Scottsdale, Ariz. P.F. Changâ€™s China Bistro Inc. announced on Wednesday that it has scaled back its 2009 expansion plans amid the struggling economy.
The company said it plans to open four to six new Bistro restaurants this year, along with two to four new Pei Weis, down from the 12 to 14 Bistros and six to 10 Pei Weis projected at mid-year.
The company also reported that its profit for the quarter dropped 23%, while net income declined to $5.4 million from $7 million in the same period a year earlier. Income from continuing operations dropped to $7.5 million from $9.6 million.
P.F. Changâ€™s also reported a $2 million loss related to the closing of 10 underperforming Pei Wei restaurants.
Fourth-quarter same-store sales fell 7.1% at Bistro restaurants and 6.1% at Pei Wei locations due to declining traffic.
Full-year earnings slipped 15% to $27.4 million from $32.1 million in 2007, while sales improved to $1.2 billion from $1.08 billion.
P.F. Changâ€™s officials said they anticipate a 6% reduction in average weekly sales this year at the company's Pei Wei and Bistro locations.