Preliminary First-Quarter Sales Overview
RCI Hospitality Holdings Inc RICK has reported preliminary first-quarter FY24 sales of $73.3 million for its Nightclubs and Bombshells restaurants, marking an increase of 5.9% year-over-year.
Sales for Nightclubs totaled $60.6 million, showing an 8.4% year-over-year increase, primarily attributable to a $8.9 million boost from FY23 acquisitions not included in same-store sales.
On the other hand, Bombshells sales amounted to $12.7 million, reflecting a 4.6% year-over-year decline. Same-store sales for Bombshells registered a 9.8% year-over-year decrease, with Nightclubs at -7.2% and Bombshells at -20.3%.
Eric Langan, President & CEO of RCI, noted, “First quarter sales benefited from acquisitions and new locations. While same-store sales declined year-over-year, the trend improved over the course of the quarter, as we had hoped, due to the strength of Nightclubs, which is a good sign.”
The company has anticipated the tough comparisons for nightclubs due to the diminishing impact of RCI’s post-COVID “bounce,” which waned throughout the corresponding quarter last year.
The full financial results for 1Q24 are expected to be revealed before February 9, 2024.
Price Action: RICK shares are trading lower by 2.97% at $62.18 as of the latest check on Tuesday.
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