Exhibit 99.1

P.F. Chang’s China Bistro, Inc.

P.F. CHANG’S REPORTS FIRST QUARTER 2011 RESULTS

SCOTTSDALE, ARIZONA, April 27, 2011 — P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) today reported financial results for the first quarter ended April 3, 2011.

(000 except per share data)		Q1 2011				Q1 2010				% Change
Total revenues		$	317,369			$	310,371				2.3	%
Net income		$	10,596			$	8,691				21.9	%
Diluted net income per share		$	0.46			$	0.38				21.1	%
Weighted average shares — diluted			22,901				23,104				-0.9	%

Highlights for the first quarter of 2011 compared to the prior year quarter include:

	•		Consolidated revenues increased 2.3% to $317.4 million.
	•		Comparable store sales increased 0.5% at the Bistro and declined 0.2% at Pei Wei.
	•		Net income increased 21.9% to $10.6 million.
	•		Net income per diluted share increased 21.1% to $0.46.
	•		Pei Wei temporary store closures impacted first quarter 2011 net income per diluted share by approximately $0.04.

First quarter 2011 comparable store sales

		January				February				March				Total Q1
Bistro			0.6	%			1.5	%			-0.6	%			0.5	%
Pei Wei			0.4	%			1.7	%			-2.7	%			-0.2	%

At both concepts, same stores sales in the first quarter of 2011 included the benefit of a two to three percent menu price increase partially offset by unfavorable shifts in product mix/traffic.

Global Brand Development revenues

Global Brand Development revenues totaled $1.1 million for the first quarter of 2011. Restaurant licensing revenues totaled $0.7 million related to fees from ten international Bistro restaurants, which operate under licensing agreements, as well as two Bistro restaurants operated in Hawaii under a joint venture arrangement. Retail licensing revenues totaled $0.4 million related to a line of premium frozen food entrées, which operates under a licensing agreement.

Pei Wei temporary restaurant closures

During March 2011, eight Pei Wei restaurants in Arizona were temporarily closed subsequent to an employment-related identity theft investigation conducted by local authorities. These store closures resulted in approximately 29 lost sales weeks during March 2011, which equated to approximately $1.1 million in lost sales. Excluding Arizona March sales, Pei Wei same store sales were +0.5% for March 2011 and +0.8% for the first quarter of 2011.

As a result of this investigation and the store closures, Pei Wei lost a number of employees and therefore experienced higher labor and other costs during the first quarter of 2011 related to hiring and training new employees. The overall estimated impact of the restaurant closures on first quarter 2011 diluted earnings per share was approximately $0.04.

Quarterly dividend

The Company’s Board of Directors authorized a cash dividend payment of $0.21 per share on the Company’s outstanding common stock. The dividend is payable on May 23, 2011 to shareholders of record at the close of business on May 9, 2011. The amount of the cash dividend was computed based on 45% of the Company’s net income for the quarter ended April 3, 2011.

2011 expectations

The Company continues to anticipate that fiscal 2011 consolidated revenues will increase approximately three to four percent compared to fiscal 2010. Despite the impact of the temporary store closures in Arizona, the Company continues to expect consolidated diluted earnings per share to range from $2.15 to $2.20 for fiscal 2011.

The Company slightly reduced its 2011 development schedule and now expects to open two new Bistro restaurants and five new Pei Wei restaurants. In addition, the Company continues to expect its international partners to collectively open seven to ten Bistro restaurants in international markets during fiscal 2011.

Additionally, through a licensing agreement with HMS Host, the Company expects to open its first two Pei Wei TakeAway locations in John Wayne Orange County Airport and Minneapolis — St. Paul Airport late this year.

The Company plans to repurchase approximately $60 million in common shares under its current authorization during fiscal 2011.

Definitions

The following definitions apply to these terms as used throughout this release:

	•		Net income refers to net income attributable to PFCB common stockholders.
	•		Comparable store sales changes include company-operated restaurants and represent the change in period-over-period sales for the comparable restaurant base. A restaurant becomes comparable in its eighteenth month of operation.

Conference call information

The Company is hosting a conference call today at 1:00 pm ET during which management will provide further details on the first quarter results. A webcast of the call can be accessed through the company’s website at www.pfcb.com.

