MIAMI, Oct. 13, 2011 /PRNewswire/ -- Benihana Inc.
(NASDAQ: 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 final
four-week period (September 12, 2011
– October 9, 2011) and the entire
twelve-week period of the second fiscal quarter of 2012. The
announcement marks the Company's twenty-first consecutive four-week
period and its seventh consecutive quarter of comparable restaurant
sales growth.
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Richard C. Stockinger, Chairman,
President and Chief Executive Officer of Benihana Inc., said, "We
are very pleased with our sales performance in this period and the
quarter as a whole, as we once again saw excellent growth driven by
increased traffic. Benihana Inc. has now produced twenty-one
consecutive four-week periods, and seven consecutive quarters of
comparable restaurant sales growth, in a very difficult consumer
and economic environment. This achievement reflects the continued
strength of our operational and promotional efforts and the power
of our iconic brand."
For the four-week period ended October 9,
2011, total restaurant sales increased year over year by
5.1% to $24.2 million from
$23.1 million, and Company-wide
comparable restaurant sales increased by 6.5% to $24.0 million from $22.6
million. By concept, comparable restaurant sales increased
8.2% at Benihana Teppanyaki and 4.9% at RA Sushi and decreased 0.4%
at Haru. These results were driven by dine-in traffic growth at all
concepts, led by 6.5% growth at Benihana Teppanyaki.
During the period, Benihana Teppanyaki represented approximately
67% of total restaurant sales, while RA Sushi and Haru accounted
for 23% and 10% of total restaurant sales, respectively. There were
380 store-operating weeks in the final four-week period of the
second fiscal quarter of 2012 compared to 384 store-operating weeks
in the same period of the prior year.
For the twelve-week second fiscal quarter of 2012, total
restaurant sales increased year over year by 5.6% to $75.8 million from $71.8
million, and Company-wide comparable restaurant sales
increased by 6.4% to $75.6 million
from $71.1 million. By concept,
comparable restaurant sales increased 7.7% at Benihana Teppanyaki,
5.3% at RA Sushi and 0.6% at Haru. These results were driven by
dine-in traffic growth at all concepts, led by 5.6% growth at
Benihana Teppanyaki.
During the quarter, Benihana Teppanyaki represented
approximately 67% of total restaurant sales, while RA Sushi and
Haru accounted for 24% and 9% of total restaurant sales,
respectively. There were 1,147 store-operating weeks in the second
fiscal quarter of 2012 compared to 1,160 store-operating weeks in
the same period of the prior year.
As previously announced, during the second four-week period of
the quarter, sales related to 12 restaurants (3 Benihana
Teppanyaki, 1 RA Sushi and all 8 Haru units) were negatively
impacted by reduced operating hours or complete closure for one or
more days due to the severe weather associated with Hurricane
Irene. Comparable sales for the quarter excluding the impacted days
in both the current and prior-year quarters would have grown 6.6%,
including increases of 7.8% at Benihana Teppanyaki, 5.4% at RA
Sushi and 2.0% at Haru. None of these restaurants suffered
significant physical damage and all were operating normally soon
after the severe weather subsided, so that the comparable sales
results for the final four-week period of the quarter were not
impacted.
Additionally, one Benihana Teppanyaki restaurant, located on W.
56 St. in Manhattan, began
temporary closure during the quarter for extensive remodeling. This
restaurant is excluded from reported comparable sales results
during the temporary closure period, which is expected to be
completed in December 2011.
The Company also announced an extension of its fixed-price beef
procurement contract through December
2012. Beef prices were previously locked in through
April 2012, and the extension
provides for slightly lower weighted-average pricing throughout the
remaining contract period. Beef represents the single largest
commodity exposure for the Company, at approximately 22% of total
non-beverage food cost.
"We are very pleased to extend our beef contract, which
eliminates our margin risk related to this important commodity
through a significant portion of our 2013 fiscal year," concluded
Mr. Stockinger.
About Benihana
Headquartered in Miami,
Benihana Inc. (NASDAQ GS: BNHN, BNHNA) is the nation's leading
operator of Japanese theme and sushi restaurants with 96
restaurants nationwide, including 63 Benihana restaurants, eight
Haru sushi restaurants and 25 RA Sushi restaurants. In addition, 18
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 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.
Contact
Jeremy Fielding or James David
Kekst and Company
(212) 521-4800
SOURCE Benihana Inc.