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Restaurant Industry News
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Wednesday January 7th, 2009 |
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Rick's Cabaret International, Inc. Nightclub Sales Climb 113 Percent to $6.1 Million in October, Same Club Sales up 8 Percent
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Rick's Cabaret International, Inc. (NASDAQ: RICK), the premier chain of upscale gentlemen's clubs, said its nightclub sales in October were $6.1 million, a 113 percent increase over October 2007. Sales at clubs operated for more than a year were up eight percent over the previous year's October results. |
'These results are so outstanding that we have made an exception to our policy of announcing sales only on a quarterly basis, so that we could bring the news out sooner,' said Eric Langan, President and CEO of Rick's Cabaret.
Mr. Langan said that sales were up nearly 30 percent at the company's flagship New York City club, which had a record month. Each of the company's brands -- Rick's Cabaret, XTC Cabaret and Club Onyx -- reported sales increases over the previous year.
'Our Tootsie's Cabaret in Miami continues to perform ahead of original expectations,' said Mr. Langan. 'Our newest club, Rick's Cabaret Las Vegas, is dealing with the general slowdown in Las Vegas traffic.'
Mr. Langan said the company expects its next nightclub sales report will be made shortly after the end of the current quarter. The company will issue its fiscal 2008 and fourth quarter results and will hold a conference call in December, but has not yet selected a date.
Rick's Cabaret International, Inc. (NASDAQ: RICK) operates upscale adult nightclubs serving primarily businessmen and professionals that offer live adult entertainment, restaurant and bar operations. The company owns, operates or licenses adult nightclubs in New York City, Miami, Philadelphia, Las Vegas, New Orleans, Charlotte, Dallas, Houston, Minneapolis and other cities under the names "Rick's Cabaret," "XTC," 'Club Onyx' and 'Tootsie's Cabaret'.
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