Benihana Inc. reported record revenues and earnings for the 16 weeks ended July 20, 1997, the company's ninth consecutive record quarter.
The company's fiscal year consists of 13 four-week periods ending on the Sunday closest to March 31.
Net earnings rose to $1,640,000, or 26 cents per share fully diluted, from $1,303,000 or 21 cents per share fully diluted for the prior year's quarter. Revenues climbed 7.8%, to $27,589,000 from $25,605,000.
Joel Schwartz, Benihana president, noted that comparable unit sales increased more than 7%, and customer counts were up 7.6 %. "The popularity of the Benihana dining experience enables us to record consistent gains in these important measurements without significantly increasing menu prices," Schwartz said.
"Benihana is entering an exciting new period in its development, propelled by outstanding unit economics, a solid balance sheet and the successful execution of our strategy for top line growth. Last week, we entered into an agreement to acquire the nine-unit Samurai and Kyoto restaurant chains owned by Rudy's Restaurant Group, and opened our third Benihana Grill restaurant. The newest Grill, in the Sugar Land suburb of Houston, follows last month's opening of a Grill in Turtle Creek, Texas, near Dallas," Schwartz continued.
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