Smith & Wollensky (NASDAQ:SWRG)
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The Smith & Wollensky Restaurant Group Announces August Sales
NEW YORK, Aug. 30 /PRNewswire-FirstCall/ -- The Smith & Wollensky Restaurant
Group, Inc. (NASDAQ:SWRG) today announced sales for the fiscal month August
2004.
Total consolidated restaurant sales for the month ended August 23, 2004 were
approximately $7.3 million, an increase of 6.5% from August 2003. Comparable
consolidated restaurant sales decreased 0.8% to $6.8 million, as compared to
the $6.9 million for August 2003. Comparable consolidated sales include only
units that have been open for 15 months or longer.
Chairman and CEO Alan Stillman said, "Given the Company's past twenty-five
consecutive months of sales increases, we are disappointed with the August
figures, which we attribute in part to heightened security concerns among
business and leisure travelers, as well as unusual weather in Southern Florida.
We continue to concentrate on the anticipated opening of the Boston unit in
September and the promotion of our other owned New York concepts."
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 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
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.
DATASOURCE: The Smith & Wollensky Restaurant Group, Inc.
CONTACT: Investors, Allison Good, The Smith & Wollensky Restaurant
Group, +1-212-838-2061,
Web site: http://www.smithandwollensky.com/