Benihana Sales Sizzle in 4Q and Full Year

Total sales for the last three months of fiscal 2002 ended March 31 were $170 million versus $161.9 million in fiscal 2001. Full-year revenue totaled $170 million compared to $161.9 million the previous year.

The Haru restaurants logged sales of $4.3 million in the fourth quarter, up 95.5% from $2.2 million in fiscal 2001. But the regular Benihana-concept restaurants and the two Sushi Doraku restaurants were in the negative sales column for both the quarter and full year.

Sushi Doraku units booked $500,000 in sales, down 16.7% from $600,000 in fourth quarter 2001. The 52 regular, teppanyaki-style Benihana restaurants showed fourth-quarter sales of $37.7 million versus $39.1 million the previous year.

For the full year, the Haru restaurants recorded sales of $14.3 million, a 60.7% increased over $8.9 million in fiscal 2001. The regular Benihana restaurants had sales of $153.8 million compared to $150.9 million previously. But the Sushi Doraku restaurants were down 9.5% booking sales of $1.9 million versus $2.1 million in fiscal 2001.

The lower sales, however, aren't affecting the company's growth plans, Benihana president Joel A. Schwartz says in the prepared statement. "Our plans are to continue to add new restaurants on a selective basis, with four Benihana units now under development which clearly are paying off," Schwartz says.