Rick's Cabaret International, Inc. Nightclub Sales Rise 30.27 Percent in Quarter Ended June 30th, Setting New Record
Rick's Cabaret International, Inc. (NASDAQ:RICK), the nation's premier operator of upscale gentlemen's cubs, said revenues at its nightclubs rose 30.3 percent in the quarter ending June 30, 2009, to $20.7M, setting a new company record for quarterly sales.
The increase in revenues was attributed primarily to improving sales at the company's Rick's Cabaret Las Vegas club.
For the quarter, company-wide same store sales declined 5.5 percent, to $14.1M, although the company noted that overall same store sales in June showed an increase of .25 percent, with gains at the Rick's Cabaret clubs in New York City and San Antonio.
'This is the first time we've ever exceeded $20 million in sales in a single quarter,' said Eric Langan, President and CEO of Rick's Cabaret. 'We are starting to see some winners emerge in certain markets. The marketing and operational changes we have made throughout the organization should put us in an excellent position to grow organically as the economy recovers and we will continue to focus our resources on increasing market share.'
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