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RCI Hospitality Holdings Inc Reports Sales Increase In Nightclubs And Challenges In Bombshells for 1Q24 RCI Hospitality Holdings Inc Reports Sales Increase In Nightclubs And Challenges In Bombshells for 1Q24

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Preliminary First-Quarter Sales Overview

RCI Hospitality Holdings IncΒ 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, β€œFirst 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 β€œbounce,” 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:Β RICK shares are trading lower by 2.97% at $62.18 as of the latest check on Tuesday.

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