Benihana Inc. Reports Total Restaurant Sales and Comparable Restaurant Sales Results
April 04 2011 - 9:00AM
Business Wire
Benihana Inc. (NASDAQ GS: BNHN, BNHNA), operator of the nation’s
largest chain of Japanese theme and sushi restaurants, today
reported total restaurant sales and comparable restaurant sales for
the third four-week period (February 28, 2011 – March 27, 2011),
the twelve-week period (January 3, 2011 – March 27, 2011) of the
fourth fiscal quarter 2011, as well as the 52-week period (March
29, 2010 – March 27, 2011) of the fiscal year 2011.
For the third four-week period, both total restaurant sales and
Company-wide comparable restaurant sales increased 7.0% to $27.9
million from $26.1 million, representing the fourteenth consecutive
period of comparable restaurant sales growth. By concept,
comparable restaurant sales increased 9.9% at Benihana Teppanyaki
(including an 8.6% traffic gain) and 3.7% at RA Sushi, but
decreased 3.8% at Haru. There were a total of 388 store-operating
weeks in the third four-week period of the fourth fiscal quarter
2011 compared to a total of 390 store-operating weeks in the third
four-week period of the fourth fiscal quarter 2010.
For the twelve-week period, both total restaurant sales and
Company-wide comparable restaurant sales increased 5.6% to $81.4
million from $77.1 million, representing the fifth consecutive
quarter of comparable restaurant sales growth. By concept,
comparable restaurant sales increased 7.6% at Benihana Teppanyaki
(including an 8.2% traffic gain) and 3.4% at RA Sushi, but
decreased 2.7% at Haru. There were a total of 1,164 store-operating
weeks in the fourth fiscal quarter 2011 compared to a total of
1,174 store-operating weeks in the fourth fiscal quarter 2010.
For the 52-week period, total restaurant sales increased 4.5% to
$325.9 million from $311.8 million, while Company-wide comparable
restaurant sales increased 4.2% to $322.2 million from $309.2
million. By concept, comparable restaurant sales increased 6.3% at
Benihana Teppanyaki (including a 7.8% traffic gain) and 0.3% at RA
Sushi, but decreased 0.4% at Haru. There were a total of 5,034
store-operating weeks in the fiscal year 2011 compared to a total
of 5,060 store-operating weeks in the fiscal year 2010.
Richard C. Stockinger, Chairman, Chief Executive Officer and
President, said, “We are thrilled with the exceptional top-line
results at Benihana Teppanyaki during the recent four-week period
which concluded an outstanding fiscal year. Our sales growth and
traffic gain are a testament to the measurable success of our
Renewal Program. We are proud of what we have accomplished in
reinvigorating the quality and value proposition of Benihana’s
brand over the past year and are pleased that our efforts are being
so well-received by our loyal guests.”
Stockinger concluded, “RA Sushi posted a solid performance
during the March period, as sales results continued to improve on a
sequential basis, and have been positive for four consecutive
periods. Haru’s recent softness, on the other hand, is a direct
result of unfortunate weather in the New York metropolitan area,
which lingered well into March. With the Spring season now upon us,
we are hopeful that Haru’s sales trends will improve from current
levels.”
About Benihana
Headquartered in Miami, Benihana Inc. (NASDAQ GS: BNHN, BNHNA)
is the nation's leading operator of Japanese theme and sushi
restaurants with 97 restaurants nationwide, including 63 Benihana
restaurants, nine Haru sushi restaurants, and 25 RA Sushi
restaurants. In addition, 20 franchised Benihana restaurants are
operating in the United States, Latin America and the Caribbean. To
learn more about Benihana Inc. and its three restaurant concepts,
please view the corporate video at
www.benihana.com/about/video.
Safe Harbor Statement
Except for the historical matters contained herein, statements
in this press release are forward-looking and are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that forward-looking
statements involve risks and uncertainties that may affect the
business and prospects of the Benihana, including, without
limitation: risks related to Benihana’s business strategy,
including the Renewal Program and marketing programs; risks related
to Benihana’s ability to operate successfully in the current
challenging economic environment; risks related to Benihana’s
efforts to strengthen its Benihana Teppanyaki concept and build its
RA Sushi and Haru brands; and other risks and uncertainties that
may cause results to differ materially from those set forth in the
forward-looking statements. Past performance may not be indicative
of future results. Although Benihana believes the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, there can be no assurance that its
expectations will be realized. In addition to the risks and
uncertainties set forth above, investors should consider the risks
and uncertainties discussed in Benihana’s filings with the
Securities and Exchange Commission, including, without limitation,
the risks and uncertainties discussed under the heading “Risk
Factors” in such filings. Benihana does not undertake any
obligation to publicly update any forward-looking statement to
reflect events or circumstances after the date on which any such
statement is made or to reflect the occurrence of unanticipated
events.
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