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Rick's Cabaret International, Inc. Says March Nightclub Sales Rose 95 Percent over 2007 to New Record |
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Rick's Cabaret International, Inc. (NASDAQ/GM:RICK) today reported sales at its chain of adult nightclubs were $5,366,967, a new monthly record for the company and a 95.1 percent increase over March 2007 sales of $2,750,360. |
The sharp increase was driven largely by the contribution of Tootsie's Cabaret in Miami, which the company began operating in December 2007, as well as continued growth in the company's flagship Rick's Cabaret - New York City location, which had growth of more than 33 percent over March 2007.
March same club sales compared with clubs open in 2007 increased by 4.39 percent, to $2,871,105. Same club sales for the second quarter ending March 31 total $7,995,760, up 8.3 percent over the first quarter of 2007.
The company reports total nightclub sales in its second quarter of $15,286,097, a 107 percent increase over the first quarter 2007.
'We are very pleased with our 8.3 percent growth for the quarter, which exceeds the 6 percent we forecast in our guidance,' said Eric Langan, President and CEO of Rick's Cabaret. 'The results were particularly good in view of the general economic downturn and because we were battling the effects of the so-called 'pole tax' in Texas that has now been declared unconstitutional.'
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