RCI Hospitality reports Q1 Club & Restaurant sales

RCI Hospitality Holdings reported sales for its Nightclubs and Bombshells restaurants of $73.3M, an increase of 5.9% year over year, for the fiscal first quarter ended December 31, 2023. Sales do not include non-core operations and are preliminary and subject to final closing. Full 1Q24 financial results are expected before February 9. Eric Langan, President & CEO of RCI, said: “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. During December, I spent more than two weeks visiting our clubs in Houston, Colorado, Miami, and New York, talking to guests, entertainers, and our teams. The consensus was that we have hopefully seen the worst of the same-store sales decline from uncertain macroeconomic conditions and tough year-over-year comparisons. Everybody seemed more optimistic compared to what they were seeing late summer. That’s promising.”