Good Times & Bad Daddy’s Report Fiscal 2017 Q1 Same Store Sales
January 04 2017 - 7:30AM
Business Wire
Bad Daddy’s Same Store Sales Rise
2.0%
Good Times’ Same Store Sales Decrease
0.5%
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 2.0% in its fiscal first quarter ended December 27, 2016
over the prior year’s increase of 6.5% and its Good Times’ same
store sales decreased 0.5% during the quarter over the prior year’s
increase of 4.8%.
Boyd Hoback, President & CEO, said, “We saw a sequential
improvement at Good Times from our fourth quarter of fiscal 2016,
and given that we were comparing to high same store sales increases
at both brands during the prior year, we are happy with our results
during the first quarter. We plan on small price increases during
our second quarter to offset the increased Colorado minimum wage,
and we are on track with the implementation of new prep tables at
Good Times for the introduction of our new hotter, cheesier burger
lineup and mid-tier priced burgers in all stores by late March. The
competitive environment remains heavily weighted toward value
pricing, and our response is to up the ante on quality, price
choice and innovation at both brands, with a number of products in
development and test.”
The Company also reiterated that it expects to open nine to
eleven Bad Daddy’s Burger Bar restaurants and one new Good Times in
fiscal 2017. The new Good Times is under construction in Greeley,
Colorado; and one of the Bad Daddy’s opened in Broomfield, Colorado
on December 14, 2016 with another opening expected in Fayetteville,
North Carolina on January 16, 2017. Three other stores currently
under development in North Carolina and Colorado will open by late
spring with additional stores slated for this summer. Hoback added,
“We are finalizing leases in Oklahoma and Georgia, and we
anticipate both the Midwest and Southeast markets will be a focus
for our growth in fiscal 2018.”
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 20 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 27, 2016 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/20170104005378/en/
Good Times Restaurants Inc.Investor Relations
Contacts:Boyd E. Hoback, President and CEO303-384-1411orJim Zielke,
CFO303-384-1432orChristi Pennington303-384-1440
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