Good Times Restaurants Reports Fiscal 2018 Q4 Same Store Sales
October 09 2018 - 8:00AM
Business Wire
Bad Daddy’s Adjusted Same Store Sales
Increase 0.7%
Good Times’ Same Store Sales Increase
0.5%
Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad
Daddy’s Burger Bar, a full-service, upscale burger bar concept, and
Good Times Burgers & Frozen Custard, a regional quick-service
restaurant chain focused on fresh, high-quality, all-natural
products, today announced that its Bad Daddy’s adjusted same store
sales increased 0.7% during the quarter over the prior year’s
increase of 1.4%, excluding the impact of Hurricane Florence during
which the concept experienced closures for seven store days,
including five store days among the base of comparable stores as
well as reduced traffic in its North Carolina restaurants in the
days immediately preceding and succeeding landfall. Bad Daddy’s
same store sales decreased 0.7% for the quarter including the lost
sales due to the hurricane. Same store sales for its Good Times’
brand increased 0.5% in its fiscal fourth quarter ended September
25, 2018 over the prior year’s increase of 3.9%.
Boyd Hoback, President & CEO, said, “Although this
represents a break in our positive comparable sales streak due to
the impact of Hurricane Florence, on an adjusted basis, comparable
sales were in-line with our guidance and represents a slight
acceleration from our third quarter’s comparable sales, and would
have been our fourteenth consecutive quarter of positive comparable
sales. We are grateful that we did not experience any property
damage and that our employees and their families were safe.
Additionally, during the last week of our fiscal year we opened Bad
Daddy’s Burger Bar restaurants in Roswell, GA and Greenville, SC,
bringing our total restaurants opened during fiscal 2018 to nine
and we expect to open two additional Bad Daddy’s restaurants during
our first fiscal quarter of 2019.”
Regarding Good Times results, Hoback added, “We saw our seventh
consecutive quarter of positive comparable sales at Good Times
during which we did not have significant product or price news in
our advertising. Subsequent to the quarter’s end we rolled out All
Natural Boneless Buffalo Wings and our $5 West Coast Double
Cheeseburger Combo.”
About Good Times Restaurants Inc.
Good Times Restaurants Inc. (GTIM) owns, operates, franchises
and licenses 33 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. Additionally, through its wholly
owned subsidiaries, Good Times Restaurants Inc. operates and
franchises a regional quick-service restaurant chain consisting of
36 Good Times Burgers & Frozen Custard restaurants, located
primarily in Colorado.
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 26, 2017 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: https://www.businesswire.com/news/home/20181009005058/en/
Good Times Restaurants Inc.Investor Relations
Contacts:Boyd E. Hoback, 303-384-1411President and CEOorRyan Zink,
303-384-1432CFOorChristi Pennington, 303-384-1440
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