RCI Hospitality reported sales for its Nightclubs and Bombshells restaurants of $69.2M for Q1 ended December 31, 2022, a 13.3% year-over-year increase. Sales do not include non-core operations and are preliminary and subject to final closing. Full 1Q23 financial results are expected by February 9. RCI bought back 1,500 shares for $97,530 at an average price per share of $65.02 in 1Q23. CEO Eric Langan said: "As we indicated on our most recent conference call, nightclub sales remained high, reflecting strong contributions from acquisitions, increased VIP spend at many of our northern clubs, and reopened/reformatted clubs, all of which more than offset intermittent softness at some blue collar clubs compared to a year-ago. Also as we discussed, Bombshells faced difficult comparisons to the last year and a half when they benefited from a highly favorable macro-economic environment. Despite that, Bombshells 1Q23 average unit volume of $1.2M was 5.2% higher compared to pre-COVID 1Q20. Looking ahead, FY22 club acquisitions will begin rolling into SSS in 2Q23. The segment should also benefit from full quarters of more recent acquisitions, and Bombshells should significantly improve as new locations open in FY24."
Published first on TheFly
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