About the Company

P.F. Chang’s China Bistro, Inc. owns and operates two restaurant concepts in the Asian niche. P.F. Chang’s China Bistro features a blend of high-quality, Chinese-inspired cuisine and American hospitality in a sophisticated, contemporary bistro setting. Pei Wei Asian Diner offers a modest menu of freshly prepared pan-Asian cuisine in a relaxed, warm environment offering attentive counter service and take-out flexibility. In addition, the Company has extended the P.F. Chang’s brand to international markets and retail products both of which are operated under licensing agreements.

Note with respect to non-GAAP financial measures contained within Supplemental Financial Information

In addition to using GAAP results in evaluating the Company’s business, management measures restaurant operating income to assess the performance of its existing restaurant concepts. Restaurant operating income includes all ongoing costs related to operating the Company’s restaurants but excludes preopening expenses and partner investment expense. Because preopening and partner investment expenses are associated with expansion of the Company’s business and vary in timing and magnitude, they make an accurate assessment of the health of ongoing operations more difficult and are therefore excluded. Additionally, general and administrative expenses are generally

not specifically identifiable to individual business units and are only included in the Company’s consolidated financial presentation as these costs relate to support of both restaurant concepts and the extension of the Company’s brands into international markets and retail products. As the Company’s expansion is funded entirely from its ongoing restaurant operations, restaurant operating income is a consideration of management when determining whether and when to open additional restaurants. The non-GAAP financial information presented herein should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Please see the non-GAAP to GAAP reconciliation at the bottom of pages 5 through 7 of this press release for a reconciliation of restaurant operating income to the most directly comparable GAAP measure, income from operations.

Note with respect to forward looking statements

The statements contained in this press release that are not purely historical, including the Company’s 2011 expectations are forward-looking statements. The accuracy of these forward-looking statements may be affected by certain risks and uncertainties, including, but not limited to, failure of the Company’s existing or new restaurants to achieve expected results; damage to our brands or reputation; development is critical to the Company’s long-term success; changes in general economic conditions and dependence on sales concentrated in certain geographic areas; intense competition in the restaurant industry; changes in government legislation that may increase labor costs; litigation; adverse public or medical opinions about the health effects of consuming our products; failure to comply with governmental regulations; changes in food costs; the inability to retain key personnel; federal and state tax rules could negatively impact results of operations and financial position; fluctuating insurance requirements and costs; seasonality of the Company’s business; adverse impact if information technology and computer systems do not perform properly. More detailed information about the Company and the risk factors that may affect the realization of any forward-looking statements is set forth in the Company’s filings with the SEC, including its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.

Contacts:

Investor:		Allison Schulder		(480) 888-3000		allison.schulder@pfcb.com
Media:		Rachel Gillman Dig Communications		(312) 577-1759		rgillman@digcommunications.com

P.F. Chang’s China Bistro, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)

		13 Weeks Ended
		April 3,				April 4,
		2011				2010
Revenues:
Restaurant sales		$	316,304			$	310,242
Restaurant licensing			684				129
Retail licensing			381				—
Total revenues			317,369				310,371
Costs and expenses:
Cost of sales			83,322				84,013
Labor			106,464				104,475
Operating			53,807				52,753
Occupancy			18,425				17,838
General and administrative			20,280				19,053
Depreciation and amortization			19,698				19,001
Preopening expense			398				133
Partner investment expense			(126	)			11
Total costs and expenses			302,268				297,277
Income from operations			15,101				13,094
Interest and other income (expense), net			204				(415	)
Income from continuing operations before taxes			15,305				12,679
Provision for income taxes			(4,555	)			(3,788	)
Income from continuing operations, net of tax			10,750				8,891
Income from discontinued operations, net of tax			3				6
Net income			10,753				8,897
Less net income attributable to noncontrolling interests			157				206
Net income attributable to PFCB		$	10,596			$	8,691
Basic income per share:
Income from continuing operations attributable to PFCB common stockholders		$	0.47			$	0.38
Income from discontinued operations, net of tax, attributable to PFCB common stockholders			0.00				0.00
Net income attributable to PFCB common stockholders		$	0.47			$	0.38
Diluted income per share:
Income from continuing operations attributable to PFCB common stockholders		$	0.46			$	0.38
Income from discontinued operations, net of tax, attributable to PFCB common stockholders			0.00				0.00
Net income attributable to PFCB common stockholders		$	0.46			$	0.38
Weighted average shares used in computation:
Basic			22,523				22,631
Diluted			22,901				23,104
Cash dividends declared per share		$	0.21			$	0.17
Amounts attributable to PFCB:
Income from continuing operations, net of tax		$	10,593			$	8,685
Income from discontinued operations, net of tax			3				6
Net income attributable to PFCB		$	10,596			$	8,691

