Smith & Wollensky Announces First Quarter Sales Increase
April 07 2004 - 4:05PM
PR Newswire (US)
Smith & Wollensky Announces First Quarter Sales Increase NEW
YORK, April 7 /PRNewswire-FirstCall/ -- The Smith & Wollensky
Restaurant Group, Inc. today announced increased sales for the
first quarter and the fiscal month of March 2004. (Logo:
http://www.newscom.com/cgi-bin/prnh/20020904/SWRGLOGO ) Total owned
restaurant sales for the quarter ended March 29, 2004 were
approximately $27.9 million, up 21.3% from the first quarter of
2003. Comparable owned restaurant sales increased 8.8%. Comparable
owned sales include only units that have been open for 15 months or
longer. For the five- week March fiscal month, total owned
restaurant sales rose 24.4%, with comparable units up 11.7%.
Chairman and CEO Alan Stillman said, "The Company's sales momentum
remains excellent, and we are achieving these gains against
relatively strong periods a year ago. Our comparable owned
restaurant sales for March 2003 and the first quarter of 2003 had
increased 8.4% and 10.2%, respectively,from the previous year. We
are also pleased with the improving trends at our three owned
restaurants in New York City, which in March 2004 achieved an 8.9%
sales increase from March 2003." About Smith & Wollensky
Restaurant Group The Smith & Wollensky Restaurant Group
develops, owns and operates high- end, high-volume restaurants in
major cities across the United States. The original Smith &
Wollensky, a traditional New York steakhouse, opened in 1977 and is
currently believed to be the largest-grossing a la carte restaurant
in the country. Since its inception, the company has grown to
include 17 restaurants, including Smith & Wollensky in New
York, Miami Beach, Chicago, New Orleans, Las Vegas, Washington,
D.C., Philadelphia, Columbus, Dallas and Houston. SWRG also
operates seven other restaurants in New York and Chicago, including
Cite, Maloney & Porcelli, Manhattan Ocean Club, Mrs. Park's
Tavern, ONEc.p.s., Park Avenue Cafe and The Post House. Except for
historical information contained herein, the statements made in
this press release regarding the Company's business, strategy and
results of operations are forward-looking statements which are
based on management's beliefs and information currently available
to management. Readers are cautioned not to put undue reliance on
such forward-looking statements, which are subject to a number of
risks and uncertainties that could cause actual results to differ
materially from such statements. Factors that may cause such
differences include changes in economic conditions generally or in
each of the markets in which the Company is located, unanticipated
changes in labor or food costs, changes in consumer preferences,
the level of competition in the high-end segment of the restaurant
industry and the success of the Company's growth strategy. For a
more detailed description of such factors, please see the Company's
filings with the Securities and Exchange Commission. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
http://www.newscom.com/cgi-bin/prnh/20020904/SWRGLOGODATASOURCE:
The Smith & Wollensky Restaurant Group, Inc. CONTACT: Lauren
Felice of RFBinder Partners, +1-212-994-7541, Web site:
http://www.smithandwollensky.com/
Copyright
Smith & Wollensky (NASDAQ:SWRG)
Historical Stock Chart
From Aug 2024 to Sep 2024
Smith & Wollensky (NASDAQ:SWRG)
Historical Stock Chart
From Sep 2023 to Sep 2024
Real-Time news about Smith & Wollensky Restr Grp (MM) (NASDAQ): 0 recent articles
More Smith & Wollensky Restaurant Grp. (The) (MM) News Articles