SCOTTSDALE, Ariz. P.F. Chang’s Bistro Inc. plans to take a “modest” price increase in late May after suffering a 34.9-percent drop in first quarter profit, which the company blamed on discounting and higher labor costs for its namesake concept’s new happy hour.P.F. Chang’s said Wednesday that profit in the April 4-ended first quarter was $8.7 million, or 38 cents a share, down from $13.3 million, or 57 cents a share, in the same period last year. Revenues increased 0.2 percent, to $310.4 ...

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