P.F.Chang's China Bistro (PFCB)

RNR.com is reporting that the board of directors at P.F. Chang’s China Bistro Inc. has authorized a share repurchase program that will allow the company to buy up to $100 million in its common stock through Dec. 15, 2011.
J.P. Morgan securities analyst John Ivankoe said the performance of P.F. Chang’s namesake brand was running close to expectations for the fourth quarter, which means still negative sales trends but improving costs. At the company’s Pei Wei Asian Bistro brand, same-store sales should run positive, with an increase of 2 percent, according to Ivankoe. The chain also is expected to open seven units this year and five more next year. Development will be focused on one new market, Chicago, as well as on the filling in of other large, underpenetrated markets including South Florida, Philadelphia, and Washington, D.C., Ivankoe said.

Dec 22 · 3:05:00 PM · Source: Restaurant News
Track · email · face · Twitter · digg · COMMENTS
by Rich Pike