SOURCE: The Smith & Wollensky Restaurant Group

July 07, 2005 16:05 ET

The Smith & Wollensky Restaurant Group Announces June Sales

NEW YORK, NY -- (MARKET WIRE) -- July 7, 2005 -- The Smith & Wollensky Restaurant Group, Inc. (NASDAQ: SWRG) today announced sales for the fiscal month June 2005.

Total consolidated restaurant sales for the fiscal month ended July 4, 2005, were approximately $11.0 million, a 3.6% increase from June 2004. Comparable consolidated restaurant sales decreased 2.5% to $9.7 million for June 2005, as compared to the $9.9 million for June 2004. Comparable consolidated sales include only units that have been open for 15 months or longer.

For the second quarter of 2005, total consolidated restaurant sales increased 6.5% to $32.0 million, as compared to $30.0 million in the second quarter of 2004. Comparable consolidated restaurant sales increased 0.6% to $27.9 million, as compared to the $27.8 million earned in the second quarter of 2004.

Chairman and CEO Alan Stillman remarked, "Comparable consolidated sales were down because the Fourth of July holiday fell a week earlier in our accounting cycle than last year. The typically quiet holiday weekend impacted positive sales gains achieved earlier in the month."

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 six other restaurants in New York, including Cité, Maloney & Porcelli, Manhattan Ocean Club, 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