Benihana Inc. Reports Total Restaurant Sales and Comparable Restaurant Sales for the First Fiscal Quarter 2010
July 29 2009 - 7:00AM
Business Wire
Benihana Inc. (NASDAQ: BNHNA; BNHN), operator of the nation’s
largest chain of Japanese theme and sushi restaurants, today
reported total restaurant sales and comparable restaurant sales for
the sixteen-week first fiscal quarter ended July 19, 2009. The
Company also updated its recent development activity.
First Fiscal Quarter 2010 Restaurant Sales
Total restaurant sales increased 1.7% to $95.5 million in the
first fiscal quarter 2010 from $93.9 million in the first fiscal
quarter 2009. For the first fiscal quarter 2010, Company-wide
comparable restaurant sales were (10.1%), comprised of (13.1%) at
Benihana teppanyaki, 3.5% at RA Sushi, and (14.8%) at Haru.
During the period, Benihana teppanyaki represented approximately
66.2% of consolidated restaurant sales, while RA Sushi and Haru
accounted for 23.2% and 10.6% of consolidated restaurant sales,
respectively. There were a total of 1,532 store-operating weeks in
the first fiscal quarter 2010 compared to 1,348 store-operating
weeks in the first fiscal quarter 2009.
“Our Company-wide comparable sales slowed modestly versus the
preceding quarter, which mirrors what we have seen across the
industry over the same horizon. We are however encouraged by the
performance of RA Sushi, which returned to positive sales territory
despite continued challenges in some of its largest markets. As we
said before, we are in the process of reevaluating the experience
at our largest concept, Benihana teppanyaki. Our Benihana Renewal
Program addresses improving our guest perceptions as they relate to
image, quality, consistency, and lack of Japan. We are elevating
the quality of our food and beverages and raising the level of
service standards. These efforts are focused on increasing guest
frequency and ultimately bolstering our top-line,” said Richard C.
Stockinger, Chief Executive Officer.
Development Activity
During the first fiscal quarter 2010, the Company opened two RA
Sushi restaurants in Atlanta, Georgia and Houston, Texas, and one
Benihana teppanyaki restaurant in Orlando, Florida, while a
franchisee opened a Benihana teppanyaki restaurant in Monterey,
California.
The Company has also terminated the lease for the previously
planned RA Sushi restaurant in Orlando, Florida.
About Benihana
Benihana Inc. (Nasdaq: BNHNA) (Nasdaq: BNHN) operates 98
restaurants nationwide, including 65 Benihana teppanyaki
restaurants, nine Haru sushi restaurants, and 24 RA Sushi Bar
restaurants. Under development at present are two restaurants --
one Benihana teppanyaki restaurant and one RA Sushi restaurant. In
addition, 22 franchised Benihana teppanyaki restaurants are
operating in the U.S., Latin America and the Caribbean.
To learn more about the Company and its three Japanese theme and
sushi restaurant concepts, please view the corporate video at
www.benihana.com/about/video.
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