RCI Reports 4Q24 Club & Restaurant Sales and Share Buybacks

Core Insights - RCI Hospitality Holdings, Inc. reported an increase in same-store sales for nightclubs for the second consecutive quarter, with plans to open six new club and restaurant locations in fiscal 2025, including the reopening of Baby Dolls Fort Worth [1] - The company took measures to improve Bombshells' business, including selling the San Antonio location back to its former franchisee and continuing share buybacks, with $7.8 million spent in 4Q24 [1][2] Nightclub Sales Performance - Total sales for nightclubs in 4Q24 were $60.2 million, a decline of 0.5% compared to 4Q23, driven by a 2.2% same-store sales growth negatively impacted by ten closure days due to Hurricane Beryl [3] - New sales from three new and reformatted clubs in Texas partially offset the decline, while temporary closures of two clubs also contributed to the sales decrease [1][3] Bombshells Sales Performance - Total sales for Bombshells in 4Q24 were $11.9 million, a decline of 12.2% compared to 4Q23, primarily due to a 16.2% same-store sales decline affected by 26 closure days from Hurricane Beryl [1][3] - The opening of a new Stafford location in November 2023 provided some offset to the sales decline from the San Antonio location, which was sold [1][3] Share Repurchase Activity - In 4Q24, RCI repurchased 174,790 shares for $7.8 million, averaging $44.81 per share, leaving $21.0 million in remaining purchase authorization [2] - For FY24, the company repurchased a total of 442,639 shares for $20.6 million, averaging $46.55 per share [2]