RCI Hospitality Q2 Revenue Rises on Nightclub Expansion
RCI Hospitality Q2 Results: Revenue and Profit Rise
RCI Hospitality Holdings reported an increase in revenue and profit for the second quarter of fiscal 2024, driven by nightclub expansion. The company's fiscal Q2 revenue rose 4% year-over-year, while adjusted EPS increased to $0.78 from $0.65 last year.
Growth Drivers
Revenue growth was fueled by five newly acquired, opened, or reformatted clubs, which contributed $4.8 million in sales. The company also continued share buybacks, reducing shares outstanding by 12.6% year-over-year.
Challenges and Impacts
However, higher non-cash impairments and other charges weighed on net income and GAAP EPS. Additionally, freezing weather in late January-early February led to temporary club closures, mostly on weekends, affecting sales.
Key Financial Metrics
Q2 adjusted EPS came in at $0.78. Net income was $326,000, income from operations was $3.81 million, and pretax profit was a loss of $617,000.
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