant operating income 24,753   30,109   30,765   31,495   117,122     28,337   25,839   17,633   18,441   90,250  
                       
Total revenues 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %   100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
Cost of sales 27.2 % 26.1 % 25.1 % 25.7 % 26.0 %   26.0 % 26.3 % 25.9 % 26.7 % 26.2 %
Labor 33.9 % 32.9 % 33.1 % 32.8 % 33.2 %   33.8 % 33.9 % 34.2 % 34.2 % 34.0 %
Operating 16.7 % 16.4 % 16.7 % 16.2 % 16.5 %   16.4 % 16.6 % 18.2 % 16.6 % 17.0 %
Occupancy 5.5 % 5.7 % 5.7 % 5.7 % 5.6 %   5.5 % 5.7 % 5.8 % 5.9 % 5.7 %
Net income attributable to noncontrolling interests 0.0 % 0.0 % 0.0 % 0.0 % 0.0 %   0.0 % 0.0 % 0.0 % 0.0 % 0.0 %
Depreciation & amortization 6.0 % 6.0 % 6.1 % 6.2 % 6.1 %   6.1 % 6.3 % 6.5 % 6.5 % 6.3 %
Asset impairment charges 0.0 % 0.0 % 0.0 % 0.0 % 0.0 %   0.0 % 0.0 % 1.6 % 2.2 % 0.9 %
Restaurant operating income 10.7 % 12.9 % 13.3 % 13.5 % 12.6 %   12.0 % 11.2 % 7.9 % 8.0 % 9.8 %
                       
Reconciliation of Non-GAAP Financial Information to GAAP measures:                      
Restaurant operating income 24,753   30,109   30,765   31,495   117,122     28,337   25,839   17,633   18,441   90,250  
Add: Net income attributable to noncontrolling interests 71   93   62   70   296     79   69   20   18   186  
Less: Preopening expense (26 ) (765 ) (411 ) (265 ) (1,467 )   2   (28 ) (604 ) (721 ) (1,351 )
Less: Partner investment expense —   —   —   —   —     —   —   —   —   —  
Income from operations 24,798   29,437   30,416   31,300   115,951     28,418   25,880   17,049   17,738   89,085  

Note: General and administrative expenses are reflected in the Company’s consolidated results.

 
Concept: Pei Wei Asian Diner (A)
Supplemental Financial Information
                                                               
                                                               
      1Q10     2Q10     3Q10     4Q10     2010       1Q11     2Q11     3Q11     4Q11     YTD 2011
                                                               
Units     167       167       168       168       168         171       173       173       173       173  
Sales weeks     2,170       2,171       2,177       2,184       8,702         2,206       2,239       2,249       2,249       8,943  
AWS     36,597       35,991       34,998       34,950       35,632         36,501       35,022       33,730       34,194       34,854  
                                                               
Total revenues     79,475       78,137       76,190       76,329       310,131         80,522       78,415       75,858       76,902       311,697  
                                                               
Operating costs                                                              
Cost of sales     21,302       20,803       20,245       20,613       82,963         21,989       21,416       20,144       20,793       84,342  
Labor     26,283       25,526       25,087       24,943       101,839         26,672       26,879       25,873       26,251       105,675  
Operating     14,207       13,414       13,504       14,082       55,207         15,024       14,029       13,854       14,949       57,856  
Occupancy     5,198       5,355       5,262       5,388       21,203         5,351       5,556       5,435       6,766       23,108  
Net income attributable to noncontrolling interests     135       148       110       95       488         78       51       19       12       160  
Depreciation & amortization     4,647       4,762       4,772       4,761       18,942         4,767       4,929       4,910       4,772       19,378  
Asset impairment charges     —       —       —       —       —         —       631       1,296       —       1,927  
Restaurant operating income     7,703       8,129       7,210       6,447       29,489         6,641       4,924       4,327       3,359       19,251  
                                                               
