P.F. Chang's lifts 2009 profit outlook

P.F. Chang's China Bistro raises 2009 earnings forecast

• On 8:19 am EDT, Wednesday October 21, 2009

SCOTTSDALE, Ariz. (AP) -- P.F. Chang's China Bistro Inc., which operates Asian-themed restaurants, on Wednesday raised its full-year earnings outlook and forecast revenue well above Wall Street expectations.

The company expects full-year earnings from continuing operations between $1.70 and $1.75 per share, up from a prior forecast of $1.60 to $1.65 per share.

P.F. Chang's expects 2009 revenue between $318 million and $320 million.

Analysts surveyed by Thomson Reuters, whose estimates typically exclude one-time items, forecast net income of $1.77 per share and revenue of $295.8 million.

P.F. Chang's also reported a higher third-quarter profit compared with a year-ago period weighed down by impairment charges.

The company plans to open five new Bistro restaurants and five new Pei Wei restaurants in fiscal 2010.