SOURCE: The Smith & Wollensky Restaurant Group

April 07, 2006 16:49 ET

The Smith & Wollensky Restaurant Group Announces First Quarter Sales

NEW YORK, NY -- (MARKET WIRE) -- April 7, 2006 -- The Smith & Wollensky Restaurant Group, Inc. (NASDAQ: SWRG) today announced sales for the fiscal month of March and the first quarter of 2006.

Total comparable consolidated restaurant sales increased 3.0% for the fiscal month ended April 3, 2006, as compared to the same time period in 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. Total consolidated restaurant sales for the fiscal month ended April 3, 2006 were approximately $12.3 million, down 5.4% from March 2005. The decrease in sales is primarily due to the closure of Smith & Wollensky New Orleans, as well as the closure of Manhattan Ocean Club, which is reopening next week as a completely new concept called Quality Meats.

For the first quarter of 2006, comparable consolidated restaurant sales increased 1.9% to $30.8 million, as compared to the $30.2 million for the first quarter of 2005. Total consolidated restaurant sales were approximately $30.8 million, a decrease of 6.6% from the first quarter of 2005. This decrease was primarily due to same factors stated above.

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