Business
RCI Reports 2Q24 Sales, Development Updates & Share Buybacks; Holding X Spaces Call at 4:30 PM ET Today
HOUSTON, April 9, 2024 /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 9, 2024 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) reported sales for its Nightclubs and Bombshells restaurants for the fiscal second quarter ended March 31, 2024 of $71.7 million, an increase of 1.3% or $0.9 million compared to the year-ago period. Sales do not include non-core operations and are subject to final closing. Full 2Q24 financial results are expected by May 9, 2024.\n\n \n \n \n \n \n \n\n \nRCI is holding a related conference call on X Spaces at 4:30 PM ET. The call is being hosted by RCI President & CEO Eric Langan, CFO Bradley Chhay, and Mark Moran of Equity Animal. Links to the call and presentation will be available at https://www.rcihospitality.com/investor-relations/. To ask questions during Q&A, you need to use a mobile phone. To listen only, you can use a computer. If you haven't done so, sign up for X as there will be no telephone or webcast access.\nEric Langan, President & CEO of RCI, said: \"During 2Q24, increases in sales from last year's acquisitions and new locations more than offset year-over-year declines in same-store sales and from clubs in transition. While we continue to work at improving SSS, we have made noticeable progress with our development schedule, acquisitions, capital management, and share buybacks.\"\nSales\nNightclubs: Sales totaled $59.0 million, an increase of 4.2% or $2.4 million year-over-year. 2Q24 reflected increases of $7.4 million from acquisitions not in SSS. 2Q24 also reflected declines of 5.7% or $2.9 million in SSS and of $2.1 million from clubs reopened, reformatted or closed during or prior to the quarter.Bombshells: Sales totaled $12.8 million, a decline of 10.4% or $1.5 million year-over-year. 2Q24 reflected increases of $1.2 million from locations not in SSS: Cherry Creek Food Hall in Greenwood Village (CO) with its Bombshells Kitchen, Bombshells San Antonio (TX), and Bombshells Stafford (TX). 2Q24 also reflected declines of 20.5% or $2.7 million in SSS. Bombshells didn't start implementing previously announced management and marketing changes and cost cutting until mid-February 2024.Development Schedule & Acquisitions\nNightclubs: PT's Centerfold Gentlemen's Club in Lubbock (TX), a new BYOB club, opened the third week of March 2024. Baby Dolls Abilene (TX), a reformatted liquor club, opened the first week of April 2024. Two of our ...