Good Times Restaurants Reports Fiscal 2019 Q2 Same Store Sales
April 10 2019 - 08:00AM
Business Wire
Bad Daddy’s Same Store Sales Increase
1.3%
Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad
Daddy’s Burger Bar and Good Times Burgers & Frozen Custard,
today announced that same store sales at its Bad Daddy’s concept
increased 1.3% during the quarter over the prior year’s increase of
0.2%, which includes the loss of the equivalent of twelve
restaurant operating days caused by restaurant closures in Colorado
due to the “Bomb Cyclone” weather event on March 13th. Adjusted for
those lost restaurant operating days, same store sales would have
increased 1.8% during the quarter. Same store sales for its Good
Times’ brand decreased 7.5% during the quarter over the prior
year’s increase of 7.1% in the same quarter. Adjusted for the
thirty lost restaurant operating days due to closures associated
with the March 13th weather event and extended power outages at two
restaurants, Good Times same store sales would have declined
5.9%.
Boyd Hoback, President & CEO, said, “We continue to see
healthy same store sales growth in our Bad Daddy’s brand, even with
the loss of sales due to harsher weather that has caused store
closures in both our first and second quarters. Good Times
continued to be significantly impacted by the much more inclement
weather in Colorado (both in temperature and precipitation) versus
last year and we attribute most, if not all, of the same store
sales decline this year to the unfavorable weather. Importantly,
when we compare favorably on weather our same store sales bounce
back, as they have subsequent to the end of the quarter with our
first stretch of warmer weather. At the beginning of the quarter we
opened our thirty-fifth Bad Daddy’s restaurant, our fourth in the
Raleigh, North Carolina market, which is performing well above our
system average unit volume.”
About Good Times Restaurants Inc.: Good Times Restaurants
Inc. (GTIM) owns, operates, franchises and licenses 35 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 35 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 25, 2018 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/20190410005078/en/
Investor Relations Contacts:Boyd E. Hoback, President and CEO
(303) 384-1411Ryan Zink, CFO (303) 384-1432Christi Pennington (303)
384-1440
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