Same-store sales came in at 9.2% year over year at the 13-location RA Sushi and 9.1% at Haru, which operates seven sushi eateries, for the fourth quarter ended April 1. The company is opening six RA Sushi's and two Haru's this year. "We believe we are in the early stages of an accelerated rollout," said Joel A. Schwartz, Benihana's chairman and chief executive officer, during its fourth-quarter conference call.
At the 59-store Benihana chain, same-store sales were up 4.7%. The company is opening two of those units this year and is remodeling the chain. Executives expect 17 units in the portfolio to be renovated by the end of the year and another four to start during the period. Renovations cost between $2 million and $2.3 million for each store.
Benihana's capital expenditures this year are expected to hit $60 million, up from last year's $37.5 million. Executives expect sales to reach between $300 million and $305 million during the period.
Fourth-quarter revenues came in at $71.6 million, up 17% from the same year-ago period. Restaurant profits dropped to $12.1 million from $12.3 million due to higher sales, labor and occupancy costs, executives say.
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