RCI Hospitality Holdings, Inc. (NASDAQ:RICK) Q1 2019 Earnings Conference Call Transcript
Jan 10, 2019 • 04:30 pm ET
Greetings, and welcome to RCI Hospitality Holdings Fiscal 2019 First Quarter Sales Call and Webcast. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce Gary Fishman, who handles Investor Relations for RCI. Please go ahead.
Thank you. For those of you listening to this call on the phone, you can find our conference call presentation on the RCI website, as usual. Click Company and Investor Information just under the RCI logo. That will take you to the company and investor information page. Scroll down a little, and you'll find all the necessary links for this call.
Please turn to slide two. I want to remind everybody of our safe harbor statement. It's posted at the beginning of our conference call presentation. It reminds you that you may hear or see forward-looking statements that involve a number of risks and uncertainties. I urge you to read it. Actual results may differ materially from those currently anticipated. We disclaim any obligation to update information disclosed on this call as a result of developments that occur afterwards.
Finally, I'd like to invite everyone in the New York City area to join us tonight at 6 o'clock to meet Management at Rick's Cabaret, New York Manhattan's number one gentlemen's club. You can also tour its sister club, Hoops Cabaret and Sports Bar, next-door. Rick's is located at 50 West 33rd Street between 5th Avenue and Broadway, around the corner from the Empire State Building. If you haven't RSVP-ed, just ask for me at the door.
Now I'm pleased to introduce Eric Langan, President and CEO of RCI Hospitality.
Thank you Gary. Thank you for joining us today. If you please turn to slide three. As I mentioned on our last call, I wanted to use the occasion of our first quarter sales report to hold a follow-up call. So investors that couldn't make the fourth quarter call on such short notice could fully participate in this one. I also wanted to hold the Meet Management at Rick's Cabaret, New York, a number of new investors have asked to meet with me and toward the club.
Now let's turn to today's news. This morning, we announced total club and restaurant sales for the first quarter ended December 31, of $43.4 million, that's up 6.5% year-over-year. It was also a record quarter and the 11th quarter in a row of same-store sales growth. Fiscal 2019 is off to a good start. Nightclubs experienced solid same-store sales, and what is seasonally our strongest quarter. Bombshells same-store sales was still down from a year ago, improved on sequential quarterly basis, and all new club acquisitions and restaurants performed well. We continue to be on track for our fiscal 2019 target for free cash flow of $26 million. I'd also like to note last week, we announced our Board of Directors increased our stock