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RCI Hospitality Holdings Reports Oct. Sales For Clubs And Restaurants Totaled $15.3M, Up 34% From Sept.; Says Has ~$18M Cash On Hand

From Co. PR:   October sales for clubs and restaurants totaled $15.3 million, their best monthly performance since April when all locations were closed due to government related Covid-19 measures. October

· 11/19/2020 08:42

From Co. PR:

 

October sales for clubs and restaurants totaled $15.3 million, their best monthly performance since April when all locations were closed due to government related Covid-19 measures. October sales were up 34% compared to September and equaled 97% of year ago October sales.

During October, 47 of 48 locations were open (37 clubs and all 10 Bombshells). All locations continued to limit occupancy in accordance with coronavirus safety plans. Many clubs and restaurants continued to experience strong sales and a steady flow of business. Not all clubs operated at full schedules, in line with other restrictions. That included some of our biggest clubs in South Florida and New York City.

As of today, the latest wave of Covid is leading to increased restrictions, including reduced occupancy levels and operating hours for some clubs, causing some to close temporarily. Currently, 32 clubs and all 10 Bombshells are open. If there are no additional closings or restrictions, November revenues should total around $11 million to $12 million. RCI currently has approximately $18 million cash on hand.