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RCI Hospitality Holdings (RICK) – Keeping on Truckin’

Food and Services
0 min read

Wednesday, July 13, 2022

RCI Hospitality Holdings (RICK)
Keeping on Truckin’

With more than 50 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in gentlemen’s clubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas-Fort Worth, Houston, Miami, Minneapolis, Denver, St. Louis, Charlotte, Pittsburgh, Raleigh, Louisville, and other markets operate under brand names such as Rick’s Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars Club, Tootsie’s Cabaret, and Scarlett’s Cabaret. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar.

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.

3Q22 Sales. RCI Hospitality reported 3Q22 sales of $70.1 million, up 23.7% year-over-year. This was the first full quarter since pre-COVID without any meaningful COVID impact. We had projected overall revenue of $72 million for the quarter, so once Other revenue is added to the Sales revenue, full quarter revenue should be in-line with our estimate.

Details. Driven by the acquired nightclubs as well as the return to normalcy, Nightclub sales were up 33.8% y-o-y to $54.3 million, with SSS up 4.8%. Bombshells sales came in at $15.8 million, down 1.9% compared to the abnormally strong 3Q21 when Bombshells was one of the few Texas operators open for business. SSS fell 12.3%….

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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