P.F. Chang's posts profit, reaffirms outlook
DETROIT (Reuters) - P.F. Chang's China Bistro PFCB.O reported a higher quarterly profit on Wednesday, helped by menu price increases at its restaurants.
The Scottsdale, Arizona-based chain, which saw happy hour discounts hurt margins in the March quarter, said net income for the June quarter rose 10 percent to $12.8 million, or 55 cents per share, compared with $11.6 million, or 49 cents per share, a year earlier.
Analysts, on average, were looking for a profit of 56 cents per share, according to Thomson Reuters I/B/E/S.
Revenue rose 3.8 percent to $312.8 million as overall sales at restaurants open at least 18 months inched up 0.1 percent at the Bistro and 3 percent at the smaller Pei Wei quick-service chain. Analysts were expecting sales of $312.75 million.
The company also repeated its prior 2010 profit forecast of about $2 per share. Analysts expect $1.99 a share.
(Reporting by Lisa Baertlein and Ben Klayman; Editing by Derek Caney)
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