Business
RCI Reports 1Q23 Club & Restaurant Sales
HOUSTON, Jan. 10, 2023 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) reported sales for its Nightclubs and Bombshells restaurants of $69.2
About this update from Rci Hospitality Holdings, Inc.
[{"type":"text","content":"HOUSTON, Jan. 10, 2023 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) reported sales for its Nightclubs and Bombshells restaurants of $69.2 million for the fiscal first quarter ended December 31, 2022, a 13.3% year-over-year increase. Sales do not include non-core operations and are preliminary and subject to final closing. Full 1Q23 financial results are expected by February 9.\n\n \n \n \n \n \n \n\n \nEric Langan, President & CEO of RCI, said: \"As we indicated on our most recent conference call, nightclub sales remained high, reflecting strong contributions from acquisitions, increased VIP spend at many of our northern clubs, and reopened/reformatted clubs, all of which more than offset intermittent softness at some blue collar clubs compared to a year-ago. Also as we discussed, Bombshells faced difficult comparisons to the last year and a half when they benefited from a highly favorable macro-economic environment. Despite that, Bombshells 1Q23 average unit volume of $1.2 million was 5.2% higher compared to pre-COVID 1Q20. Looking ahead, FY22 club acquisitions will begin rolling into SSS in 2Q23. The segment should also benefit from full quarters of more recent acquisitions, and Bombshells should significantly improve as new locations open in FY24.\"\nClub & Restaurant Sales ($ in Millions)1Q23 Total Sales \nTotal Sales vs. 1Q22 \nSame-Store Sales vs. 1Q22 \nSSS vs. 1Q20 \nCombined \n$69.2\n+13.3 %\n-2.7 %\n+8.6 %\nNightclubs \n$55.9\n+20.7 %\n+1.2 %\n+10.0 %\nBombshells \n$13.3\n-9.7 %\n-13.9 %\n+3.6 %\nNotes1Q23 club sales included $15.3 million from the 15 clubs acquired in FY22 and one of the two clubs acquired in 1Q23. The other club will reopen later this year. Recently, RCI announced agreements to acquire five more clubs which should close in 2Q23.1Q23 club sales also included results from three renamed and reformatted clubs: Scarlett's Cabaret Louisiana, which opened March 2022; Scarlett's Cabaret San Antonio, which opened August 2022; and Jaguars Club San Antonio, which opened late December 2022.1Q23 restaurant sales included $1.3 million from Bombshells Arlington, which opened December 2021, and a small contribution from Grange Food Hall, which was acquired late December 2022.RCI bought back 1,500 shares for $97,530 at an average price per share of $65.02 in 1Q23.The COVID pandemic first impacted sal...