Smith & Wollensky (NASDAQ:SWRG)
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Smith & Wollensky Announces December Sales Increase
NEW YORK, Jan. 7 /PRNewswire-FirstCall/ -- The Smith & Wollensky Restaurant
Group, Inc. (NASDAQ:SWRG) today announced increased sales for the six-week
fiscal month ended January 3, 2005. The 2004 fiscal year included 53 weeks,
compared to 52 weeks in the fiscal year of 2003, with the additional week
included in the December 2004 period. The attached table, which is provided for
clarity, summarizes comparable consolidated sales and total consolidated sales
for the month, the fourth quarter, and the full year, comparing each period to
the same time frame in 2003, as well as illustrating the consolidated sales
results without the additional week.
Comparable consolidated restaurant sales for the fiscal month were $13.8
million, an increase of 21.1% from the corresponding month in 2003 with $1.8
million of the total comparable consolidated sales attributable to the
additional week. Excluding the additional week, comparable consolidated sales
increased by 5.0% for the December 2004 period, when compared to December 2003.
Comparable consolidated sales include only units that have been open for 15
months or longer. Total consolidated restaurant sales for the six-week period
were $16.2 million, up 42.9% from the five-week period a year ago. Excluding
$2.1 million attributable to the additional week of sales, total consolidated
sales for December 2004 of $14.1 million increased by 24.6% from December 2003.
For the full fourth quarter of 2004, comparable consolidated restaurant sales
increased 11.8%, or 5.5% when excluding the additional week, from the same time
frame in 2003. Total consolidated restaurant sales for the quarter increased
31.0%, or 23.8% when excluding the additional week. Finally, for the fiscal
year 2004, comparable consolidated restaurant sales increased 7.9%, or 6.1%
when excluding the additional week, and total consolidated restaurants sales
were up 18.9%, or 16.9% when excluding the additional week.
Chairman and CEO Alan Stillman said, "We remain pleased with our continuing
strong sales momentum with our newest unit in Boston and our Houston unit
contributing to these figures significantly. Factors contributing to our sales
increase across the company include the additional week of sales and the timing
of New Year's Eve in relation to our fiscal calendar."
About Smith & Wollensky Restaurant Group
The Smith & Wollensky Restaurant Group develops, owns 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 the largest-grossing a la carte restaurant in the
country. Since its inception, the company has grown to include 18 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 and Chicago, including
Cite, Maloney & Porcelli, Manhattan Ocean Club, Mrs. Park's Tavern, Park Avenue
Cafe 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
THE SMITH & WOLLENSKY RESTAURANT GROUP, INC.
UNAUDITED CONSOLIDATED SALES RESULTS
COMPARABLE CONSOLIDATED SALES
(IN 000'S)
INCLUDING ADDITIONAL WEEK EXCLUDING ADDITIONAL WEEK
INC / (DEC) INC / (DEC)
2004 2003 $ % 2004 2003 $ %
DECEMBER 13,756 11,361 2,395 21.1% 11,931 11,361 569 5.0%
FOURTH 32,366 28,950 3,416 11.8% 30,541 28,950 1,590 5.5%
QUARTER
FISCAL 107,192 99,355 7,837 7.9% 105,453 99,355 6,099 6.1%
YEAR
TOTAL CONSOLIDATED SALES
(IN 000'S)
INCLUDING ADDITIONAL WEEK EXCLUDING ADDITIONAL WEEK
INC / (DEC) INC / (DEC)
2004 2003 $ % 2004 2003 $ %
DECEMBER 16,232 11,361 4,871 42.9% 14,156 11,361 2,795 24.6%
FOURTH 37,927 28,950 8,976 31.0% 35,850 28,950 6,900 23.8%
QUARTER
FISCAL 123,069 103,500 19,568 18.9% 120,992 103,500 17,492 16.9%
YEAR
DATASOURCE: The Smith & Wollensky Restaurant Group, Inc.
CONTACT: Investors - Allison Good of The Smith & Wollensky Restaurant
Group, +1-212-838-2061,
Web site: http://www.smithandwollensky.com/