P.F. Chang’s China Bistro, Inc.
Supplemental Financial Information

		2009 (3)				1Q10				2Q10				3Q10				4Q10				2010				1Q11
Units			363				364				366				368				369				369				372
Sales weeks			18,756				4,731				4,736				4,770				4,791				19,028				4,819
AWS			65,482				65,604				66,055				64,656				64,951				65,314				65,858
Revenues (1)
Restaurant sales			1,228,045				310,242				311,502				307,499				310,260				1,239,503				316,304
Restaurant licensing			134				129				1,108				394				474				2,105				684
Retail licensing			—				—				228				517				446				1,191				381
Total revenues			1,228,179				310,371				312,838				308,410				311,180				1,242,799				317,369
Operating costs
Cost of sales			326,421				84,013				81,717				78,380				80,621				324,731				83,322
Labor			401,583				104,475				102,295				101,620				101,610				410,000				106,464
Operating			203,859				52,753				51,597				52,058				51,886				208,294				53,807
Occupancy			70,635				17,838				18,609				18,504				18,756				73,707				18,425
Net income attributable to noncontrolling interests			1,408				206				241				172				165				784				157
Depreciation & amortization			74,429				19,001				19,335				19,318				19,832				77,486				19,698
Restaurant operating income			149,844				32,085				39,044				38,358				38,310				147,797				35,496
Development costs
Preopening expenses			3,919				133				832				572				439				1,976				398
Partner investment expense			(629	)			11				(135	)			(147	)			(47	)			(318	)			(126	)
Other expenses
General and administrative (2)			82,749				19,053				19,765				23,226				19,839				81,883				20,280
Interest and other (income) expense, net			1,637				415				665				(175	)			(333	)			572				(204	)
Provision for income taxes			18,492				3,788				5,144				4,417				3,773				17,122				4,555
Income from continuing operations			43,676				8,685				12,773				10,465				14,639				46,562				10,593
Income (loss) from discontinued operations, net of tax			(479	)			6				—				—				40				46				3
Net income attributable to PFCB			43,197				8,691				12,773				10,465				14,679				46,608				10,596
Income from continuing operations per FDS		$	1.87			$	0.38			$	0.55			$	0.45			$	0.64			$	2.01			$	0.46
Fully diluted shares (FDS)			23,413				23,104				23,277				23,070				23,011				23,115				22,901
Revenues			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
Cost of sales			26.6	%			27.1	%			26.1	%			25.4	%			25.9	%			26.1	%			26.3	%
Labor			32.7	%			33.7	%			32.7	%			32.9	%			32.7	%			33.0	%			33.5	%
Operating			16.6	%			17.0	%			16.5	%			16.9	%			16.7	%			16.8	%			17.0	%
Occupancy			5.8	%			5.7	%			5.9	%			6.0	%			6.0	%			5.9	%			5.8	%
Net income attributable to noncontrolling interests			0.1	%			0.1	%			0.1	%			0.1	%			0.1	%			0.1	%			0.0	%
Depreciation & amortization			6.1	%			6.1	%			6.2	%			6.3	%			6.4	%			6.2	%			6.2	%
Restaurant operating income			12.2	%			10.3	%			12.5	%			12.4	%			12.3	%			11.9	%			11.2	%
Preopening expenses			0.3	%			0.0	%			0.3	%			0.2	%			0.1	%			0.2	%			0.1	%
Partner investment expense			(0.1	%)			0.0	%			(0.0	%)			(0.0	%)			(0.0	%)			(0.0	%)			0.0	%
General and administrative (2)			6.7	%			6.1	%			6.3	%			7.5	%			6.4	%			6.6	%			6.4	%
Interest and other (income) expense, net			0.1	%			0.1	%			0.2	%			(0.1	%)			(0.1	%)			0.0	%			(0.1	%)
Provision for income taxes			1.5	%			1.2	%			1.6	%			1.4	%			1.2	%			1.4	%			1.4	%
Income from continuing operations			3.6	%			2.8	%			4.1	%			3.4	%			4.7	%			3.7	%			3.3	%
Income (loss) from discontinued operations, net of tax			(0.0	%)			0.0	%			0.0	%			0.0	%			0.0	%			0.0	%			0.0	%
Net income attributable to PFCB			3.5	%			2.8	%			4.1	%			3.4	%			4.7	%			3.8	%			3.3	%
Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income			149,844				32,085				39,044				38,358				38,310				147,797				35,496
Add: Net income attributable to noncontrolling interests			1,408				206				241				172				165				784				157
Less: General and administrative (2)			(82,749	)			(19,053	)			(19,765	)			(23,226	)			(19,839	)			(81,883	)			(20,280	)
Less: Preopening expenses			(3,919	)			(133	)			(832	)			(572	)			(439	)			(1,976	)			(398	)
Less: Partner investment expense			629				(11	)			135				147				47				318				126
Income from operations			65,213				13,094				18,823				14,879				18,244				65,040				15,101

