SWRG Smith & Wollensky Restr Grp (MM)

The Smith & Wollensky Restaurant Group Announces August Sales NEW YORK, Aug. 30 /PRNewswire-FirstCall/ -- The Smith & Wollensky Restaurant Group, Inc. (NASDAQ:SWRG) today announced sales for the fiscal month August 2004. Total consolidated restaurant sales for the month ended August 23, 2004 were approximately $7.3 million, an increase of 6.5% from August 2003. Comparable consolidated restaurant sales decreased 0.8% to $6.8 million, as compared to the $6.9 million for August 2003. Comparable consolidated sales include only units that have been open for 15 months or longer. Chairman and CEO Alan Stillman said, "Given the Company's past twenty-five consecutive months of sales increases, we are disappointed with the August figures, which we attribute in part to heightened security concerns among business and leisure travelers, as well as unusual weather in Southern Florida. We continue to concentrate on the anticipated opening of the Boston unit in September and the promotion of our other owned New York concepts." 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. DATASOURCE: The Smith & Wollensky Restaurant Group, Inc. CONTACT: Investors, Allison Good, The Smith & Wollensky Restaurant Group, +1-212-838-2061, Web site: http://www.smithandwollensky.com/

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