Benihana Inc. Reports Total Restaurant Sales and Comparable Restaurant Sales
Results for the Second Four-Week Period of the Second Fiscal Quarter 2012 Represents Twentieth Consecutive Period of Comparable Sales Growth
MIAMI, Sept. 15, 2011 /PRNewswire via COMTEX/ -- 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 second four-week period (August 15, 2011 - September 11, 2011) of the second fiscal quarter of 2012. The announcement marks the Company's twentieth consecutive four-week period of comparable restaurant sales growth.
For the four-week period ended September 11, 2011, total restaurant sales increased year over year by 5.6% to $24.9 million from $23.5 million, and Company-wide comparable restaurant sales increased by 6.7% to $24.9 million from $23.4 million. By concept, comparable restaurant sales increased 8.2% at Benihana Teppanyaki and 5.9% at RA Sushi and decreased 1.6% at Haru. These results were driven by traffic growth of 6.2% at Benihana Teppanyaki and 2.5% at RA Sushi and traffic declines of 5.4% at Haru.
During the period, 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 383 store-operating weeks in the second four-week period of the second fiscal quarter of 2012 compared to 388 store-operating weeks in the second four-week period of the second fiscal quarter of 2011.
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 period excluding the impacted days in both the current and prior-year periods would have grown 7.4%, including increases of 8.4% at Benihana Teppanyaki, 6.1% at RA Sushi and 3.0% at Haru. None of these restaurants suffered significant physical damage and all were operating normally soon after the severe weather subsided.
Additionally, one Benihana Teppanyaki restaurant, located on W. 56 St. in Manhattan, began temporary closure during the period for extensive remodeling. This restaurant will be excluded from reported comparable sales results during the temporary closure period, which is expected to be completed in December 2011.
Richard C. Stockinger, Chairman, President and Chief Executive Officer of Benihana Inc., said, ″We are very pleased with our performance thus far in the second quarter and with the results for this period in particular. Despite fewer operating hours due to Hurricane Irene, which impacted sales for the period, we once again saw excellent growth driven by increased traffic. Benihana Inc. has now produced twenty consecutive four-week periods of comparable restaurant sales growth. A credit to our talented team, this achievement reflects the continued strength of our operational and promotional efforts and the power of our iconic brand.″
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.