HOUSTON, April 11,
2023 /PRNewswire/ -- RCI Hospitality Holdings, Inc.
(Nasdaq: RICK) reported sales for its Nightclubs and Bombshells
restaurants of $70.8 million for the
fiscal second quarter ended March 31,
2023, a 12.3% year-over-year (YoY) increase. Sales do not
include non-core operations and are preliminary and subject to
final closing. Full 2Q23 financial results are expected on or
around May 10.
Eric Langan, President & CEO
of RCI, said: "Nightclubs sales totaled $56.6 million, an increase of 18.6% YoY,
reflecting organic growth and acquisitions. Sales of clubs owned
prior to FY22 increased 2.1% YoY as we more than offset
intermittent softness at some blue collar clubs and clubs affected
by bad weather or other local conditions. Congratulations to the
management team at the 11 clubs acquired October 2021 for a 19.5% YoY sales increase. With
regard to Bombshells, we are still in the process of implementing
our turnaround program."
Club & Restaurant Sales ($ in Millions)
|
2Q23 Total
Sales
|
Total Sales vs.
2Q22
|
Same-Store Sales vs.
2Q22
|
Combined
|
$70.8
|
+12.3 %
|
+0.2 %
|
Nightclubs
|
$56.6
|
+18.6 %
|
+3.7 %
|
Bombshells
|
$14.3
|
-7.1 %
|
-12.1 %
|
|
|
6M23 Total
Sales
|
Total Sales vs.
6M22
|
Same-Store Sales vs.
6M22
|
Combined
|
$140.1
|
+12.8 %
|
-1.2 %
|
Nightclubs
|
$112.5
|
+19.6 %
|
+2.6 %
|
Bombshells
|
$27.6
|
-8.3 %
|
-13.0 %
|
|
2Q23 Notes
- Club sales included $15.1 million
from the acquisitions of 15 clubs acquired in FY22, $1.8 million from the six clubs acquired in FY23
to date, and $1.2 million from three
renamed/reformatted clubs reopened in FY22-FY23.
- Of the above-mentioned clubs, the 12 clubs acquired in
October-November of 2021 became part of same-store sales as of
2Q23.
- Restaurant sales included $1.3
million from Bombshells San Antonio (acquired from a
franchisee in February 2023) and
Grange Food Hall (acquired in December
2022, but being remodeled in the March quarter). Bombshells
Arlington (opened December 2021) faced challenging comparisons due
to 2Q23 highway closures and a strong year-ago "honeymoon"
performance.
- Revenues from non-core operations, such as third-party rents,
and Other segment revenues, are not included in Nightclubs and
Bombshells sales above.
- 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.
About RCI Hospitality Holdings, Inc. (Nasdaq: RICK)
(Twitter: @RCIHHinc)
With more than 60 locations, RCI Hospitality Holdings, Inc.,
through its subsidiaries, is the country's leading company in adult
nightclubs and sports bars/restaurants. See all our brands at
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,
including, but not limited to, the risks and uncertainties
associated with (i) operating and managing an adult entertainment
or restaurant 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 or restaurant
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, 2022, 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.