RCI Hospitality Returning to Core Products as Profit Falls

Dow Jones12-17

By Katherine Hamilton

RCI Hospitality Holdings said it is focusing on its core nightclub and bar-chain segments after posting lower profit and revenue in its fiscal fourth quarter.

The Houston-based company on Monday posted a profit of $244,000, or 3 cents a share, in the three months ended Sept. 30, compared with $2.2 million, or 23 cents a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were $1.63, up from $1.11 during the fourth quarter last year. Revenue fell 2.8% to $73.2 million.

Company sales fell due to a hurricane and a fire, contributing to the decline in per-share earnings, Chief Executive Eric Langan said.

RCI, which specializes in night clubs and bars, said its five-year growth plan, which is called "Back-to-Basics," will focus on its nightclub segment, which had same-store sales growth for a second consecutive quarter, and its bar chain Bombshells.

Shares rose about 10% to $57.40 in after-market trading on Monday. The stock is down 21% this year.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

December 16, 2024 17:30 ET (22:30 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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