PF Chang's China Bistro (NASDAQ:PFCB) reported Q2 EPS of $0.40, missing consensus estimates of $0.55 per share. Revenues fell 0.6% year-over-year to $311.0, missing consensus estimates of $311.1 million.
The company sees 2011 EPS of $1.60 to $1.70, vs. consensus estimates of $2.07 per share.
Rick Federico, Chairman and CEO said, "We are disappointed with our second quarter results. Through enhanced consumer research and further internal analysis, we have gained more clarity into the issues and are taking immediate steps to improve our operating performance. We have initiatives planned and underway to meaningfully improve our price/value proposition, enhance the guest experience and continue to evolve the look and feel of our restaurants. We believe these initiatives will generate real opportunities to increase guest traffic and restore positive momentum to both the Bistro and Pei Wei over the long-term."