Rick's Cabaret International (RICK) Reports 12.5% Increase in Q1 Sales, Comps Up 6.7%
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Rick's Cabaret International, Inc. (NASDAQ: RICK) reported a 12.5 percent increase in revenues from its nightclubs for the first fiscal quarter ending Dec. 31, 2011. Sales rose to $21.7 million from $19.3 million.
Comparable sales at clubs open for more than one year rose by 6.7 percent to $20.6 million.
The overall rise in sales was driven by an 18.5 percent increase in revenues in December, with more modest increases in October and November. The figures do not include sales at the now-closed Rick's Cabaret in Las Vegas, which was discontinued in April 2011.
"We are very pleased with the growth trend and if it continues we should achieve our goals for the fiscal year," said Eric Langan, President and CEO of Rick's Cabaret, which operates 23 clubs nationally. He noted that Rick's Cabaret/Austin, XTC Cabaret/Dallas, Cabaret East/Ft. Worth, Rick's Cabaret/San Antonio, and Rick's Cabaret/Minneapolis all reported strong gains, as did Club Onyx locations in Philadelphia, Charlotte and Houston.
Comparable sales at clubs open for more than one year rose by 6.7 percent to $20.6 million.
The overall rise in sales was driven by an 18.5 percent increase in revenues in December, with more modest increases in October and November. The figures do not include sales at the now-closed Rick's Cabaret in Las Vegas, which was discontinued in April 2011.
"We are very pleased with the growth trend and if it continues we should achieve our goals for the fiscal year," said Eric Langan, President and CEO of Rick's Cabaret, which operates 23 clubs nationally. He noted that Rick's Cabaret/Austin, XTC Cabaret/Dallas, Cabaret East/Ft. Worth, Rick's Cabaret/San Antonio, and Rick's Cabaret/Minneapolis all reported strong gains, as did Club Onyx locations in Philadelphia, Charlotte and Houston.
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