Company Updates Development Activity
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 twelve-week
fourth fiscal quarter and fifty-two week fiscal year ended March 29,
2009. The Company also updated its recent development activity.
Fourth Fiscal Quarter 2009 Restaurant Sales
Total restaurant sales increased 5.4% to $73.6 million in the fourth
fiscal quarter 2009 from $69.8 million in the fourth fiscal quarter
2008. For the fourth fiscal quarter 2009, Company-wide comparable
restaurant sales were (10.4%), including (12.2%) at Benihana teppanyaki,
(1.2%) at RA Sushi, and (12.6%) at Haru.
During the period, Benihana teppanyaki represented approximately 68.4%
of consolidated restaurant sales, while RA Sushi and Haru accounted for
21.4% and 10.2% of consolidated restaurant sales, respectively. There
were a total of 1,131 store-operating weeks in the fourth fiscal quarter
of 2009 compared to 971 store-operating weeks in the fourth fiscal
quarter of 2008.
Fiscal Year 2009 Restaurant Sales
Total restaurant sales for the fifty-two week fiscal year ended March
29, 2009 increased 2.9% to $303.9 million from $295.2 million in the
fifty-two week fiscal year ended March 30, 2008. For fiscal year 2009,
Company-wide comparable restaurant sales decreased (8.0%), including
(7.7%) at Benihana teppanyaki, (7.5%) at RA Sushi, and (10.6%) at Haru.
For fiscal year 2009, Benihana teppanyaki represented approximately
68.1% of consolidated restaurant sales, while RA Sushi and Haru
accounted for 20.2% and 11.7% of consolidated restaurant sales,
respectively. There were a total of 4,603 store-operating weeks in
fiscal year 2009 compared to 4,115 store-operating weeks in fiscal year
2008.
“Our fiscal year 2009 restaurant sales were in line with prior
expectations, and we are encouraged that our quarterly Company-wide
comparable sales were slightly higher on a sequential basis, with
notable improvement at RA Sushi. While it would be premature to suggest
that a full economic recovery is imminent, we believe that overall guest
counts are beginning to stabilize, and are more hopeful that trends
could improve from these levels as we move into fiscal year 2010. As
always, we place the highest importance on differentiating our
restaurant concepts, highlighting the distinct attributes of our dining
experience, and providing value to our cost-conscious guests. Our
successful execution of these key attributes will help ensure that we
maintain their loyalty in these trying times,” said Richard C.
Stockinger, Chief Executive Officer.
Development Activity
As previously announced, during the fourth fiscal quarter of 2009, the
Company continued its development of new restaurants, adding two new
Benihana teppanyaki locations to its portfolio. The Company opened in
Coral Springs, Florida, near the Coral Square Mall, and in Columbus,
Ohio, at Polaris Fashion Place. In addition, the Benihana teppanyaki
restaurant located in Memphis, Tennessee, which was previously destroyed
by a fire, was re-opened. Additionally, a second franchise location was
opened in Chile, during the fiscal fourth quarter.
During the first quarter of fiscal 2010, the Company is planning to open
three RA Sushi restaurants in Houston, Texas; Leawood, Kansas; and
Atlanta, Georgia, along with one Benihana teppanyaki restaurant in
Orlando, Florida.
About Benihana
Benihana Inc. (Nasdaq: BNHNA - News) (Nasdaq: BNHN - News) operates 95
restaurants nationwide, including 64 Benihana teppanyaki restaurants,
nine Haru sushi restaurants, and 22 RA Sushi Bar restaurants. Under
development at present are nine restaurants -- four Benihana teppanyaki
restaurants and five RA Sushi restaurants. In addition, 21 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.
ICR
Raphael Gross or Tom Ryan, 203-682-8200
