SOURCE: The Smith & Wollensky Restaurant Group

March 03, 2006 17:43 ET

The Smith & Wollensky Restaurant Group Announces February Sales

NEW YORK, NY -- (MARKET WIRE) -- March 3, 2006 -- The Smith & Wollensky Restaurant Group, Inc. (NASDAQ: SWRG) today announced sales for the fiscal month February 2006. Comparable consolidated restaurant sales increased 1.6% to $9.5 million for February 2006, as compared to the $9.4 million for February 2005. Total consolidated restaurant sales for the fiscal month ended February 27, 2006 were approximately $9.5 million, a 7.6% decrease from February 2005. Comparable consolidated restaurant sales include only units that have been open for 15 months or longer and exclude the Smith & Wollensky location in New Orleans and the Manhattan Ocean Club.

As the Company has previously announced, the Smith & Wollensky location in New Orleans closed on August 28, 2005 due to Hurricane Katrina and its aftermath and remains closed at this time. In addition, Manhattan Ocean Club was closed on December 31, 2005. The Company is currently developing a new restaurant called Quality Meats in the space that formerly housed the Manhattan Ocean Club. Sales figures for Manhattan Ocean Club and the New Orleans Smith & Wollensky have been omitted from comparable consolidated restaurant sales results.

This spring, Quality Meats will open its doors in midtown Manhattan, bringing downtown atmosphere to its location at 57 West 58th Street between Fifth and Sixth Avenues. Quality Meats will feature a rustic New American menu. Leading the development of the project is father-son team Alan and Michael Stillman. The Stillmans are collaborating on the design and concept with award-winning design firm Avro Ko (Public, Stanton Social, Sapa) on all aspects of architecture, style, and graphics of the new restaurant.

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 16 restaurants, including Smith & Wollensky in New York, Miami Beach, Chicago, New Orleans, Las Vegas, Washington, D.C., Philadelphia, Columbus, Dallas, Houston, and Boston. SWRG also operates several other restaurants in New York, including Cité, Maloney & Porcelli, Park Avenue Café, 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