Smith & Wollensky (NASDAQ:SWRG)
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Smith & Wollensky Announces February Sales Increase
NEW YORK, Feb. 26 /PRNewswire-FirstCall/ -- The Smith & Wollensky Restaurant
Group, Inc. today announced increased sales for the four-week fiscal month
ended February 23, 2004.
Total owned restaurant sales for the four-week period increased 22.7% from the
corresponding period in 2003. Comparable owned restaurant sales for the fiscal
month were up 6.6% from a year ago. Comparable owned sales include only units
that have been open for 15 monthsor longer.
Chairman and CEO Alan Stillman said, "We are very pleased with our continued
strong sales momentum in February, which represents our 20th consecutive month
of positive comparable sales. This gain was achieved on top of a solid
performance a year ago - comparable owned restaurant sales for the February 2003
fiscal month had increased 4.5% from February 2002."
Mr. Stillman continued, "We remain very pleased with initial sales trends at our
newest Smith & Wollensky restaurant in Houston, Texas, which opened on January
19th. In Boston, Massachusetts, where we plan to open our next new restaurant
this fall, preliminary construction work and other preparations are proceeding
as scheduled."
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 thelargest-grossing a la carte restaurant in the
country. Since its inception, the company has grown to include 17 restaurants,
including Smith & Wollensky in New York, Miami Beach, Chicago, New Orleans, Las
Vegas, Washington, D.C., Philadelphia, Columbus, Dallas and Houston. SWRG also
operates seven other restaurants in New York and Chicago, including Cite,
Maloney & Porcelli, Manhattan Ocean Club, Mrs. Park's Tavern, ONEc.p.s., 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
differencesinclude 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.
DATASOURCE: Smith & Wollensky Restaurant Group, Inc.
CONTACT: Lauren Felice of RFBinder Partners, +1-212-994-7541,
for Smith & Wollensky
Web site: http://www.rfbinder.com/