HOUSTON, Oct. 8, 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 fourth quarter and fiscal year ended September 30, 2019.
4Q19 vs. 4Q18
- Total club and restaurant sales: $44.0
million compared to $39.4
million – up 11.8%
- Consolidated same-store sales: $38.0
million compared to $37.4
million – up 1.5%
- Nightclubs total sales: $35.5
million compared to $33.8
million (37 units in both periods) – up 4.9%
- Nightclubs same-store sales: $32.6
million compared to $32.9
million – down 0.9%
- Bombshells total sales: $8.5
million compared to $5.5
million (8 units vs. 6) – up 53.9%
- Bombshells same-store sales: $5.3
million compared to $4.5
million – up 19.4%
FY19 vs. FY18
- Total club and restaurant sales: $177.8
million compared to $163.0
million – up 9.1%
- Consolidated same-store sales: $154.9
million compared to $155.4
million – down 0.3%
- Nightclubs total sales: $146.9
million compared to $138.9
million – up 5.8%
- Nightclubs same-store sales: $136.1
million compared to $135.3
million – up 0.6%
- Bombshells total sales: $30.8
million compared to $24.1
million – up 27.9%
- Bombshells same-store sales: $18.9
million compared to $20.1
million – down 6.1%
CEO Comment
Eric Langan, President and CEO,
said: "Both new and existing Nightclubs and Bombshells continued to
perform well in 4Q19, producing record total club and restaurant
sales for both the quarter and the year. 4Q19 Nightclubs same-store
sales were off less than $300K
year-over-year, which was particularly impressive given 4Q18's
strong 6.1% same-store sales increase. 4Q19 Bombshells same-store
sales – up 19.4% -- continued to rebound. Restaurant same-store
sales are now up double-digits year-over-year four months in a
row."
Nightclubs
- New Rick's Cabaret clubs in Pittsburgh and Chicago—both acquired November
2018—added $2.9 million in 4Q19.
- Scarlett's St. Louis, which
was closed due to a small fire in May
2019 and not included in 4Q19's same-store sales, is
expected to reopen in November after remodeling.
- The second Studio 80, this one much smaller in Webster, TX, closed in July and was sold in
September.
Bombshells
- All of the "first five" Bombshells locations were included in
the 19.4% same-store sales increase in 4Q19 and in the year
ago period.
- Contribution from new units increased 38.3% to $3.2 million in 4Q19 from three Houston area locations—Pearland (opened
April 2018), I-10 (December 2018), and Tomball (March
2019).
- Two upcoming Houston locations
– Katy and US 59 – await final inspections and are anticipated to
open this month, which would expand the chain to a total of 10
units in Texas.
Notes
- Current and historical Nightclubs and Bombshells sales data in
quarterly sales news releases do not include revenues from non-core
operations.
- Sales numbers are preliminary and subject to final
closing.
- Unit counts are at period end.
- Effective 3Q19, Bombshells same-store sales 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.
- All references to the "company," "we," "our," and similar terms
include RCI Hospitality Holdings, Inc. and its subsidiaries, unless
the context indicates otherwise.
- Planned opening dates are subject to change due to weather,
which could affect construction schedules, and scheduling of final
municipal inspections.
About RCI Hospitality Holdings, Inc. (Nasdaq: RICK)
With more than 40 units, RCI Hospitality Holdings, Inc., through
its subsidiaries, is the country's leading company in gentlemen's
clubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas/Ft.
Worth, Houston,
Miami, Minneapolis, St.
Louis, Charlotte, Pittsburgh, and other markets operate under
brand names, such as Rick's Cabaret, XTC, Club Onyx, Vivid Cabaret,
Jaguars, Tootsie's Cabaret, and Scarlett's Cabaret. Sports
bars/restaurants operate under the brand name Bombshells Restaurant
& Bar. Please visit http://www.rcihospitality.com
Forward-Looking Statements
This press release may contain forward-looking statements that
involve a number of risks and uncertainties that could cause the
company's actual results to differ materially from those indicated
in this press release, including, but not limited to, the risks and
uncertainties associated with (i) operating and managing an adult
business, (ii) the business climates in cities where it operates,
(iii) the success or lack thereof in launching and building the
company's businesses, (iv) cyber security, (v) conditions relevant
to real estate transactions, (vi) our ability to maintain
compliance with the filing requirements of the SEC and the Nasdaq
Stock Market, and (vii) numerous other factors such as laws
governing the operation of adult entertainment businesses,
competition and dependence on key personnel. The company has no
obligation to update or revise the forward-looking statements to
reflect the occurrence of future events or circumstances.
Media & Investor Contacts
Gary Fishman and Steven Anreder at 212-532-3232 or
gary.fishman@anreder.com and steven.anreder@anreder.com
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SOURCE RCI Hospitality Holdings, Inc.