New York-based high-end, high-volume restaurant chain Smith & Wollensky Restaurant Group has reported increased sales for the fiscal month of August 2002.
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Total owned restaurant sales for the four weeks ended 26 August increased 16% from the corresponding period last year. Comparable owned restaurant sales for the month were up 3.3% from a year ago. For the first two months of the Q3, the company’s total owned restaurant sales of US$10.1m rose 15.7% from US$8.7m for the prior year, while comparable owned restaurant sales of US$9m were up 3.1% from US$8.7m in the prior year.
Chairman and CEO Alan Stillman commented: “Our strong overall sales increase mainly reflects the addition of the Company’s newest Smith & Wollensky restaurant in Columbus, Ohio, which opened in early June and continues to generate sales above our initial expectations.
“We are pleased with July and August 2002 increases in comparable owned restaurant sales, at rates approximately equal to the 2.7% increase during the Q2. It should be noted, the Q3 historically represents the lowest sales volume of the year. In addition, September sales are extremely difficult to forecast, because of the extreme circumstances which affected September 2001, and continue to hurt 2002.
“The economy at the high end of the restaurant business has not yet recovered at the rate we had anticipated for the Q3 2002.”
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