Business
RCI Reports 2Q22 Club and Restaurant Sales; Strong Performance Continuing
HOUSTON, April 12, 2022 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) reported sales for its Nightclubs and Bombshells restaurants for the
About this update from Rci Hospitality Holdings, Inc.
[{"type":"text","content":"HOUSTON, April 12, 2022 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) reported sales for its Nightclubs and Bombshells restaurants for the fiscal 2022 second quarter ended March 31, 2022. Sales do not include non-core operations and are preliminary and subject to final closing. Full 2Q22 financial results are expected by May 10.\n\n \n \n \n \n \n \n\n \nEric Langan, President and CEO of RCI Hospitality Holdings, Inc., said, \"We had a strong 2Q22, with favorable trends in March and new developments expected to benefit 3Q22 and 4Q22. As we have seen a return to more normal everyday life around the country, people just want to go out and have fun.\"\nTotal Club & Restaurant Sales: RCI reported total club and restaurant sales of $63.0 million and $124.2 million for the second quarter and first six months of FY22, respectively.Record $24 Million March Sales: While January was affected by Omicron and February by severe weather, March was a record month, with approximately $24 million in sales.October Acquisitions Improving: The 11 acquired clubs added $8.4 million in sales or approximately 93% of their pre-COVID, January-March 2019 sales and 95% of their March 2019 sales.Northern Clubs Rebounding: Sales for eight Northern clubs (excluding recent acquisitions) hit a 12 month high in March. These clubs, which traditionally do substantial VIP business, were most affected by prior COVID restrictions.Other New Locations Doing Well: Another club acquired in November and the Bombshells that opened in December also continued to perform well in 2Q22.Ongoing Share Buybacks: More than 55,000 shares were purchased during 2Q22 and 3Q22 to date, for approximately $3.4 million, or an average of $62.02 per share.Non-Income Producing Property Sales: An excess parcel of real estate was sold for $2.1 million in 2Q22. Two more under contract for sale, for a total of $7.7 million, are expected to close by year end FY22.New & Reopened Locations: Scarlett's Cabaret Louisiana (formerly Temptations) opened late 2Q22. Another rebranded/reformatted club and the first Bombshells franchise are expected to open in San Antonio in 3Q22. During 2Q22, a property for the 12th company-owned Bombshells was acquired using bank financing.Harnessing New Technology to Drive Club Traffic: Tootsie's and Scarlett's Cabarets in Miami became the company's first ...