Smith & Wollensky Announces May Sales Increase
01 Junho 2004 - 6:05PM
PR Newswire (US)
Smith & Wollensky Announces May Sales Increase NEW YORK, June 1
/PRNewswire-FirstCall/ -- The Smith & Wollensky Restaurant
Group, Inc. (NASDAQ:SWRG) today announced increased sales for the
four-week fiscal month ended May 24, 2004. (Logo:
http://www.newscom.com/cgi-bin/prnh/20020904/SWRGLOGO ) Total owned
restaurant sales for the four-week period increased 21.0% from the
four weeks ended May 26, 2003. Comparable owned restaurant sales
for the fiscal month were up 14.8% from a year ago. Comparable
owned sales include only units that have been open for 15 months or
longer. Chairman and CEO Alan Stillman said, "While our sales
trends overall remain very good, we should note that these
comparisons benefited significantly from the later timing of the
Memorial Day weekend in 2004. Our business is normally relatively
slow over the holiday weekend, which was included in the May fiscal
month last year but will fall in the June fiscal month in 2004."
The Company also announced that it has finalized a previously
disclosed agreement for a $2.0 million mortgage facility with
Hibernia National Bank. The financing is secured by the Company's
real property at its New Orleans restaurant. 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.
http://www.newscom.com/cgi-bin/prnh/20020904/SWRGLOGODATASOURCE:
The Smith & Wollensky Restaurant Group, Inc. CONTACT: Lauren
Felice, RFBinder Partners, +1-212-994-7541, , for The Smith &
Wollensky Restaurant Group, Inc.
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