Benihana Inc. (NASDAQ: BNHNA, BNHN), operator of the nation's largest chain of Japanese theme and sushi restaurants, today reported total restaurant sales as well as comparable restaurant sales for the twelve-week fourth fiscal quarter and fifty-two week fiscal 2008 year ended March 30, 2008.
Total restaurant sales for the twelve-week period ended March 30, 2008 decreased 2.0% to $69.8 million from $71.2 million in the thirteen-week period ended April 1, 2007. During the prior fiscal year, the Company realized an additional 75 store-operating weeks during the fourth fiscal quarter, as a result of a 53-week fiscal year. Excluding the additional operating week in fiscal 2007, which resulted in $5.5 million in restaurant sales, total revenues increased 6.2% over the fourth quarter a year ago. For the fourth fiscal quarter 2008, Benihana teppanyaki represented approximately 71% of consolidated restaurant sales, while RA Sushi and Haru accounted for 17% and 12% of consolidated restaurant sales, respectively. There were a total of 971 store-operating weeks in the fourth fiscal quarter of 2008 compared to 975 store-operating weeks in the fourth fiscal quarter of 2007 (900 store-operating weeks excluding the additional operating week in the fourth quarter last year).
For the fourth fiscal quarter 2008, on a comparable twelve-week basis, Company-wide comparable restaurant sales were (2.2%), including (0.6%) at Benihana teppanyaki, (8.4%) at RA Sushi, and (2.9%) at Haru.
Total restaurant sales for the fifty-two week fiscal year ended March 30, 2008 increased 8.9% to $295.2 million from $271.1 million in the fifty-three week fiscal year ended April 1, 2007. During the prior fiscal year, the Company realized an additional 75 store-operating weeks during the fiscal year, as a result of a 53-week fiscal year. Excluding the additional operating week in fiscal 2007, which resulted in $5.5 million in restaurant sales, total revenues increased 11.1% over the year ago period. For fiscal 2008, Benihana teppanyaki represented approximately 73% of consolidated restaurant sales, while RA Sushi and Haru accounted for 15% and 12% of consolidated restaurant sales, respectively. There were a total of 4,115 store-operating weeks in fiscal 2008 compared to 3,832 store-operating weeks in fiscal 2007 (3,757 store-operating weeks excluding the additional operating week in the fiscal year).
For fiscal 2008, on a comparable fifty-two week basis, Company-wide comparable restaurant sales increased 2.4%, including 2.9% at Benihana teppanyaki, (1.0%) at RA Sushi, and 3.6% at Haru.
'While total restaurant sales exceeded our guidance, we continue to operate in a very challenging economic environment, as evidenced by the negative comparable sales during the fourth quarter. In view of the generally difficult environment, we do not foresee the additional top-line sales resulting in incremental benefits to our bottom-line, and therefore reiterate our previous cost guidance for the fiscal year,' said Joel A. Schwartz, Chairman and Chief Executive Officer.
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