Thursday, July 11, 2024 RCI Hospitality Holdings, Inc. (Nasdaq: RICK) released its sales report for the fiscal third quarter ended June 30, 2024, excluding non-core operations pending final closure. Full financial results for 3Q24 are anticipated by August 8, 2024.
The company also announced a fresh share buyback authorization, withdrawal of casino license applications in Colorado, and an update post-Hurricane Beryl. For Nightclubs, total sales reached $62.4 million, marking a 0.
7% increase from the prior year’s quarter. This rise was driven by a 1.7% growth in same-store sales and the addition of two newly revamped clubs, partially offset by temporary closures of three clubs transitioning from BYOB to liquor.
Compared to 2Q24, Nightclubs sales rose by 5.9%. Bombshells reported total sales of $13.
1 million, reflecting an 8.9% decline year-over-year. This was mainly due to a 16.
2% decrease in same-store sales, partly offset by contributions from three non-SSS locations: Bombshells in San Antonio and Stafford (Texas), and Cherry Creek Food Hall & Brewery in Greenwood Village (CO) featuring Bombshells Kitchen. Compared to 2Q24, Bombshells sales increased by 2.7%.
Regarding corporate actions, RCI’s Board of Directors has approved an additional $25.0 million for share repurchases under the buyback program. Furthermore, the company formally withdrew its applications to operate casinos in Colorado, focusing instead on launching Rick’s Cabaret & Steakhouse in Central City witho.
