The Smith & Wollensky Restaurant Group Announces January Sales

Market Wire, February, 2006

The Smith & Wollensky Restaurant Group, Inc. (NASDAQ: SWRG) today announced sales for the fiscal month January 2006. As the Company has previously announced, the Smith & Wollensky location in New Orleans closed on August 28, 2005 due to Hurricane Katrina and its aftermath and remains closed at this time. In addition, Manhattan Ocean Club was closed on December 31, 2005. The Company is currently developing a new restaurant in the space that formerly housed the Manhattan Ocean Club and is planning a Spring 2006 opening. Sales figures for both restaurants have been omitted from comparable consolidated restaurant sales results.

Total consolidated restaurant sales for the fiscal month ended January 30, 2006 were approximately $9.0 million, a 7.2% decrease from January 2005. Comparable consolidated restaurant sales increased 0.9% to $9.0 million for January 2006, as compared to the $8.9 million for January 2005. Comparable consolidated restaurant sales include only units that have been open for 15 months or longer and, as mentioned above, exclude the Smith & Wollensky location in New Orleans and the Manhattan Ocean Club.

About Smith & Wollensky Restaurant Group

The Smith & Wollensky Restaurant Group develops and operates high-end, high-volume restaurants in major cities across the United States. The original Smith & Wollensky, a traditional New York steakhouse, opened in 1977 and is currently believed to be one of the largest-grossing à la carte restaurants in the country. Since its inception, the company has grown to include 16 restaurants, including Smith & Wollensky in New York, Miami Beach, Chicago, New Orleans, Las Vegas, Washington, D.C., Philadelphia, Columbus, Dallas, Houston, and Boston. SWRG also operates several other restaurants in New York, including Cité, Maloney & Porcelli, Park Avenue Café, and The Post House.

Except for historical information contained herein, the statements made in this press release regarding the Company's business, strategy and results of operations are forward-looking statements which are based on management's beliefs and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are subject to a number of risks and uncertainties that could cause actual results to differ materially from such statements. Factors that may cause such differences include changes in economic conditions generally or in each of the markets in which the Company is located, unanticipated changes in labor or food costs, changes in consumer preferences, the level of competition in the high-end segment of the restaurant industry and the success of the Company's growth strategy. For a more detailed description of such factors, please see the Company's filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact: Allison Good The Smith & Wollensky Restaurant Group Phone: 212-838-2061 Email: Email Contact