Business
RCI Reports 3Q19 Club & Restaurant Total Sales Up 9.9%
HOUSTON, July 9, 2019 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced total and same-store sales for its Nightclubs and
About this update from Rci Hospitality Holdings, Inc.
[{"type":"text","content":" HOUSTON, July 9, 2019 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced total and same-store sales for its Nightclubs and Bombshells restaurants for the Fiscal 2019 third quarter ended June 30, 2019.\n\n \n3Q19 vs. 3Q18\nTotal club and restaurant sales: $46.2 million compared to $42.1 million – up 9.9% Consolidated same-store sales: $39.1 million compared to $39.6 million – down 1.4% Nightclubs total sales: $37.5 million compared to $34.9 million (38 units in both periods) – up 7.2% Nightclubs same-store sales: $34.2 million compared to $34.1 million – up 0.1% Bombshells total sales: $8.8 million compared to $7.1 million (8 units vs. 6) – up 23.0% Bombshells same-store sales: $4.9 million compared to $5.5 million – down 10.6%Effective 3Q19, Bombshells same-store sales now include locations open at least 18 months versus 12 months so the calculation is not affected by the \"honeymoon\" period experienced in the first six months of a new unit when revenues are higher compared to more normalized subsequent rates. This change in methodology is based on more than six years of experience successfully building out the restaurant chain and is in keeping with industry practices for casual dining chains owned by a number of larger publicly traded companies. Nightclubs are not affected by this change as nearly all have been acquired and had prior operating histories.\nCEO Comment\nEric Langan, President and CEO, commented: \"New Nightclubs and Bombshells restaurants continued to perform very well in 3Q19, helping to generate record total club and restaurant sales.\n\"Looking at same-store sales, Nightclubs were slightly ahead year-over-year, which was particularly impressive given that it was on top of 3Q18's 5.1% increase, while Bombshells continued to rebound, crossing over into positive year-over-year monthly comparisons in June 2019 for the first time in 12 months.\n\"During 3Q19, we also sold or leased four more non-income producing-properties in line with our capital allocation strategy. We hope to conclude the sale or lease of remaining non-income-producing properties by year-end FY19 or early FY20.\"\nNightclubs\nNew clubs added $3.0 million from Rick's Cabarets in Pittsburgh and Chicago (both acquired November 2018) and a smaller club in Kappa, IL (acquired at the end of May 2018 and part of same-store...