Business
RCI Reports 4Q20 Club & Restaurant Sales, Reflecting Continued Rebound
HOUSTON, Oct. 8, 2020 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today reported sales for its Nightclubs and Bombshells restaurants for the
About this update from Rci Hospitality Holdings, Inc.
[{"type":"text","content":"HOUSTON, Oct. 8, 2020 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today reported sales for its Nightclubs and Bombshells restaurants for the Fiscal 2020 fourth quarter ended September 30, 2020. Results reflect continued rebound from April when all locations were closed due to the Covid-19 pandemic.\nHighlights\nTotal club and Bombshells sales of $28.4 million in 4Q20 (up 98.5% from 3Q20) with 24 locations open the duration of the quarter and 44 by period end. FY20 club and Bombshells sales totaled $130.3 million. Bombshells sales of $15.5 million in 4Q20 (up 82.1% from 3Q20) with 8 of 10 locations open the duration of the quarter. FY20 Bombshells sales totaled $43.2 million. Same-store sales increased 50.4% and 18.3% for 4Q20 and FY20, respectively, from the prior year. Club sales of $12.9 million in 4Q20 (up 122.7% from 3Q20) with 16 locations open the duration of the quarter and 34 by period end. FY20 club sales totaled $87.1 million. Same-store sales declined only 13.2% and 9.0% for 4Q20 and FY20, respectively, from the prior year. As of today, 46 of 48 locations are open (10 Bombshells and 36 clubs). The five large clubs in Florida and New York City reopened at the end of 4Q20. One of the two clubs not open is a smaller Louisiana location damaged by a recent hurricane, covered by insurance, and planned to be rebuilt. All locations continue to limit occupancy in accordance with Covid safety plans. Not all clubs are operating at full schedules, in line with other government restrictions. Some above-mentioned locations open all three months in 4Q20 were closed a few days for deep cleaning.Also, during 4Q20, Gentlemen's Club EXPO, the industry's national convention, tradeshow and awards, was rescheduled to May 2021 in Miami from October 2020 in Las Vegas.\nCEO Comment\nEric Langan, President & CEO, said, \"We are excited to have 46 of 48 locations open with both employees and entertainers back at work and being able to provide for their families again.\n\"The geographic and format diversity of our locations, the resiliency of our businesses, and the agility of our teams continue to prove successful. The Bombshells chain is doing fantastic even as other restaurants reopen in Texas. Recently initiated third-party delivery services also contributed to Bombshells' 4Q20 sales. In addition, most clubs are continuing ...