SWRG Smith & Wollensky Restr Grp (MM)

The Smith & Wollensky Restaurant Group Announces October Sales Strength NEW YORK, Oct. 28 /PRNewswire-FirstCall/ -- The Smith & Wollensky Restaurant Group, Inc. (NASDAQ:SWRG) today announced sales for the fiscal month October 2004. Total consolidated restaurant sales for the fiscal month ended October 25, 2004 were approximately $10.8 million, up 25.2% from October 2003. Comparable consolidated restaurant sales increased 8.3% to $9.3 million for October 2004, as compared to the $8.6 million for October 2003. Comparable consolidated sales include only units that have been open for 15 months or longer. Chairman and CEO Alan Stillman said, "We are pleased with our strong sales momentum in October, which represents a return to positive comparable sales. This gain was achieved on top of a solid performance a year ago -- comparable consolidated restaurant sales for the October 2003 fiscal month had increased 11.5% from October 2002." Mr. Stillman continued, "We remain very pleased with the initial sales trend at our newest Smith & Wollensky restaurant in Boston, Massachusetts which opened on September 20." 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 seven other restaurants in New York and Chicago, including Cite, Maloney & Porcelli, Manhattan Ocean Club, Mrs. Park's Tavern, ONE c.p.s. brasserie, 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 CONTACT: Investors - Allison Good of The Smith & Wollensky Restaurant Group, +1-212-838-2061, Web site: http://www.smithandwollensky.com/

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