Smith & Wollensky (NASDAQ:SWRG)
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Smith & Wollensky Announces November Sales Increase
NEW YORK, Dec. 2 /PRNewswire-FirstCall/ -- The Smith & Wollensky Restaurant
Group, Inc. today announced increased sales for the four-week fiscal month
ended November 24, 2003.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020904/SWRGLOGO )
Comparable owned restaurant sales for the fiscal month rose 14.5% from the
corresponding month in 2002. Comparable owned sales include only units that
have been open for 15 months or longer. Total owned restaurant sales for the
four-week period increased 19.1% from a year ago.
Chairman and CEO Alan Stillman said, "We remain pleased with our continuing
strong sales momentum. November represents our 17th consecutive month of
increased sales in comparable owned units, and we are encouraged by the early
signs we are seeing of improving sales trends in our New York City
restaurants."
Mr. Stillman continued, "In light of the continuing pressure on our
profitability from the historically high cost of prime beef, we have recently
taken advantage of an opportunity to hedge a modest portion of our future beef
requirements through a combination of futures and option contracts."
The Company also announced that it has finalized a previously disclosed
agreement for a $2.0 million two-year secured revolving credit facility with
Morgan Stanley Dean Witter Commercial Financial Services, Inc.
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 16 restaurants,
including Smith & Wollensky in New York, Miami Beach, Chicago, New Orleans, Las
Vegas, Washington, D.C., Philadelphia, Columbus and Dallas. 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
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.
http://www.newscom.com/cgi-bin/prnh/20020904/SWRGLOGODATASOURCE: The Smith &
Wollensky Restaurant Group, Inc.
CONTACT: Investors - Lauren Felice of RFBinder Partners,
+1-212-994-7541, , for The Smith & Wollensky
Restaurant Group, Inc.