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Expansion Paying Off Big for Japanese Restaurant Chain

MIAMI-Locally headquartered Benihana Inc., operator of the country's largest chain of Japanese restaurants, reports strong first-half financial results. The gains came in the midst of the largest expansion in the company's 36-year history.

By Harold Kelman | Updated on October 31, 2000

MIAMI-Latest six-month revenues for the Benihana Japanese restaurant chain rose 20.3% from year-earlier results to $83.8 million. At the same time, operating profit increased 19.3% to $11.2 million.

However, net income for the latest fiscal half year was up more modestly to $4 million from $3.9 million in the same 1999 period.

The slower upturn in net income was partly the result of costs involved in opening new restaurants, according to Benihana president Joel A. Schwartz. Such costs reflect rents paid and other direct expenses incurred during the construction of new locations, as well as investments in pre-opening employee training, he says in a prepared statement.

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