P.F. Chang's income down 14% in year
February 11, 2009
by FoodBusinessNews.net Staff
SCOTTSDALE, ARIZ. — For the year ended Dec. 28, income for P.F. Chang’s China Bistro, Inc. was $27,426,000, equal to $1.15 per share on the common stock, down 14% from $32,063,000, or $1.26 per share, during the previous year.
Revenue for the year was $1,198,124,000, up 11% from $1,084,193,000 during the previous year.
For the fourth quarter ended Dec. 28, the company had net income of $5,445,000, or 23c per share, down 23% from $7,046,000, or 28c per share, during the same quarter of the previous year. The company said income for the fourth quarter included a loss from discontinued operations as the result of the decision to close 10 underperforming restaurants.
Revenue for the fourth quarter was $294,797,000, up 2% from $289,399,000 during the same quarter of the previous year.
The company said consolidated revenues for 2009 are expected to be flat compared with 2008, partly the result of a projected average weekly sales decline.