SWRG Smith & Wollensky Restr Grp (MM)

Smith & Wollensky Announces November Sales Increase NEW YORK, Dec. 2 /PRNewswire-FirstCall/ -- The Smith & Wollensky Restaurant Group, Inc. today announced increased sales for the four-week fiscal month ended November 24, 2003. (Logo: http://www.newscom.com/cgi-bin/prnh/20020904/SWRGLOGO ) Comparable owned restaurant sales for the fiscal month rose 14.5% from the corresponding month in 2002. Comparable owned sales include only units that have been open for 15 months or longer. Total owned restaurant sales for the four-week period increased 19.1% from a year ago. Chairman and CEO Alan Stillman said, "We remain pleased with our continuing strong sales momentum. November represents our 17th consecutive month of increased sales in comparable owned units, and we are encouraged by the early signs we are seeing of improving sales trends in our New York City restaurants." Mr. Stillman continued, "In light of the continuing pressure on our profitability from the historically high cost of prime beef, we have recently taken advantage of an opportunity to hedge a modest portion of our future beef requirements through a combination of futures and option contracts." The Company also announced that it has finalized a previously disclosed agreement for a $2.0 million two-year secured revolving credit facility with Morgan Stanley Dean Witter Commercial Financial Services, Inc. About Smith & Wollensky Restaurant Group The Smith & Wollensky Restaurant Group develops, owns and operates high-end, high-volume restaurants in major cities across the United States. The original Smith & Wollensky, a traditional New York steakhouse, opened in 1977 and is currently believed to be the largest-grossing a la carte restaurant in the country. Since its inception, the company has grown to include 16 restaurants, including Smith & Wollensky in New York, Miami Beach, Chicago, New Orleans, Las Vegas, Washington, D.C., Philadelphia, Columbus and Dallas. SWRG also operates seven other restaurants in New York and Chicago, including Cite, Maloney & Porcelli, Manhattan Ocean Club, Mrs. Park's Tavern, ONEc.p.s., Park Avenue Cafe and The Post House. Except for historical information contained herein, the statements made in this press release regarding the Company's business, strategy and results of operations are forward-looking statements which are based on management's beliefs and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are subject to a number of risks and uncertainties that could cause actual results to differ materially from such statements. Factors that may cause such differences include changes in economic conditions generally or in each of the markets in which the Company is located, unanticipated changes in labor or food costs, changes in consumer preferences, the level of competition in the high-end segment of the restaurant industry and the success of the Company's growth strategy. For a more detailed description of such factors, please see the Company's filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. http://www.newscom.com/cgi-bin/prnh/20020904/SWRGLOGODATASOURCE: The Smith & Wollensky Restaurant Group, Inc. CONTACT: Investors - Lauren Felice of RFBinder Partners, +1-212-994-7541, , for The Smith & Wollensky Restaurant Group, Inc.

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