What is the reason behind Rick s Cabaret increase in their sales?
Rick`s Cabaret International, Inc. today reported net income for the year ended September 30, 2008 of $7.66 million, a 151 percent increase over the $3.05 million reported the previous year. Consolidated total revenues for the premier publicly traded operator of upscale gentlemen`s clubs were $59.93 million, compared to $32.01 million for the previous year, an increase of 87.2%. The company had earnings per fully diluted share of 91 cents for the year, compared with 50 cents per share in 2007. The company said the revenue increase was primarily due to the performance of five new clubs acquired during the fiscal year and continued strong growth from existing clubs, especially Rick`s Cabaret-New York City. Sales from nightclub operations for same-location, same-period increased by 14.6 percent. The company said it believes its nightclub operations can continue to grow organically and through careful entry into markets and demographic segments with high growth potential. The company noted
Rick’s Cabaret International, Inc. (NASDAQ:RICK), the nation’s premier operator of upscale gentlemen’s cubs, said revenues at its nightclubs rose 30.3 percent in the quarter ending June 30, 2009, to $20.7M, setting a new company record for quarterly sales. The increase in revenues was attributed primarily to improving sales at the company’s Rick’s Cabaret Las Vegas club. For the quarter, company-wide same store sales declined 5.5 percent, to $14.1M, although the company noted that overall same store sales in June showed an increase of .25 percent, with gains at the Rick’s Cabaret clubs in New York City and San Antonio. “This is the first time we’ve ever exceeded $20 million in sales in a single quarter,” said Eric Langan, President and CEO of Rick’s Cabaret. “We are starting to see some winners emerge in certain markets. The marketing and operational changes we have made throughout the organization should put us in an excellent position to grow organically as the economy recovers and w
The increase in revenues by the Rick’s cabaret has been attributed with their Las Vegas club. Rick’s Cabaret International Inc., is the nation’s premiere operator of upscale gentlemen’s cubs has their increase in sale for up to 30.3 percent in the last quarter of June 2009, with 20.7 million dollars setting the highest record for the company’s sale. Sources: http://www.foxbusiness.
