Good Times Restaurants Reports Fiscal 2017 Q4 Same Store Sales & the Opening of a Bad Daddy’s Restaurant in Concord, North ...
October 02 2017 - 01:00PM
Business Wire
Good Times’ Same Store Sales Increase
3.9%Bad Daddy’s Adjusted Same Store Sales Increase
1.9%
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 Good Times’ same store sales
increased 3.9% in its fiscal fourth quarter ended September 26,
2017 over the prior year’s decrease of 1.2%, and its Bad Daddy’s
same store sales increased 1.4% during the quarter over the prior
year’s increase of 1.9%. Excluding the Cherry Creek location which
continues to be impacted by construction in the surrounding area,
Bad Daddy’s same store sales increased 1.9% for the quarter.
Boyd Hoback, President & CEO, said, “We saw our fifth
consecutive quarter of sequential improvement in our same store
sales at Good Times, and exceeded our expectations of 3.0% to 3.5%
comps for the quarter. Our comps accelerated during the quarter,
from +3.4% in July to +3.7% in August to +4.5% comps in September,
including a week of unseasonably inclement weather at the end of
the September period in Colorado. We are very pleased with our
results during the quarter, as we continue to compete in an
environment with significant discounting in both of our competitive
segments. We believe that our sales improvements at Good Times are
the cumulative result of our introduction of the West Coast Double
promotion and the quality improvements to our core burger lineup
that we made in April.”
Regarding Bad Daddy’s results, Hoback added, “Our Bad Daddy’s
brand also performed very well, posting positive comp sales for the
tenth consecutive quarter and exceeding our expectations of flat to
slightly negative comps for the quarter with improvement
sequentially from our fiscal third quarter and similar sequential
improvement as Good Times during the quarter with the September
period comps +3.6%. Today we opened our fifth company-owned
location in the Charlotte market, marking the first restaurant
opened during fiscal 2018, and we further expect to open a new
store in Greenville, North Carolina next week. In addition to these
two restaurants, we expect to open an additional seven Bad Daddy’s
restaurants during fiscal 2018, primarily in the Southeast.”
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, and 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
38 restaurants.
GTIM owns, operates, franchises or licenses 25 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/20171002005032/en/
Good Times RestaurantsInvestor Relations Contacts:Boyd E.
Hoback, President and CEO, 303-384-1411orRyan Zink, CFO,
303-384-1432orChristi Pennington, 303-384-1440
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