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.
Highlights
- Total 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.
CEO Comment
Eric 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.
"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 to demonstrate their ability to steadily
rebuild customer traffic after reopening.
"Cash is building. We are pleased to be back in the hunt for new
Bombshells locations and club acquisitions, and we are reviewing
proposals to refinance our real estate debt to take advantage of
the increased value of our new Bombshells locations and lower
interest rates.
"We greatly appreciate the loyalty of our customers. Special
thanks to our team members for making all our successes possible.
All customers are urged to continue to wear masks and follow
Covid-related guidelines wherever they go so we can stay safe,
remain open, serve our guests, and keep our team members
working.
"We anticipate filing our 10-K and reporting full 4Q20 and FY20
financial results by December
14."
Total Club & Restaurant Sales ($ in millions)
|
April
|
May
|
June
|
July
|
August
|
September
|
Nightclubs
|
$0.0
|
$1.2
|
$4.6
|
$2.9
|
$4.0
|
$6.0
|
Bombshells
|
$0.0
|
$4.3
|
$4.2
|
$4.7
|
$5.4
|
$5.4
|
Total
|
$0.0
|
$5.5
|
$8.8
|
$7.6
|
$9.4
|
$11.4
|
|
3Q20
|
4Q20
|
4Q vs.3Q
Δ
|
FY20
|
Nightclubs
|
$5.8
|
$12.9
|
+122.7%
|
$87.1
|
Bombshells
|
$8.5
|
$15.5
|
+82.1%
|
$43.2
|
Total
|
$14.3
|
$28.4
|
+98.5%
|
$130.3
|
- Sales do not include non-core operations and are preliminary
and subject to final closing.
- Due to Covid-related closures, not all locations were open
enough days, among other factors, to be included in 4Q20 same-store
sales calculations, which also affected FY20 SSS calculations.
- All references to "RCI Hospitality Holdings, Inc.", "company,"
"we," "our," and similar terms refer to RCI and/or its
subsidiaries, unless the context indicates otherwise.
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 document, including, but not limited to, the risks and
uncertainties associated with (i) operating and managing adult
businesses, (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) the impact of the coronavirus
pandemic, 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.