SMRG posts 3.6% gain in April comp sales

NEW YORK The Smith & Wollensky Restaurant Group Inc., operator of 13 restaurants, including nine namesake steakhouses, said same-store consolidated restaurant sales were $8.2 million in April, a 3.6 percent decrease from the same period of last year.

The comparable sales are tallied only from units open 15 months or longer. Total consolidated restaurant sales for April were about $9.0 million, the company reported, down 4.4 percent from the same month a year ago.

Smith & Wollensky’s sales also fell in March, amid a bidding war for the brand between Patina Restaurant Group principles and Landry’s Restaurants Inc. The latest offer, made earlier this week, was about $90 million, or $11 per share, from Patina principles Nick Valenti and Joachim Splichal, who have teamed with private-equity firm Bunker Hill Capital LP.

Previously, Houston-based restaurant operator Landry’s had offered $9.75 per share, an offer that trumped its first offer of $7.50 per share and Patina’s counter offer of $9.25 per share.

MarketWatch estimates SWRG’s earnings before interest, taxes, depreciation and amortization, or EBITDA, at $9.2 million, and calculated its market capitalization at $95 million.