USA: Smith & Wollensky sees Q2 sales up
New York-based high-end restaurant operator Smith & Wollensky Restaurant Group has reported increased sales for its Q2 ended 1 July 2002.
Total sales for the quarter were US$18.7m, a 5.1% increase over the Q2 last year. On a comparable restaurant basis, total sales increased 2.7% from the year ago period. In the Q1 2002, total comparable sales had been off 4.6%.
The following table highlights the improving trend in the company's comparable sales over the last four quarters:
2Q'02 1Q'02 4Q'01 3Q'01
Change in Total Comparable Sales 2.7% (4.6%) (14.4%) (25.7%)
Chairman and CEO Alan Stillman commented: "We are pleased with the improving comparable unit sales trend, and especially with the initial performance of our new midsize Smith & Wollensky restaurant in Columbus, Ohio, which opened on 3 June."
The company plans to announce complete financial results for the Q2 in early August.
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