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January 2, 2019updated 03 Jan 2019 9:38am

RCI Hospitality reports $165.74m revenue in FY18

US-based RCI Hospitality Holdings has reported total revenues of $165.74m for the fiscal year ending 30 September 2018 (FY18), compared to $144.89m for the same period in 2017.

US-based RCI Hospitality Holdings has reported total revenues of $165.74m for the fiscal year ending 30 September 2018 (FY18), compared to $144.89m for the same period in 2017.

The 14.4% growth reflects a 4.6% increase in consolidated same-store sales and contributions from new units.

The restaurant company also reported a net income of $21.79m, compared to $8.28m for the corresponding period in 2017.

Adjusted EBITDA of the restaurant chain increased to $44.38m for the full year of 2018, compared to $37.34m during the same period last year.

Operating income of the hospitality company increased 22.7% to $28.4m, compared to $23.1m during the same period last year.

“The only challenge was a number of one-time factors that affected Bombshells growth in 4Q18, but we’re in the process of rebuilding and it’s headed in the right direction.”

The company currently operates more than 40 restaurants and bars under various brands, including Rick’s Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars, Tootsie’s Cabaret, Scarlett’s Cabaret, and Bombshells Restaurant & Bar.

RCI Hospitality president and CEO Eric Langan said: “We performed well in fiscal 2018. Revenues increased 14.4%, a combination of 4.6% in consolidated same-store sales and solid results from our club acquisitions and new Bombshells.

“The only challenge was a number of one-time factors that affected Bombshells growth in 4Q18, but we’re in the process of rebuilding and it’s headed in the right direction.

“FY19 should benefit from the Chicago and Pittsburgh acquisitions, the opening of new Bombshells in the Houston area, the sale or lease of non-income producing properties, and other factors.

“Blush and VIP’s, both to be rebranded Rick’s Cabaret, have performed well since their November acquisitions, while the new Bombshells has also performed well since opening 19 December.”

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