Benihana Q1 revenue increases to $100.8m
Benihana, an operator of restaurants in the US, has reported total revenues of $100.8m for the first quarter of fiscal 2011, an increase of 5% compared to $96m in the same quarter last year.
The company has posted total restaurant sales of $100.2m for the quarter, an increase of 5% compared to $95.5m in the previous year quarter.
The company has witnessed net income of $1.3m or $0.08 diluted earnings per share, compared to net income of $0.8m or $0.05 in diluted earnings per share, in the same quarter last year.
Company-wide comparable restaurant sales increased 2.4%, including 3.3% at Benihana teppanyaki and 2.4% at Haru. Comparable restaurant sales at RA Sushi remained essentially unchanged between periods.
During the quarter, Benihana teppanyaki represented approximately 65% of consolidated restaurant sales, while RA Sushi and Haru accounted for 25% and 10% of consolidated restaurant sales respectively. There were a total of 1,552 store-operating weeks in the first fiscal quarter of 2011, compared to 1,531 store-operating weeks in the first fiscal quarter of 2010.
Benihana CEO Richard Stockinger said that the company is encouraged by its quarterly performance, with solid top-line and operating income growth reflecting the strides the company is making under Renewal Program.
“Our team is successfully reinvigorating the Benihana teppanyaki brand and experience and enhancing our marketing efforts, while also managing costs effectively. We continue to attract an increasing number of guests at our flagship, and our ongoing execution of the Renewal Plan is expected to drive further sustained improvements in our results,” Stockinger said.
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