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RCI Hospitality (RICK) – Strong Preliminary 2Q22 Sales

Retail and Consumer
0 min read

Wednesday, April 13, 2022

RCI Hospitality (RICK)
Strong Preliminary 2Q22 Sales

RCI Hospitality Holdings, Inc. through its subsidiaries owns and operates establishments that offer live adult entertainment, restaurant, and/or bar operations. The company also owns and operates a communication company serving the adult nightclubs industry. RCI’s operating business segments includes Nightclubs and Bombshells restaurants and bars. It operates nightclubs through the following brands: Rick’s Cabaret, Vivid Cabaret, Tootsie’s Cabaret, Club Onyx, and Jaguars Club. In the restaurants segment, the company is building a chain of Bombshells Restaurants and Sports Bars in Dallas, Austin, and Houston, Texas.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Club and Bombshells Sales. RCI reported preliminary second quarter 2022 sales for the nightclubs and Bombshells restaurants of $63.0 million. Same store sales for the quarter rose 9.0% and are up 14.8% for the first six months. This number does not include non-core operations. We projected full 2Q22 revenue of $65.3 million. We expect RCI to report full 2Q22 results by May 10th.

    Record March.  RCI achieved a record month in March, with sales of $24 million, a strong indicator of future normalized performance, in our view. The October acquisitions continue to improve, with the 11 clubs recovering to 95% of their March 2019 sales. Sales for northern clubs hit a twelve month high in March as COVID restrictions eased …


This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

 

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