RCI Hospitality Holdings, Inc. (NASDAQ: RICK) has reported its club and restaurant sales for the fiscal first quarter ended December 31, 2024. The company's nightclubs saw a total sales increase of 1.2% compared to the same period last year, with same-store sales up by 3.7%. This marks the third consecutive quarter of year-over-year growth in same-store sales for the nightclubs. The increase in total nightclubs sales was primarily driven by the rise in same-store sales, the addition of three new and reformatted clubs in Texas, and the absence of a club due to a fire in July 2024.
On the other hand, the company reported a decline in total bombshells sales, which decreased by 24.7% compared to the first quarter of the previous year. Same-store sales for bombshells were down by 7.5%. The decline in total bombshells sales was attributed to the divestiture and closing of five locations during the fourth quarter of 2024 and the first quarter of 2025, as well as a decrease in same-store sales. Additionally, the full quarter of the Stafford, TX location, which opened in mid-November 2023, contributed to the decline in total bombshells sales.
When combined, the total club and restaurant sales for RCI Hospitality Holdings, Inc. amounted to $70.9 million for the first quarter of fiscal year 2025, representing a decrease of 3.3% compared to the same period in the previous year. However, same-store sales for the combined operations saw an increase of 2.3% year-over-year.
It is important to note that the reported sales do not include non-core operations and are subject to final closing. The company expects to release full financial results for the first quarter by February 10, 2025. RCI Hospitality Holdings, Inc. is a leading company in adult nightclubs and sports bars-restaurants, operating more than 60 locations across the country. Following these announcements, the company's shares moved -0.8%, and are now trading at a price of $56.88. For the full picture, make sure to review RCI Hospitality's 8-K report.
