RICK - RCI Hospitality Posts Preliminary Q3 Results Stock Up | Benzinga
RCI Hospitality Holdings, Inc. (NASDAQ: RICK) provided an update on its business for the third quarter of fiscal 2024. The company expects to release fiscal third-quarter numbers tentatively before Aug 8, 2024.
Following the results, the stock moved up 14.6% during trading hours on Jul 11. Positive investor sentiments were witnessed as the company revealed to increase its share repurchase program by $25 million. The move aligns with the management's strategic emphasis on operational efficiency, cost reduction and maximizing shareholder returns.
Preliminary Revenue Results
During the fiscal third quarter, the company reported total sales of $75.5 million, down 1.5% year over year. During the quarter, the company's same-store sales d 1.5% year over year.
During the quarter, sales from Nightclubs came in at $62.4 million, rising 5.9% from the fiscal second quarter and 1.7% year over year. The upside was primarily backed by contributions from two new and reformatted clubs and 1.7% same-store sales growth. This was partially offset by the temporary closure of three clubs undergoing conversion from BYOB to liquor service.
Sales from Bombshells restaurants in the fiscal third quarter came in at $13.1 million, down 8.9% from the year-ago ...