Good Times Restaurants Reports Fiscal 2018 Q3 Same Store Sales
July 09 2018 - 7:30AM
Business Wire
Good Times’ Same Store Sales Increase
3.8%Bad Daddy’s Same Store Sales Increase 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 Good Times’ same store sales
increased 3.8% in its fiscal third quarter ended June 26, 2018 over
the prior year’s increase of 3.7%, and its Bad Daddy’s same store
sales increased 0.5% during the quarter over the prior year’s
increase of 0.1%. Same store sales for Bad Daddy’s exclude the
weeks during which the original Bad Daddy’s in Charlotte, NC was
closed for remodeling.
Boyd Hoback, President & CEO, said, “We saw our sixth
consecutive quarter of positive same store sales at Good Times
which are in-line with our guidance. On a two-year stack Good
Times’ increase in same store sales again exceeded 7.0%. We are
lapping the introduction of our West Coast Double Cheeseburger and
Combo at price points of $3 and $5, respectively, from last year
that drove excellent sales gains so we are very pleased with our
results this year after increasing the West Coast burger and combo
prices last fall.”
Regarding Bad Daddy’s results, Hoback added, “Our Bad Daddy’s
brand also performed very well, posting positive comp sales for the
thirteenth consecutive quarter. Our overall same store sales were
impacted by an estimated 1.0% – 1.5% during the quarter from
cannibalization in the Charlotte market resulting from the fifth
restaurant in the market that we opened at the beginning of the
fiscal year, which exceeded our new store sales target by nearly
25% during the quarter. We opened our second Atlanta-area Bad
Daddy’s in Smyrna, GA on June 4th which posted a company record for
opening week sales and our class of 2017 and 2018 new stores
continue to average above our system average. We are on track to
open four additional restaurants during the final quarter of the
year: two in North Carolina, one in Greenville, South Carolina, and
our third restaurant in the greater-Atlanta area.”
About Good Times Restaurants Inc.: Good Times Restaurants
Inc. 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 36 restaurants.
GTIM owns, operates, franchises or licenses 29 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 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/20180709005088/en/
Good Times RestaurantsInvestor Relations
Contacts:Boyd E. Hoback, 303-384-1411President and CEOorRyan
Zink, 303-384-1432CFO
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