P.F. Chang's posts rise in 3rd-quarter profit

P.F. Chang's China Bistro 3rd-quarter earnings rise from year-ago quarter hurt by charges

• On 8:16 am EDT, Wednesday October 21, 2009

SCOTTSDALE, Ariz. (AP) -- P.F. Chang's China Bistro Inc., which operates Asian-themed restaurants, on Wednesday reported a higher third-quarter profit compared with a year-ago period that was hurt by charges.

Profit for the quarter ended Sept. 27 rose to $6.2 million, or 27 cents per share, from $3 million, or 12 cents per share in the prior-year period.

Results in the 2008 period were weighed down by $7.5 million in asset impairment charges for the closing of 10 Pei Wei restaurants.

Revenue declined to $290.3 million from $295.9 million.

Analysts polled by Thomson Financial expected a profit of 31 cents per share on revenue of $295.8 million.

Sales at restaurants open more than a year fell 8.5 percent at the company's Bistro restaurants and 0.7 percent at its Pei Wei restaurants. Sales at stores open at least a year are a key performance indicator since they measure growth at existing locations rather than newly opened ones.

The company boosted its guidance for 2009 earnings per share.