SOURCE: The Smith & Wollensky Restaurant Group

October 10, 2006 16:05 ET

The Smith & Wollensky Restaurant Group Announces September Sales

NEW YORK, NY -- (MARKET WIRE) -- October 10, 2006 -- The Smith & Wollensky Restaurant Group, Inc. (NASDAQ: SWRG) today announced sales for the third quarter and the fiscal month September 2006.

Comparable consolidated restaurant sales for the third quarter ended October 2, 2006 were approximately $25.8 million, an increase of 2.9% from the third quarter of 2005. For the fiscal month of September 2006, comparable consolidated restaurant sales increased 0.9% to $10.7 million, as compared to the $10.6 million for September 2005. Comparable consolidated sales include only units that have been open for 15 months or longer and do not include the results of The Manhattan Ocean Club, Quality Meats, and Smith & Wollensky New Orleans.

Total consolidated restaurant sales for the third quarter of 2006 were approximately $27.6 million, up 2.8% from the third quarter of 2005. For the fiscal month of September 2006, total consolidated restaurant sales were $11.4 million, up 3.0% from September 2005.

Chairman and CEO Alan Stillman said, "Our 2005 comparable results were negatively impacted by several days of closure at our Smith & Wollensky locations in Miami Beach and Houston, due to Hurricanes Katrina and Rita. Recently, our restaurants celebrated a successful National Wine Week promotion, from which we made a $10,000 Wine Week donation to a new beneficiary, The Buoniconti Fund to Cure Paralysis."

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, 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