SOURCE: The Smith & Wollensky Restaurant Group

January 05, 2007 16:05 ET

Smith & Wollensky Announces December Sales

NEW YORK, NY -- (MARKET WIRE) -- January 5, 2007 -- The Smith & Wollensky Restaurant Group, Inc. (NASDAQ: SWRG) today announced sales for the fiscal month, quarter, and year ended January 1, 2007.

Total consolidated restaurant sales for the fiscal month of December increased 9.0 percent to $15.3 million, compared to $14.0 million from the corresponding month in 2005. Comparable consolidated restaurant sales in December 2006 increased 5.1 percent or $687,000 to $14.1 million.

Total consolidated restaurant sales for the fourth quarter ended January 1, 2007 increased 7.5 percent or $2.5 million to $36.2 million, compared to $33.7 million from the corresponding quarter in 2005. Comparable consolidated restaurant sales in the fourth quarter of 2006 increased 3.9 percent or $1.3 million to $33.5 million, as compared to the fourth quarter of 2005.

Total consolidated restaurant sales for year ended January 1, 2007 decreased 0.5 percent to $124.8 million, compared to $125.4 million from 2005. Comparable consolidated restaurant sales increased by 1.8% for 2006 compared to 2005.

Chairman and CEO Alan N. Stillman commented, "Our restaurants have received the benefit of record-breaking good weather throughout the East Coast throughout the month of December. In addition, it's important to note that the restaurants in New York City were negatively impacted by the transit strike in December 2005."

About Smith & Wollensky Restaurant Group

The Smith & Wollensky Restaurant Group develops 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 one of the largest-grossing à la carte restaurants in the country. Since its inception, the company has grown to include 14 restaurants, including Smith & Wollensky in New York, Miami Beach, Chicago, Las Vegas, Washington, D.C., Philadelphia, Columbus , Houston, and Boston. SWRG also operates several other restaurants in New York, including Cité, Maloney & Porcelli, Park Avenue Café, Quality Meats, 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.

Contact Information

  • Investor Contact:
    Allison Good
    The Smith & Wollensky Restaurant Group
    Phone: 212-838-2061
    Email: Email Contact