Scottsdale, Arizona-based Asian restaurant chain P.F. Chang’s China Bistro Inc. has posted revenues up 33% to US$101.7m for the Q2 ended 30 June 2002, from US$76.5m in the Q2 2001.
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Comparable store sales at the Bistro increased 6.3% for the Q2 2002 year on year. About 0.5% of this increase is attributable to price increases implemented during the Q2 2001. The balance of the increase reflects customer traffic growth.
Comparable store sales increased 7.3% for the five-week period ending 5 May, 5% for the four-week period ending 2 June and 6.5% for the four-week period ending 30 June.
On 24 April, the company forecast sales growth for the Q2 2002 of 29%. Implicit in this revenue forecast was an assumption that comparable store sales would increase 3%. Based on revenue assumptions, the company had anticipated earnings per share of US$0.18.
Given actual revenue results for the quarter, the company now anticipates earnings for the Q2 to be between US$0.18 and US$0.19.
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