Note: Consolidated results include the impact of Shared Services and Other as well as the Bistro and Pei Wei concepts

Concept: P.F. Chang’s China Bistro
Supplemental Financial Information

		2009				1Q10				2Q10				3Q10				4Q10				2010				1Q11
Units			197				197				199				200				201				201				201
Sales weeks			10,150				2,561				2,565				2,593				2,607				10,326				2,613
AWS			91,161				90,077				90,964				89,202				89,726				89,989				90,181
Total revenues			925,321				230,767				233,365				231,309				233,931				929,372				235,782
Operating costs
Cost of sales			244,816				62,711				60,914				58,135				60,008				241,768				61,333
Labor			300,775				78,192				76,769				76,533				76,667				308,161				79,792
Operating			150,883				38,546				38,183				38,554				37,804				153,087				38,783
Occupancy			50,186				12,640				13,254				13,242				13,368				52,504				13,074
Net income attributable to noncontrolling interests			538				71				93				62				70				296				79
Depreciation & amortization			54,521				13,854				14,043				14,018				14,519				56,434				14,384
Restaurant operating income			123,602				24,753				30,109				30,765				31,495				117,122				28,337
Total revenues			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
Cost of sales			26.5	%			27.2	%			26.1	%			25.1	%			25.7	%			26.0	%			26.0	%
Labor			32.5	%			33.9	%			32.9	%			33.1	%			32.8	%			33.2	%			33.8	%
Operating			16.3	%			16.7	%			16.4	%			16.7	%			16.2	%			16.5	%			16.4	%
Occupancy			5.4	%			5.5	%			5.7	%			5.7	%			5.7	%			5.6	%			5.5	%
Net income attributable to noncontrolling interests			0.1	%			0.0	%			0.0	%			0.0	%			0.0	%			0.0	%			0.0	%
Depreciation & amortization			5.9	%			6.0	%			6.0	%			6.1	%			6.2	%			6.1	%			6.1	%
Restaurant operating income			13.4	%			10.7	%			12.9	%			13.3	%			13.5	%			12.6	%			12.0	%
Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income			123,602				24,753				30,109				30,765				31,495				117,122				28,337
Add: Net income attributable to noncontrolling interests			538				71				93				62				70				296				79
Less: Preopening expenses			(2,835	)			(26	)			(765	)			(411	)			(265	)			(1,467	)			2
Less: Partner investment expense			236				—				—				—				—				—				—
Income from operations			121,541				24,798				29,437				30,416				31,300				115,951				28,418

Note: General and administrative expenses are reflected in the Company’s consolidated results

