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HOUSTON-With its stock option grant practices still under review, Landry’s Restaurants reported flat comp-store sales, but rising total sales and unit profits, the company announced today.

Revenues from continuing operations (which excludes Joe’s Crab Shack, sold in November 2006) for the first quarter of 2007 were $286.3 million, up 5% from the first quarter of 2006. Same-store sales for the company’s restaurants were essentially flat. The chain is offering only selected operating and financial information, as review results are expected to affect its 2006 and prior period results.

Consolidated unit level profit increased 7.5% over the prior year to $59.6 million. Unit level profit at the Golden Nugget for the first quarter of 2007 was $20.9 million versus $16.3 million in the comparable period in 2006.

Last year, the company’s board of directors began a voluntary internal review of its stock option practices dating to 1993. That review, completed in March, found no intentional backdating of options or fraud. An additional review, being conducted by the company’s audit committee with outside counsel, is under way and expected to be completed in the third quarter.

Landry’s operations include restaurants primarily under the names of Landry’s Seafood House, Chart House, Rainforest Café and Saltgrass Steak House, the Signature Group of restaurants such as Vic & Anthony’s and Grotto, as well as hotels, marinas, amusements, retailers, and the Golden Nugget Hotels and Casinos in Las Vegas and Laughlin, NV.

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