RCI Reports 3Q24 Club & Restaurant Sales & Other Updates; Nightclubs Total Sales Of $62.4M; Bombshells Total Sales Of $13.1M; The Board Of Directors Has Authorized Increasing The Amount Available Under The Co's Share Repurchase Program By $25M
RCI Hospitality Holdings, Inc. (NASDAQ:RICK) reported club and restaurant sales for the fiscal third quarter ended June 30, 2024. Sales do not include non-core operations and are subject to final closing. Full 3Q24 financial results are expected by August 8, 2024. The company also announced a new share buyback authorization, the withdrawal of its Colorado casino license applications, and a post-Hurricane Beryl update.
Nightclubs: Total sales of $62.4 million increased 0.7% compared to the year-ago quarter. The increase primarily reflected 1.7% same-store sales growth and two new and reformatted clubs, partially offset by the temporary closing of three clubs being reformatted to liquor from BYOB. Compared to 2Q24, total Nightclubs sales increased 5.9%.
Bombshells: Total sales of $13.1 million declined 8.9% compared to the year-ago quarter. This reflected a 16.2% decline in SSS, partially offset by three locations not in SSS: Bombshells in San Antonio and Stafford in Texas and Cherry Creek Food Hall & Brewery in Greenwood Village (CO) with its Bombshells Kitchen. Compared to 2Q24, total Bombshells sales increased 2.7%.
Buyback Authorization: RCI's Board of Directors has authorized increasing the amount available under the company's share repurchase program by $25.0 million.