Total revenues     100.0 %     100.0 %     100.0 %     100.0 %     100.0 %       100.0 %     100.0 %     100.0 %     100.0 %     100.0 %
Cost of sales     26.8 %     26.6 %     26.6 %     27.0 %     26.8 %       27.3 %     27.3 %     26.6 %     27.0 %     27.1 %
Labor     33.1 %     32.7 %     32.9 %     32.7 %     32.8 %       33.1 %     34.3 %     34.1 %     34.1 %     33.9 %
Operating     17.9 %     17.2 %     17.7 %     18.4 %     17.8 %       18.7 %     17.9 %     18.3 %     19.4 %     18.6 %
Occupancy     6.5 %     6.9 %     6.9 %     7.1 %     6.8 %       6.6 %     7.1 %     7.2 %     8.8 %     7.4 %
Net income attributable to noncontrolling interests     0.2 %     0.2 %     0.1 %     0.1 %     0.2 %       0.1 %     0.1 %     0.0 %     0.0 %     0.1 %
Depreciation & amortization     5.8 %     6.1 %     6.3 %     6.2 %     6.1 %       5.9 %     6.3 %     6.5 %     6.2 %     6.2 %
Asset impairment charges     0.0 %     0.0 %     0.0 %     0.0 %     0.0 %       0.0 %     0.8 %     1.7 %     0.0 %     0.6 %
Restaurant operating income     9.7 %     10.4 %     9.5 %     8.4 %     9.5 %       8.2 %     6.3 %     5.7 %     4.4 %     6.2 %
                                                               

Reconciliation of Non-GAAP Financial Information to GAAP measures:

                                                              
Restaurant operating income     7,703       8,129       7,210       6,447       29,489         6,641       4,924       4,327       3,359       19,251  
Add: Net income attributable to noncontrolling interests     135       148       110       95       488         78       51       19       12       160  
Less: Preopening expense     (107 )     (67 )     (161 )     (174 )     (509 )       (400 )     (185 )     (25 )     (87 )     (697 )
Less: Partner investment expense     (11 )     135       147       47       318         126       50       60       —       236  
Income from operations     7,720       8,345       7,306       6,415       29,786         6,445       4,840       4,381       3,284       18,950  

Note: General and administrative expenses are reflected in the Company’s consolidated results.

(A) All results related to the ten Pei Wei restaurants that closed during 2008 are reflected within discontinued operations for all periods presented.

 
P.F. Chang's China Bistro
 
Supplemental Sales Information (Company Owned)
 
Year of Unit Opening (1)
        Pre-2003       2003       2004       2005       2006       2007       2008       2009       2010       2011       Total
Units       78       18       18       18       20       20       17       8       4       3       204
 
Sales (000)
1Q11       101,661       22,626       18,627       18,865       21,852       22,395       17,146       8,169       4,302       —       235,643
2Q11       99,024       22,227       18,929       18,425       21,522       22,117       16,720       7,955       4,297       —       231,216
3Q11       94,837       21,456       18,708       17,793       20,618       21,425       16,052       7,847       4,047       355       223,138
4Q11       97,922       21,562       18,437       18,345       21,225       21,426       16,601       7,876       4,070       3,779       231,243
                                                                                         
2011       393,444       87,871       74,701       73,428       85,217       87,363       66,519       31,847       16,716       4,134       921,240
 
Average Weekly Sales (AWS)
1Q11       100,257       96,694       79,602       80,618       84,045       86,133       77,586       78,551       82,724       —       90,181
2Q11       97,656       94,987       80,896       78,739       82,778       85,066       75,658       76,490       82,627       —       88,487
3Q11       94,085       91,693       79,948       76,040       79,300       82,404       72,631       75,456       77,824       118,172       85,494
4Q11       97,532       92,145       78,790       78,399       81,637       82,407       75,114       75,730       78,278       114,522       87,725
                                                                                       

 
2011       97,387       93,880       79,809       78,449       81,940       84,003       75,247       76,557       80,363       114,826       87,972
 
