P. F. Chang's China Bistro Inc posted a more than double net profit in the fourth quarter ended January 4, 2010. The operator of restaurant chain reported a net profit of $12 million or 52 cents per share for the fourth quarter increasing by 122% as for the same period last year the company posted a net profit of $5.4 million or 23 cents per share.

The fourth quarter revenue was posted $326.7 million increasing by 10.8% when compared to the same period last year. The higher than expected quarterly profit beats the market estimate as the analysts were expecting a profit of 40 cents per share on revenue of $318 million. The increase in operating margins was the main reason behind the higher profits according to the company. Though, the company reported a decline in comparable sales at its restaurants in the fourth quarter.

The company also released its guidance for the 2010 full year today. P. F. Chang's is estimating the revenues to be almost same as in FY 2009, while the company is expecting slightly lower weekly sales in 2010. According to the company officials, P. F. Chang's is planning to build 8 restaurants in the Philippines within the next 5 years. The company said that the first one will open in Manila in the first quarter of next year.