Rick's Cabaret reports 4.3% increase in sales in Q1 2011.
M2 EQUITYBITES-January 12, 2011-Rick's Cabaret reports 4.3% increase in sales in Q1 2011(C)2011 M2 COMMUNICATIONS http://www.m2.com
Operator of upscale gentlemen's clubs Rick's Cabaret International Inc (Nasdaq:RICK) on Tuesday reported sales of USD20.4m at its nightclubs for the first quarter of fiscal 2011.
This was a 4.3% increase over USD19.6m in the first quarter of the prior year.
The company said that revenues for the quarter rose at its two largest clubs, Tootsie's Cabaret in Miami and Rick's Cabaret in New York City. Other clubs showing significant gains were the Rick's Cabarets in Fort Worth and San Antonio, Cabaret North in Fort Worth and Club Onyx in Dallas.
Also, sales at locations open for over 12 months were USD18.8m during the quarter, a decline of 3.7% over the corresponding g quarter of the prior year. The company attributed this primarily as a result of the anticipated decline in revenues at Rick's Cabaret Las Vegas where sales were USD1.1m in Q1 2011, as compared with USD3.2m in Q1 of the prior year, following the rollback of a costly marketing programme.
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|Publication:||M2 EquityBites (EQB)|
|Article Type:||Financial report|
|Date:||Jan 12, 2011|
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