Benihana Inc. (BNHNA) recently announced that its total restaurant sales and comparable restaurant sales for the first four weeks (July 19–August 15, 2010) of the second fiscal quarter 2011 increased from the comparable period of the second fiscal quarter 2010. Sales improved primarily due to solid performance in teppanyaki restaurants partially offset by sluggish
sales at RA Sushi and Haru concepts.
Total restaurant sales spiked 4.2% to $25.2 million year over year, and company-wide comparable restaurant sales increased 4.3%. This was the sixth consecutive period of increased comparable restaurant sales. The growth in performance was aided by sustained momentum in traffic gain resulting from Benihana’s implementation of a renewal program, which drew both new and lapsed guests.
There were a total of 388 store-operating weeks during the first four weeks of the second quarter compared with a total of 393 store-operating weeks during the comparable period of 2010.
By concept, comparable restaurant sales at Benihana Teppanyaki climbed 7.3% backed by a handsome 9.7% traffic gain. Traffic was driven by the Chef’s Special promotions, including “shrimp and chicken for 2” for $35 as well as “hibachi steak for 2” for $37.
On the flip side, comparable restaurants sales were down 1.2% at RA Sushi and 0.6% at Haru mainly hurt by the softness in the broader economy resulting in increased unemployment rate and lower consumer confidence. However, the rate of decline in sales was marginal from year-ago sales levels.
Benihana operates 97 restaurants, including 63 Benihana teppanyaki restaurants, nine Haru sushi restaurants and 25 RA Sushi Bar restaurants. There are 20 franchised Benihana teppanyaki restaurants operating in the U.S., Latin America and the Caribbean.
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