SCOTTSDALE Ariz. A menu-price hike of at least 2 percent failed to snap a decline in same-store sales for P.F. Chang's China Bistro during the quarter ended July 1, with the casual chain posting a 1.3 percent year-over-year slide in comps for the 13-week period.
Parent P.F.Chang's China Bistro Inc. reported that same-store sales rose by 1 percent at its next largest brand, the Pei Wei Asian Diner fast-casual chain, which raised its prices by 1 percent to 2 percent during the quarter. The increase in menu prices at P.F. Chang's effectively ranged as high as 3 percent, the company said.
It also reported that consolidated revenues rose 18 percent to $267.4 million, with Taneko Japanese Tavern, the company's youngest brand, contributing $600,000 to that tally. The figure computes to annualized sales of $2.4 million for the prototype, which opened last October and has yet to be duplicated.
Many casual-dining chains have been struggling to offset the ill effects of tighter customer spending, which is usually attributed to a combination of higher fuel prices, higher mortgage payments and falling home values. P.F. Chang's noted that its namesake brand suffered a decline in same-store sales for all three months of the quarter, of .7 percent, 2.3 percent and 1.1 percent, consecutively. Pei Wei's comps for April, May and June were 1.9 percent, .4 percent and .6 percent, respectively, the company said.
The company said it opened four new P.F. Chang's restaurants and 10 Pei Wei units during the quarter. It has yet to divulge any plans to open a second Taneko.
A statement indicated that 157 P.F. Chang's and 126 Pei Wei units are currently in operation. The company said it would reports its earnings results for the quarter on July 25.
