SWRG Smith & Wollensky Restr Grp (MM)

Smith & Wollensky Announces May Sales Increase NEW YORK, June 1 /PRNewswire-FirstCall/ -- The Smith & Wollensky Restaurant Group, Inc. (NASDAQ:SWRG) today announced increased sales for the four-week fiscal month ended May 24, 2004. (Logo: http://www.newscom.com/cgi-bin/prnh/20020904/SWRGLOGO ) Total owned restaurant sales for the four-week period increased 21.0% from the four weeks ended May 26, 2003. Comparable owned restaurant sales for the fiscal month were up 14.8% from a year ago. Comparable owned sales include only units that have been open for 15 months or longer. Chairman and CEO Alan Stillman said, "While our sales trends overall remain very good, we should note that these comparisons benefited significantly from the later timing of the Memorial Day weekend in 2004. Our business is normally relatively slow over the holiday weekend, which was included in the May fiscal month last year but will fall in the June fiscal month in 2004." The Company also announced that it has finalized a previously disclosed agreement for a $2.0 million mortgage facility with Hibernia National Bank. The financing is secured by the Company's real property at its New Orleans restaurant. 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 17 restaurants, including Smith & Wollensky in New York, Miami Beach, Chicago, New Orleans, Las Vegas, Washington, D.C., Philadelphia, Columbus, Dallas and Houston. 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: Lauren Felice, RFBinder Partners, +1-212-994-7541, , for The Smith & Wollensky Restaurant Group, Inc.

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