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 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.
ICR
Raphael Gross or Tom Ryan, 203-682-8200
