Landry's Restaurants Sales, Profits Up in Q1

HOUSTON-With its stock option grant practices still under review, Landry’s Restaurants reported flat comp-store sales, but rising total sales and unit profits, the company announced today.

Revenues from continuing operations (which excludes Joe’s Crab Shack, sold in November 2006) for the first quarter of 2007 were $286.3 million, up 5% from the first quarter of 2006. Same-store sales for the company’s restaurants were essentially flat. The chain is offering only selected operating and financial information, as review results are expected to affect its 2006 and prior period results.

Consolidated unit level profit increased 7.5% over the prior year to $59.6 million. Unit level profit at the Golden Nugget for the first quarter of 2007 was $20.9 million versus $16.3 million in the comparable period in 2006.