RCI Hospitality Sees Sales Uplift In Nightclubs, Challenges In Bombshells For 1Q24

RCI Hospitality Holdings Inc RICK reported preliminary first-quarter FY24 sales of $73.3 million for its Nightclubs and Bombshells restaurants, an increase of 5.9% year-over-year.

Nightclubs sales totaled $60.6 million, an increase of 8.4% Y/Y, reflecting an increase of $8.9 million from FY23 acquisitions that are not in same-store sales.

Bombshells sales totaled $12.7 million, a decline of 4.6% YoY. Same-store sales declined 9.8% YoY, with Nightclubs at -7.2% and Bombshells at -20.3%.

"First quarter sales benefited from acquisitions and new locations. While same-store sales declined year-over-year, the trend improved over the course of the quarter, as we had hoped, due to the strength of Nightclubs, which is a good sign," commented Eric Langan, President & CEO of RCI.

The company reports that, as expected, nightclubs encountered tough comparisons due to the fading impact of RCI's post-COVID "bounce," which diminished throughout the corresponding quarter last year.

Full 1Q24 financial results are expected before February 9, 2024.

Price Action: RICK shares are trading lower by 2.97% at $62.18 on the last check Tuesday.

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