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Blog
Do you believe in magic?
February 13, 2008
It isn't often that restaurant executives cite TV characters during conference calls. Yet there was P.F. Chang's President Bert Vivian alluding to Bewitched's Samantha Stephens while answering an analyst's question about the Asian chain's plans to open 17 new bistros.
"Even if I could wiggle my nose and change the world, we would still build these restaurants," the veteran executive told Morgan Stanley's John Glass.
The remark suited the mood of the call: upbeat despite shrinking profits. The company posted a Q4 net income of $7 million, or 28 cents per share, down from $8.8 million, or 34 cents per share, a year earlier.
"The bistro has always enjoyed good unit economics," Vivian insisted, adding the chain had lost some momentum recently. "[But] it still makes sense to build bistros. It still makes economic sense. In '08 we have clipped a couple [of units] off the development plan, two in southern California. I would not expect any change in '09. As I look at that development plan, we have 17 good sites."
Now imagine if Vivian can summon Tinker Bell to spread a little pixie dust on them, earnings could really take off.
Posted by David Farkas on February 13, 2008 | Comments (0)