Good Times Restaurants Reports Fourth Fiscal Quarter Same Store Sales
October 18 2022 - 4:05PM
Business Wire
Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad
Daddy’s Burger Bar and Good Times Burgers & Frozen Custard,
today announced that same store sales1 for its fourth fiscal
quarter ended September 27, 2022 increased 5.9% for its Good Times
brand and increased 3.7% for its Bad Daddy’s brand, and that
average weekly sales2 were $29,896 and $49,945 for its Good Times
brand and for its Bad Daddy’s brand, respectively, for the fourth
fiscal quarter. For the full fiscal year, same store sales
increased 1.1% for its Good Times brand and increased 11.2% for its
Bad Daddy’s brand, and average weekly sales were $27,974 and
$49,425 for its Good Times and Bad Daddy’s brands, respectively,
for the full fiscal year.
Ryan Zink, President and CEO, said, “The performance of both of
our brands during the fourth quarter demonstrate the continuing
dedication of our teams and the relevance of both of our brands in
an extremely competitive environment. With year-over-year menu
price increases that averaged approximately 7.7% for Good Times and
5.7% for Bad Daddy’s during the quarter, our low single-digit
traffic declines are favorable to what is being reported by Black
Box Intelligence for the QSR and Casual Dining segments during the
quarter. Our sales results are a direct result of restaurant
managers overcoming persistent staffing challenges and all our
people, at every level, thinking creatively to deliver exceptional
service and high-quality products to our guests.”
About Good Times Restaurants Inc.: Good Times Restaurants
Inc. owns, operates, and licenses 41 Bad Daddy’s Burger Bar
restaurants through its wholly-owned subsidiaries. Bad Daddy’s
Burger Bar is a full-service “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 local and craft beers in a high-energy atmosphere that
appeals to a broad consumer base. Additionally, Good Times
Restaurants Inc. owns, operates and franchises a regional
quick-service drive-thru restaurant chain consisting of 31 Good
Times Burgers & Frozen Custard restaurants located primarily in
Colorado.
Forward Looking Statements Disclaimer: 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. Such risks
and uncertainties include, among other things, the market price of
the Company's stock prevailing from time to time, the nature of
other investment opportunities presented to the Company, the
Company's financial performance and its cash flows from operations,
general economic conditions, which could adversely affect the
Company's results of operations and cash flows. These risks also
include such factors as the risks and uncertainties related to the
COVID-19 pandemic, the impact of inflation, disruption to our
business from the impact and duration of staffing constraints at
our restaurants, 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 28, 2021 filed with the SEC, and other filings
with the SEC. Good Times disclaims any obligation or duty to update
or modify these forward-looking statements.
Category: Financial
1 Same store sales include all company-owned restaurants
currently open with at least 18 full fiscal months of operating
history. 2 Average weekly sales include all company-owned
restaurants.
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version on businesswire.com: https://www.businesswire.com/news/home/20221018005030/en/
GOOD TIMES RESTAURANTS INC CONTACTS: Ryan M. Zink,
President and Chief Executive Officer (303) 384-1411 Christi
Pennington (303) 384-1440
Good Times Restaurants (NASDAQ:GTIM)
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