Business
RCI Reports 3Q24 Club & Restaurant Sales & Other Updates
HOUSTON, July 11, 2024 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) reported club and restaurant sales for the fiscal third quarter ended
About this update from Rci Hospitality Holdings, Inc.
[{"type":"text","content":"HOUSTON, July 11, 2024 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) reported club and restaurant sales for the fiscal third quarter ended June 30, 2024. Sales do not include non-core operations and are subject to final closing. Full 3Q24 financial results are expected by August 8, 2024. The company also announced a new share buyback authorization, the withdrawal of its Colorado casino license applications, and a post-Hurricane Beryl update.\n\n \n \n \n \n \n \n\n \nNightclubs: Total sales of $62.4 million increased 0.7% compared to the year-ago quarter. The increase primarily reflected 1.7% same-store sales growth and two new and reformatted clubs, partially offset by the temporary closing of three clubs being reformatted to liquor from BYOB. Compared to 2Q24, total Nightclubs sales increased 5.9%.\nBombshells: Total sales of $13.1 million declined 8.9% compared to the year-ago quarter. This reflected a 16.2% decline in SSS, partially offset by three locations not in SSS: Bombshells in San Antonio and Stafford in Texas and Cherry Creek Food Hall & Brewery in Greenwood Village (CO) with its Bombshells Kitchen. Compared to 2Q24, total Bombshells sales increased 2.7%.\nBuyback Authorization: RCI's Board of Directors has authorized increasing the amount available under the company's share repurchase program by $25.0 million.\nCasino Withdrawal: Applications to operate casinos were formally withdrawn from the Colorado Division of Gaming. Plans are moving ahead in Central City to open Rick's Cabaret & Steakhouse without gambling and to sell other properties no longer needed.\nBeryl Update: After Hurricane Beryl made landfall in the greater Houston area, four Bombshells opened Monday, a fifth on Tuesday, and a club on Wednesday. The other two clubs and four Bombshells in the area are waiting for electricity to be restored. A couple of properties had minor damage that is being repaired, but not expected to affect operations.\nEric Langan, President & CEO of RCI, commented: \"As we said on our last conference call, we are going 'back to basics,' focusing on the core tenets of our capital allocation strategy, to concentrate on our core businesses, generate higher sales, cut costs, optimize underperforming locations, finish projects as fast and efficiently as possible, and buy back shares.\"\n\"To that end, we're pleased ...