SOURCE: The Smith & Wollensky Restaurant Group

April 05, 2007 18:01 ET

The Smith & Wollensky Restaurant Group Announces First Quarter Sales

NEW YORK, NY -- (MARKET WIRE) -- April 5, 2007 --The Smith & Wollensky Restaurant Group, Inc. (NASDAQ: SWRG) today announced sales for the fiscal month of March and the first quarter of 2007.

Total comparable consolidated restaurant sales decreased 2.3% to $11.7 million for the fiscal month ended April 2, 2007, as compared to the same time period in 2006. Comparable consolidated restaurant sales include only units that have been open for 15 months or longer. Total consolidated restaurant sales for the fiscal month ended April 2, 2007 were approximately $12.8 million, up 4.0% from the same time period in 2006.

For the first quarter of 2007, comparable consolidated restaurant sales decreased 2.5% to $29.1 million, as compared to the $29.8 million for the first quarter of 2006. Total consolidated restaurant sales were approximately $31.8 million, an increase of 3.2% from the first quarter of 2006.

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 13 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 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