Year-Over-Year Change Comparable Store Sales (2)
Units       78       18       18       18       20       20       17       8       2       —       199
 
1Q11       0.8 %       0.4 %       2.5 %       0.1 %       0.6 %       -0.7 %       1.1 %       -7.3 %       —         —         0.5 %
2Q11       -2.0 %       -2.5 %       -0.5 %       -3.2 %       -1.9 %       -3.5 %       -4.4 %       -7.9 %       —         —         -2.5 %
3Q11       -3.5 %       -4.3 %       -1.6 %       -3.5 %       -2.9 %       -4.4 %       -5.7 %       -6.9 %       —         —         -3.7 %
4Q11       -2.4 %       -4.1 %       -0.6 %       -1.6 %       -1.8 %       -3.2 %       -2.7 %       -2.8 %       -8.0 %       —         -2.4 %
 
2011       -1.8 %       -2.6 %       -0.1 %       -2.1 %       -1.5 %       -2.9 %       -2.9 %       -6.1 %       -8.0 %       —         -2.1 %
 
(1) Includes all restaurants opened in the period indicated.
(2) A unit becomes comparable in the eighteenth month of operation.
 
Pei Wei Asian Diner
 
Supplemental Sales Information (Company Owned)
 
Year of Unit Opening (1)
        Pre-2003       2003       2004       2005       2006       2007       2008       2009       2010       2011       Total
Units       16       17       19       23       27       32       25       7       2       5       173
                                                                                         
Sales (000)
1Q11       7,956       8,638       10,048       11,243       13,240       14,022       10,515       3,035       892       933       80,522
2Q11       7,587       8,351       9,547       10,882       12,790       13,272       10,174       2,901       807       2,104       78,415
3Q11       7,295       8,033       9,241       10,501       12,427       12,798       9,687       2,812       795       2,269       75,858
4Q11       7,675       8,219       9,281       10,663       12,509       12,854       9,948       2,870       752       2,131       76,902
                                                                                         
2011       30,513       33,241       38,117       43,289       50,966       52,946       40,324       11,618       3,246       7,437       311,697
                                                                                         
Average Weekly Sales (AWS)
1Q11       38,247       39,085       40,678       37,603       37,721       33,707       32,353       33,350       34,323       42,421       36,501
2Q11       36,477       37,787       38,653       36,393       36,439       31,904       31,304       31,879       31,014       38,242       35,022
3Q11       35,074       36,347       37,414       35,121       35,404       30,764       29,807       30,904       30,587       34,903       33,730
4Q11       36,898       37,191       37,575       35,664       35,639       30,893       30,608       31,541       28,942       32,788       34,194
                                                                                         
2011       36,674       37,603       38,580       36,195       36,301       31,817       31,018       31,918       31,216       35,925       34,854
                                                                                         
Year-Over-Year Change Comparable Store Sales (2)
Units       16         17         19         23         27         32         25         7         1         —         167  
1Q11       -4.2 %       -1.5 %       0.3 %       0.8 %       0.5 %       0.5 %       1.1 %       -0.7 %       —         —         -0.2 %
2Q11       -3.1 %       -2.5 %       -3.2 %       -1.4 %       -2.3 %       -3.8 %       -2.5 %       -3.5 %       -9.8 %       —         -2.7 %
3Q11       -2.9 %       -2.7 %       -3.6 %       -2.9 %       -3.7 %       -4.6 %       -3.9 %       -3.0 %       -10.3 %       —         -3.6 %
4Q11       -1.8 %       -1.9 %       -2.5 %       -1.3 %       -1.5 %       -2.7 %       -1.2 %       -2.4 %       -11.1 %       —         -1.9 %
 
2011       -3.0 %       -2.2 %       -2.2 %       -1.2 %       -1.7 %       -2.6 %       -1.6 %       -2.5 %       -10.6 %       —         -2.1 %
 
(1) Includes all restaurants opened in the period indicated.
(2) A unit becomes comparable in the eighteenth month of operation.

 

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