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When PF Chang CEO Jim Mazany took over last year, he faced a big problem: People were mostly ordering the chain’s Chinese food to go instead of dining in.
“Not only were we competing with other restaurant brands, we were competing with people’s couches,” Mazany told CNN. “People didn’t leave their homes to come to PF Chang. »
Mazany is PF Chang’s fourth leader in about two years. The restaurant veteran, who has held leadership positions at Applebee’s, Joe’s Crab Shack and other major chains, has been charged with bringing stability to PF Chang’s. after years of declining sales and traffic.
So he decided to put on a show. Think of a $49 sushi platter served in a wooden boat with dry ice that creates plumes of fog; dumplings delivered on a sizzling platter and topped with sauce by the waiter; a bourbon cocktail that smokes when the lid is removed.
Mazany taps into “theatrical dining,” a trend that has grown in recent years, attracting younger diners and amplified by social media. Nearly 40% of millennials and Gen Z prefer to have a dish served at the table, OpenTable data reveals.
“People are very happy to pay for (dinner at the theater) because these are things they can’t get or prepare at home,” according to Robert Byrne, senior director of consumer research at Technomic. “Consumers want to get more for their money, not just to spend less. »
Mazany added eye-catching starters and cocktails to break the chain of “sea of sameness” he saw among his competitors. Additionally, the glasses help create a “tailored experience unique to PF Chang,” he said.
Doubling down on these dishes is working: Sushi boats have generated $2 million in sales since the dish launched in June and are expected to generate $13 million in profit over the next year.
PF Chang’s is a private company and does not regularly disclose figures.
Under CEO Damola Adamolekun, who led the chain from 2019 to 2023, sales have rebounded strongly from a pandemic slump. However, the momentum stalled after he left to run Red Lobster. PF Chang’s has closed some restaurants, mirroring the struggles other casual dining chains have faced as people cut back on spending due to inflation.
The chain also suffered from management turnover and scaled back plans for its takeout concept, PF Chang’s To Go.
When Mazany took over in November 2025, the channel “didn’t have clarity or purpose about its direction,” he said, but he knew the famous brand had the potential to come back.
PF Chang’s, founded in 1993 in Scottsdale, Arizona, is named after its two co-founders: PF from the initials of famed restaurateur Paul Fleming, plus a shortened version of Philip Chiang’s last name.
Philip’s mother, Cecilia Chiang, was a celebrity chef before celebrity chefs were popularized. He is widely credited with introducing true Chinese cuisine to America at his famous San Francisco restaurant, The Mandarin.
“I didn’t need to reinvent the PF Chang’s brand,” Mazany said. “I needed PF Chang to believe in himself again and create a very clear goal for everyone in the organization.”
As part of his changes, Mazany focused on quality. He retrained employees to improve service and closely monitored online reviews to correct irritants affecting the customer experience. He’s also cut back on pre-made ingredients, returning to what he calls a “scratch kitchen” built on the chain’s original recipes, fresh ingredients and wok cooking.
Then came a revamped menu, centered around a “barbell” approach that offers price points at each end. There are lunch and dinner deals starting at $13.99, as well as indulgent dishes like a $30 Lobster and Shrimp Fried Rice or a $43 Wagyu Steak.
“We know there is a K-shaped economy in the United States, so for the consumer feeling the pressure of gas prices and rising inflation, we provide everyday affordable options,” he said. “We should not impose prices to increase our income. »
The changes marked the start of a turnaround.
Traffic increased more than 5% year-over-year and same-restaurant sales climbed nearly 10% in the third quarter. This marks the third consecutive quarter of increases for both metrics, as well as the first time the chain’s sales have increased since 2023.
PF Chang’s is on track to record another positive quarter of sales. This success is in line with that of other resurgent chains, like The Cheesecake Factory and Chili’s.
Mazany noted that PF Chang’s fell from 22nd to third among a group of casual dining chains in terms of same-store sales growth over the past year.
The chain, owned since 2019 by private equity firms TriArtisan Capital Advisors and Paulson & Company, has long flirted with going public. Mazany said public markets are “smart and disciplined,” but the chain’s recent growth has accelerated plans for a possible IPO next year, ahead of the previous 2028 target.
Technomic’s Byrne said PF Chang’s turnaround was “brilliant.” Leadership has fixed its value offerings by introducing bundles and a revamped happy hour.
PF Chang’s also didn’t have to close many of its 200 U.S. locations or significantly raise prices to improve profits. Growth has been mostly organic, aided by menu changes and new offerings.
Byrne doesn’t see that trajectory changing, barring “some kind of economic surprise.” However, it still has room to grow as its average sales per restaurant are lower than its casual dining competitors, such as dumpling chain Din Tai Fung.
Mazany is equally optimistic about the future, revealing that there are plans to open 40 additional locations across the United States over the next five years.
“For a brand that is in the early stages of a turnaround, I am very proud of this result,” he said.
