HOUSTON, Jan. 12, 2021 /PRNewswire/ -- RCI
Hospitality Holdings, Inc. (Nasdaq: RICK) today reported sales for
its Nightclubs and Bombshells restaurants for the fiscal 2021 first
quarter ended December 31, 2020.
Results reflect a continued rebound from April 2020 when all locations were closed due to
the COVID-19 pandemic.
1Q21 vs. 1Q20
- Total club and restaurant sales: $37.8
million compared to $47.8
million (-20.9%)
- Consolidated same-store sales: $30.4
million compared to $30.9
million (-1.5%)
- Nightclubs total sales: $24.8
million compared to $37.4
million (-33.7%)
- Nightclubs same-store sales: $20.7
million compared to $22.2
million (-6.8%)
- Bombshells total sales: $13.0
million compared to $10.3
million (+25.4%)
- Bombshells same-store sales: $9.8
million compared to $8.7
million (+12.0%)
Open Status
- During 1Q21, 24 clubs were open during the full quarter and 26
by period end, and all 10 Bombshells were open
- During 1Q20, 38 clubs were open, and the ninth Bombshells
opened October 2019
- As of yesterday, 39 of 48 locations were open (10 Bombshells
and 29 Clubs)
- All locations continue to limit occupancy in accordance with
coronavirus safety plans, and not all clubs are operating at full
schedules, in line with local government restrictions
CEO Comment
Eric Langan, President & CEO,
said, "We are pleased to continue to have strong results through
the COVID pandemic. We'll still have to manage the ups and downs of
COVID restrictions for at least the next two quarters, but are
hopeful more locations will reopen and stay open as vaccine
distribution ramps up.
"First quarter club sales reflected more locations open on a
more consistent basis versus last quarter. Most clubs that were
open continued to rebuild customer traffic. This was partially
offset by the need to keep locations in New York City, Illinois, Minneapolis, and some other markets closed due
to COVID restrictions.
"Bombshells continued its momentum with record first quarter
sales, the signing of our first franchise agreement, and more
interest from potential franchisees.
"We greatly appreciate the loyalty of our customers. Special
thanks to our team members for making everything possible. We
require all customers to follow COVID-related guidelines in our
establishments so we can stay safe, remain open, serve our guests,
and keep our team members working. We anticipate filing our 10-Q
and reporting full 1Q21 financial results by February 9."
Notes
- 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 1Q21 same-store
sales 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 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) the impact of the COVID-19
pandemic, and (vii) numerous other factors such as laws governing
the operation of adult entertainment businesses, competition and
dependence on key personnel. For more detailed discussion of such
factors and certain risks and uncertainties, see RCI's annual
report on Form 10-K for the year ended September 30, 2020 as well as its other filings
with the U.S. Securities and Exchange Commission. 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.