Rick’s Cabaret International, Inc. Reports Quarterly Adult Nightclub Sales of $22.5 Million
Rick’s Cabaret International, Inc. (NASDAQ: RICK) generated sales of $22,541,440 at its nightclubs in the quarter ended March 31st.
Rick’s Cabaret International, Inc. (NASDAQ: RICK) generated sales of $22,541,440 at its nightclubs in the quarter ended March 31st.
Companywide sales were 2.57 percent higher than the $21,976,859 generated in the same quarter last year. Revenues at clubs open for more than 12 months, excluding Las Vegas, increased by 8.25 percent from the same period last year. If Las Vegas is included in the calculation, companywide sales decreased by 3.14 percent at clubs open for more than 12 months.
Revenue totals were negatively impacted by continuing weak sales at Rick’s Cabaret in Las Vegas, due to the discontinuance of a costly taxicab marketing program that had generated sales but no profits, and the slow economic recovery in Nevada.
“Except for the declines in Las Vegas, overall sales in January and February were fairly consistent with last year, and we again had a very strong March at several of our key clubs, especially Rick’s Cabarets in New York City and Austin, Tootsie’s Cabaret in Miami, XTC in Dallas, and the Charlotte Club Onyx location,” said Eric Langan, President and CEO of the company.
Rick’s Cabaret International, Inc. (NASDAQ: RICK) is home to 22 upscale adult nightclubs serving primarily businessmen and professionals that offer live entertainment, dining and bar operations. Nightclubs in New York City, Miami, Philadelphia, New Orleans, Charlotte, Dallas, Houston, Minneapolis and other cities operate under the names "Rick's Cabaret," "XTC," “Club Onyx” and “Tootsie’s Cabaret”. Sexual contact is not permitted at these locations. Rick’s Cabaret also operates a media division, ED Publications, and owns the adult Internet membership Website couplestouch.com as well as a network of online adult auction sites under the flagship URL naughtybids.com. Rick’s Cabaret common stock is traded on NASDAQ under the symbol RICK.
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