Business
RCI Reports 4Q22 Club & Restaurant Sales, Share Buybacks & Year-End Cash Position
HOUSTON, Oct. 11, 2022 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) reported sales for its Nightclubs and Bombshells restaurants of $70.0
About this update from Rci Hospitality Holdings, Inc.
[{"type":"text","content":"HOUSTON, Oct. 11, 2022 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) reported sales for its Nightclubs and Bombshells restaurants of $70.0 million for the fiscal fourth quarter ended September 30, 2022, a 28.8% year-over-year increase. Sales do not include non-core operations and are preliminary and subject to final closing. Full 4Q22 and FY22 financial results are expected by December 14.\n\n \n \n \n \n \n \n\n \nEric Langan, President & CEO of RCI, said: \"Fourth quarter Nightclub sales benefited from same-store growth and acquisitions. Bombshells had a soft July, but sales improved through the quarter and were up 7.4% year-over-year in September. Altogether, total club and restaurant sales nearly rivaled our strong 3Q22 performance even though the fourth quarter is typically our weakest. As sales return to traditional seasonal patterns, we look forward to a strong 1Q23.\"\nRCI also announced it bought back 54,473 shares for $3.0 million in 4Q22 and ended FY22 with approximately $35.6 million cash and cash equivalents after making the share repurchases as well as $12.6 million in 4Q22 payments to acquire clubs and property for new Bombshells locations.\nClub & Restaurant Sales ($ in Millions)4Q22 Total Sales\nTotal Sales vs. 4Q21\nSame-Store Sales vs. 4Q21\nCombined\n$70.0\n+28.8 %\n-1.3 %\nNightclubs\n$56.1\n+40.4 %\n+3.2 %\nBombshells\n$13.9\n-3.6 %\n-13.3 %\n \nFY22 Total Sales\nTotal Sales vs. FY21\nSame-Store Sales vs. FY21\nCombined\n$264.3\n+37.4 %\n+5.6 %\nNightclubs\n$204.5\n+50.6 %\n+10.1 %\nBombshells\n$59.8\n+5.5 %\n-4.6 %\nShare Buybacks4Q22\nFY22\nFY15-22\nRepurchased Shares\n54,473\n268,185\n2,049,032\nTotal Cash Used for Repurchase ($M)\n$3.0\n$15.1\n$40.0\nAverage Price Per Share\n$55.80\n$56.29\n$19.51\nNotesNew club acquisitions contributed sales of $14.9 million in 4Q22 and $41.9 million in FY22. Fifteen clubs were acquired in FY22: 11 in October, one in November, one in May, one at the end of July, and one that was acquired the end of July that reopened the end of August.Northern clubs continued to rebound. Sales also included results from two renamed and reformatted clubs -- Scarlett's Cabaret San Antonio, which opened mid-September, and Scarlett's Cabaret Louisiana, which opened March. Both were closed in the year-ago fourth quarter.Bombshells Arlington contributed sales of $1.4 million ...