HenryTo
Site Admin
Joined: 06 Aug 2004
Posts: 11740
Location: Los Angeles, California
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 Posted: Thu Apr 23, 2009 11:50 am Post subject: P.F. Chang's (PFCB) |
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P.F. Chang's (second ranked casual dining chain on a sales per store basis) reports higher-than-expected 1Q earnings. More significantly, it plans to expand its capex this year:
http://quicktake.morningstar.com/Stocknet/san.aspx?id=287977
| Quote: | | Management raised its earnings expectations for 2009 and slightly increased its store-opening and capital-expenditure projections for the year. We think its plans to develop 14 new units--up from previous guidance of 6-10--are reasonable despite the tough economy. Management also said revenue in April is slightly ahead of its own projections, with Pei Wei showing particular strength. However, we are still cautious about the firm's earnings outlook in 2009 ($1.45-$1.50 per share), considering the lack of improvement in comparables and the uncertainty regarding the timing of a turnaround in consumer discretionary spending. In the next quarter, we will be watching for traffic patterns and for Pei Wei to maintain its aforementioned strength. |
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