Ciara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
RCI Hospitality Holdings Inc.’s stock RICK, -5.14% fell another 5% on Thursday to bring its week-to-date losses to 9%, after the operator of adult nightclubs, or strip clubs, offered an update on its business that lagged analyst estimates. The Houston-based company, which also operates Bombshells restaurants, said this week that sales came to $74.1 million in its fiscal fourth quarter, up 5.6% from the year-earlier period, but below the $76.6 million FactSet consensus.
“The 4Q23 sales increase primarily reflected the benefit of acquisitions,” Chief Executive Eric Langan said in a statement. “This was partially offset by the continued effect of vacation travel and the Texas heat in July-August. But the situation began to improve in September.” Same-store sales fell 10.5% and were down 9.6% at nightclubs and down 14.1% at its restaurants. The company is expecting to release fourth-quarter earnings on or around Dec. 14.
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