Concept: Pei Wei Asian Diner ^(A)
Supplemental Financial Information

		2009				1Q10				2Q10				3Q10				4Q10				2010				1Q11
Units			166				167				167				168				168				168				171
Sales weeks			8,606				2,170				2,171				2,177				2,184				8,702				2,206
AWS			35,171				36,597				35,991				34,998				34,950				35,632				36,501
Total revenues			302,724				79,475				78,137				76,190				76,329				310,131				80,522
Operating costs
Cost of sales			81,605				21,302				20,803				20,245				20,613				82,963				21,989
Labor			100,808				26,283				25,526				25,087				24,943				101,839				26,672
Operating			52,976				14,207				13,414				13,504				14,082				55,207				15,024
Occupancy			20,449				5,198				5,355				5,262				5,388				21,203				5,351
Net income attributable to noncontrolling interests			870				135				148				110				95				488				78
Depreciation & amortization			18,103				4,647				4,762				4,772				4,761				18,942				4,767
Restaurant operating income			27,913				7,703				8,129				7,210				6,447				29,489				6,641
Total revenues			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
Cost of sales			27.0	%			26.8	%			26.6	%			26.6	%			27.0	%			26.8	%			27.3	%
Labor			33.3	%			33.1	%			32.7	%			32.9	%			32.7	%			32.8	%			33.1	%
Operating			17.5	%			17.9	%			17.2	%			17.7	%			18.4	%			17.8	%			18.7	%
Occupancy			6.8	%			6.5	%			6.9	%			6.9	%			7.1	%			6.8	%			6.6	%
Net income attributable to noncontrolling interests			0.3	%			0.2	%			0.2	%			0.1	%			0.1	%			0.2	%			0.1	%
Depreciation & amortization			6.0	%			5.8	%			6.1	%			6.3	%			6.2	%			6.1	%			5.9	%
Restaurant operating income			9.2	%			9.7	%			10.4	%			9.5	%			8.4	%			9.5	%			8.2	%
Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income			27,913				7,703				8,129				7,210				6,447				29,489				6,641
Add: Net income attributable to noncontrolling interests			870				135				148				110				95				488				78
Less: Preopening expenses			(1,084	)			(107	)			(67	)			(161	)			(174	)			(509	)			(400	)
Less: Partner investment expense			393				(11	)			135				147				47				318				126
Income from operations			28,092				7,720				8,345				7,306				6,415				29,786				6,445

Note: General and administrative expenses are reflected in the Company’s consolidated results

P.F. Chang’s China Bistro
Supplemental Sales Information (Company Owned)

Year of Unit Opening (1)
		Pre-2003				2003				2004				2005				2006				2007				2008				2009				2010				2011				Total
Units			78				18				18				18				20				20				17				8				4				—				201
Sales (000)
1Q11			101,661				22,626				18,627				18,865				21,852				22,395				17,146				8,169				4,302				—				235,643
Average Weekly Sales (AWS)
1Q11			100,257				96,694				79,602				80,618				84,045				86,133				77,586				78,551				82,724				—				90,181
Year-Over-Year Change Comparable Store Sales (2)
Units			78				18				18				18				20				20				17				7				—				—				196
1Q11			0.8	%			0.4	%			2.5	%			0.1	%			0.6	%			-0.7	%			1.1	%			-7.3	%			—				—				0.5	%

Pei Wei Asian Diner
Supplemental Sales Information

Year of Unit Opening (1)
		Pre-2003				2003				2004				2005				2006				2007				2008				2009				2010				2011				Total
Units			16				17				19				23				27				32				25				7				2				3				171
Sales (000)
1Q11			7,956				8,638				10,048				11,243				13,240				14,022				10,515				3,035				892				933				80,522
Average Weekly Sales (AWS)
1Q11			38,247				39,085				40,678				37,603				37,721				33,707				32,353				33,350				34,323				42,421				36,501
Year-Over-Year Change Comparable Store Sales (2)
Units			16				17				19				23				27				32				25				7				—				—				166
1Q11			-4.2	%			-1.5	%			0.3	%			0.8	%			0.5	%			0.5	%			1.1	%			-0.7	%			—				—				-0.2	%