RICK - RCI Hospitality's Q4 revenue rise double-digit despite soft bombshells season

• RCI Hospitality Holdings ( NASDAQ: RICK ) reported Tuesday a 28.8% jump in nightclubs and bombshells restaurants sales to reach $70M in the three months to September.
• The segment break-up showed nightclubs sales rose 40.4% as new club acquisitions contributed sales of $14.9M during the quarter, while there was a drop of 3.6% at bombshells restaurants and bars business when compared with a year ago revenue.
• "Fourth quarter Nightclub sales benefited from same-store growth and acquisitions. Bombshells had a soft July, but sales improved through the quarter and were up 7.4% year-over-year in September," said RCI President and CEO Eric Langan.
• The company ended the year with $35.6M in cash and cash equivalents after accounting for the $3M buybacks made in fourth quarter and $12.6M spent to acquire clubs and property for new Bombshells locations.
• "As sales return to traditional seasonal patterns, we look forward to a strong 1Q23," added Langan.
• Stock is up 1%.

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