Good Times & Bad Daddy’s Report Q4 Same Store Sales
October 04 2016 - 7:30AM
Business Wire
Bad Daddy’s Same Store Sales Rise
1.9%
Good Times’ Same Store Sales Decrease
1.2%
Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Good
Times Burgers & Frozen Custard, a regional quick-service
restaurant chain focused on fresh, high-quality, all-natural
products and of Bad Daddy’s Burger Bar, a full-service, upscale
concept, today announced that its Bad Daddy’s same store sales
increased 1.9% in its fiscal fourth quarter ended September 27,
2016 over the prior year’s increase of 6.8% and its Good Times’
same store sales decreased 1.2% during the quarter over the prior
year’s increase of 6.8%.
Boyd Hoback, President & CEO, said, “Sales at both concepts
were right on our expectations for the quarter, as we transitioned
from a September 30 fiscal year end to a 52-week fiscal year. We
believe we were slightly negatively impacted at Bad Daddy’s by the
Olympics in August, and Bad Daddy’s same store sales include the
effect of our Cherry Creek restaurant that is being negatively
impacted by the adjacent Marriott AC Hotel that began excavation
and construction in April. Good Times’ sales were consistent with
our trend all summer, and we anticipate that we will continue to
run flat to slightly negative in the near term due to the
aggressive discounting from all of the national competitors;
however, our new product initiatives in test are performing well
and we anticipate being able to regain our positive momentum as
those are rolled out throughout fiscal 2017.”
The Company also reiterated that it expects to open nine to
eleven Bad Daddy’s Burger Bar restaurants in fiscal 2017. Two of
those locations are currently under construction, and leases have
been signed on five additional locations with more in late stages
of negotiation. Hoback added, “We recently opened our sixth and
final Bad Daddy’s location for fiscal 2016, and we have two more
that we anticipate will open prior to the end of the fiscal 2017
first quarter in Fayetteville, North Carolina and Broomfield,
Colorado.”
About Good Times Restaurants Inc.: Good Times Restaurants
Inc. (GTIM) operates Good Times Burgers & Frozen Custard, a
regional chain of quick service restaurants located primarily in
Colorado, in its wholly owned subsidiary, Good Times Drive Thru
Inc. Good Times provides a menu of high quality all natural
hamburgers, 100% all natural chicken tenderloins, fresh frozen
custard, natural cut fries, fresh lemonades and other unique
offerings. Good Times currently operates and franchises a total of
37 restaurants.
GTIM owns, operates, franchises and licenses 19 Bad Daddy’s
Burger Bar restaurants through its wholly owned subsidiaries. Bad
Daddy’s Burger Bar is a full service, upscale, “small box”
restaurant concept featuring a chef driven menu of gourmet
signature burgers, chopped salads, appetizers and sandwiches with a
full bar and a focus on a selection of craft microbrew beers in a
high energy atmosphere that appeals to a broad consumer base.
Good Times Forward Looking Statements: This press release
contains forward looking statements within the meaning of federal
securities laws. The words “intend,” “may,” “believe,” “will,”
“should,” “anticipate,” “expect,” “seek” and similar expressions
are intended to identify forward looking statements. These
statements involve known and unknown risks, which may cause the
Company’s actual results to differ materially from results
expressed or implied by the forward looking statements. These risks
include such factors as the uncertain nature of current restaurant
development plans and the ability to implement those plans and
integrate new restaurants, delays in developing and opening new
restaurants because of weather, local permitting or other reasons,
increased competition, cost increases or shortages in raw food
products, and other matters discussed under the “Risk Factors”
section of Good Times’ Annual Report on Form 10-K for the fiscal
year ended September 30, 2015 filed with the SEC. Although Good
Times may from time to time voluntarily update its forward looking
statements, it disclaims any commitment to do so except as required
by securities laws.
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version on businesswire.com: http://www.businesswire.com/news/home/20161004005279/en/
Good Times RestaurantsInvestor Relations
Contacts:Boyd E. Hoback, 303-384-1411President and CEOorJim
Zielke, CFO, 303-384-1432orChristi Pennington, 303-384-1440
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