Shares of RCI Hospitality Holdings fell after the company, which operates chains of night clubs and restaurants, reported soft same-store sales results for the fiscal third quarter.
The stock fell 9.3% to $70.17 in afternoon trading. Over the past 12 months, the stock is up almost 37%.
For the three months ended June 30, RCI reported a 9.6% drop in same-store sales, dragged down by its Bombshells military-themed restaurant and bar chain. Total sales rose 8.9% as the company opened more nightclubs.
In the company’s nightclub business, the quarter marked the first same-store sales decline after nine consecutive quarters of increases. Chief Executive Eric Langan attributed the slowdown to macroeconomic uncertainty.
The company said it expects to report full fiscal third-quarter results on or around Aug. 9.