Brief: RCI Hospitality Holdings Q2 Same Store Sales Fell 14.8%

RCI Hospitality Holdings

09/04/2020 14:24

April 9 (Reuters) - RCI Hospitality Holdings Inc  RICK.O :
    * Q2 SAME STORE SALES FELL 14.8 PERCENT
    * STARTING MID-MARCH, CO & UNITS HAVE IMPLEMENTING
COST-SAVINGS
MEASURES SUCH AS FURLOUGHING MORE THAN 1,900 EMPLOYEES
    * STARTING MID-MARCH, CO & UNITS HAVE REDUCED PAY OF ABOUT
100
REMAINING EMPLOYEES TO 75% OF PREVIOUS LEVELS
    * CO & UNITS ALSO HAS PLANS TO DROP PAY OF 100 REMAINING TO
50%
SHOULD CLOSINGS LAST THROUGH END OF MAY
    * REDUCING OR ELIMINATING NEARLY ALL AREAS OF DISCRETIONARY
SPENDING
    * TOTAL AND SAME-STORE SALES WERE UP 11.8% AND 5.3%,
RESPECTIVELY,
THROUGH FIRST 10 WEEKS OF Q2 2020 UNTIL MID-MARCH
    * NO LONGER OPERATING AT EARLIER FY20 $30 MILLION FREE CASH
FLOW
RUN RATE
    * RCI HOSPITALITY HOLDINGS - BELIEVE ENDED MARCH WITH
SUFFICIENT
WORKING CAPITAL ON HAND TO FUND OPERATIONS INTO JULY WITHOUT
ADDITIONAL BORROWINGS
    * Q2 2020 (13 WEEKS) TOTAL CLUB AND RESTAURANT SALES WERE
$39.8
MILLION VERSUS $44.1 MILLION
    * Q2 2020 (13 WEEKS) CONSOLIDATED SAME-STORE SALES WERE
$36.1
MILLION VERSUS $42.3 MILLION
    * Q2 2020 (13 WEEKS) NIGHTCLUBS SAME-STORE SALES $31.0
MILLION
VERSUS $36.4 MILLION
    * NIGHTCLUBS TOTAL SALES FOR QUARTER DECLINED 15.3% BECAUSE
OF
COVID-19 RELATED CLOSURES SECOND HALF OF MARCH 2020

Source text for Eikon:  ID:nPn9w2tFYa 
Further company coverage:  RICK.O 

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