P.F. Chang's China Bistro Inc., which operates Asian-themed restaurants, on Wednesday lifted its yearly profit outlook after reporting second-quarter earnings that topped Wall Street expectations.
P.F. Chang's raised its yearly earnings expectation range to between $1.36 per share and $1.42 per share, from a prior range of $1.34 per share to $1.40 per share.
Analysts polled by Thomson Financial expect $1.36 per share for the year.
The company also expects sales to rise 12 percent to 13 percent from a year ago, which implies sales between $1.22 billion and $1.24 billion. A year ago, the company posted $1.09 billion in revenue.
Analysts expect sales of $1.23 billion for the year.
P.F. Chang's said second-quarter earnings rose to top expectations as sales advanced nearly 14 percent.
Chief Executive Rick Federico said revenue was lower than expected, but second-quarter profit reflects improvement in operating margins and general and administrative costs.
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