New York-based Smith & Wollensky Restaurant Group has announced preliminary sales results for the Q2 ended 1 July 2002.
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The company estimates that comparable restaurant sales will be up about 3% from a year ago, due to a continuation of the improving trend in recent quarters. Comparable restaurant sales were down 4.5% in the Q1 2002, and were down 25.7% and 14.4%, respectively, in the Q3 and Q4 of 2001.
Total sales for the Q2 will include initial sales from the newest Smith & Wollensky restaurant in Columbus, Ohio, which opened on 3 June – around one month ahead of schedule. The new restaurant is the company’s first midsize unit, with about 10,000ft² of floor space. The company normally does not disclose sales at individual restaurants. However, it indicated that despite a 15% preview discount and a “soft” opening (with no lunches served until yesterday), the Columbus restaurant has been generating sales at an annualised rate of around US$5.4m.
Chairman and CEO Alan Stillman commented: “We are very pleased with the positive swing in our overall sales comparisons relative to the Q1, and especially in light of the continuing softness of the economy.
“In addition, the initial acceptance of the Smith & Wollensky concept by Columbus consumers has been gratifying. The development of a successful formula for midsize high-end restaurants suitable for smaller cities around the US is clearly a key milestone that underscores the long-term growth potential of Smith & Wollensky Restaurant Group.”
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