SWRG Smith & Wollensky Restr Grp (MM)

Smith & Wollensky Announces February Sales Increase NEW YORK, Feb. 26 /PRNewswire-FirstCall/ -- The Smith & Wollensky Restaurant Group, Inc. today announced increased sales for the four-week fiscal month ended February 23, 2004. Total owned restaurant sales for the four-week period increased 22.7% from the corresponding period in 2003. Comparable owned restaurant sales for the fiscal month were up 6.6% from a year ago. Comparable owned sales include only units that have been open for 15 monthsor longer. Chairman and CEO Alan Stillman said, "We are very pleased with our continued strong sales momentum in February, which represents our 20th consecutive month of positive comparable sales. This gain was achieved on top of a solid performance a year ago - comparable owned restaurant sales for the February 2003 fiscal month had increased 4.5% from February 2002." Mr. Stillman continued, "We remain very pleased with initial sales trends at our newest Smith & Wollensky restaurant in Houston, Texas, which opened on January 19th. In Boston, Massachusetts, where we plan to open our next new restaurant this fall, preliminary construction work and other preparations are proceeding as scheduled." 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 thelargest-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 differencesinclude 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: Smith & Wollensky Restaurant Group, Inc. CONTACT: Lauren Felice of RFBinder Partners, +1-212-994-7541, for Smith & Wollensky Web site: http://www.rfbinder.com/

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