RCI Hospitality reports Q4 club & restaurant sales and share buybacks

RCI Hospitality reported club and restaurant sales for Q4. Sales do not include non-core operations and are subject to final closing. The company also reported 4Q24 and FY24 share buybacks. In nightclubs, total Q4 sales of $60.2M declined 0.5% vs. 4Q23. The change primarily reflected: 2.2% same-store sales growth, which was negatively impacted by ten closure days at three clubs in the Houston area due to Hurricane Beryl in July; sales from three new and reformatted clubs in Texas; the temporary closing of two clubs in Texas for most of the quarter; the transition of two clubs to new formats and/or hours to accommodate recent restrictions on Dallas businesses. In Bombshells, total 4Q24 sales of $11.9M declined 12.2% vs. 4Q23. The change primarily reflected a 16.2% same-store sales decline, negatively impacted by 26 closure days at five locations in the Houston area due to Hurricane Beryl in July; new sales from the Stafford location, which opened in November 2023, partially offset by a decline in sales from the San Antonio location, which was sold at the beginning of September. RCI repurchased 174,790 common shares for $7.8M at an average of $44.81 per share, resulting in 8,955,000 shares of common stock outstanding and $21.0M in remaining purchase authorization. In FY24, RCI repurchased 442,639 shares for $20.6M at an average of $46.55 per share.