Good Times Restaurants Provides Business Update and Reports Fourth Quarter Same Store Sales
October 13 2020 - 8:00AM
Business Wire
Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad
Daddy’s Burger Bar and Good Times Burgers & Frozen Custard,
today announced that year-over-year same store sales for its Good
Times brand increased 10.0% for its fourth fiscal quarter and 7.9%
for the full fiscal year ended September 29, 2020. Year-over-year
same store sales at its Bad Daddy’s concept decreased 12.2% during
the quarter and 17.7% for the full fiscal year as we continue to
experience the effects of the COVID-19 pandemic and associated
government restrictions related to restaurant dining rooms. Bad
Daddy’s same store sales improved throughout the quarter as we
believe guests are becoming more comfortable with on-premises
dining. Good Times same store sales increases softened during the
quarter due to increased dining options as more full-service
concepts re-opened dining rooms and guests’ comfort with on-premise
dining progressively increased. Both brands were affected in
September by one of the earliest snowfalls in Colorado history.
Same store sales and average weekly sales at Bad Daddy’s and Good
Times for each month of the quarter are as follows:
Good Times Burgers &
Frozen Custard
Bad Daddy’s Burger Bar
Fiscal Period
Same Store Sales1
Average Weekly Sales2
Same Store Sales1
Average Weekly Sales2
July (4 weeks)
15.6%
28,908
-19.6%
38,075
August (4 weeks)
10.9%
28,598
-10.6%
41,610
September (5 weeks)
4.8%
26,074
-7.5%
40,504
Fourth Quarter 2020
10.0%
27,722
-12.2%
40,096
Fiscal 2020
7.9%
24,680
-17.7%
38,921
1Same store sales include all restaurants
open at least 18 full fiscal months. Good Times full year same
store sales excludes one restaurant which was temporarily closed
during part of the third fiscal quarter in 2019 for remodel.
2Average weekly sales include all
company-owned restaurants.
As of the end of the quarter, the Company had opened all of the
dining rooms in its Bad Daddy’s restaurants, and during the quarter
had re-introduced some of Bad Daddy’s signature menu items that had
been temporarily removed from the menu during dining room closures.
The Company is operating under normal terms with all of its vendors
and landlords and ended the fiscal year with approximately $11
million in cash and equivalents, $5.5 million drawn on its
revolving credit facility, and $11.6 million of PPP loans. The
Company intends to seek forgiveness for the maximum portion of the
PPP loans for which it is eligible for under the CARES Act and
other applicable legislation.
Ryan Zink, President & CEO, said, “This year has been
dynamic and challenging, and our collective team of restaurant
staff, restaurant management, and restaurant support employees,
have met that challenge with amazing success. We ended the year on
a high note, with same store sales that have exceeded industry
benchmarks for both of our concepts as provided by Knapp-Track and
Black Box Intelligence, and dramatic improvement in our operating
capability and financial foundation, despite the ongoing pandemic.
Although risks related to the COVID-19 pandemic continue to
persist, we have shifted our posture from one of short-term
liquidity management and cash preservation to a long-term mission
of growing sales at both brands and providing meaningful roles and
development opportunities for our team members as we work to exceed
our guests’ expectations at both Good Times and Bad Daddy’s.”
About Good Times Restaurants Inc.: Good Times Restaurants
Inc. (GTIM) owns, operates, franchises and licenses 39 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, through its
wholly-owned subsidiaries, Good Times Restaurants Inc. operates and
franchises a regional quick service restaurant chain consisting of
33 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 disruption to our business from the
novel coronavirus (COVID-19) pandemic and the impact of the
pandemic on our results of operations, financial condition and
prospects which may vary depending on the duration and extent of
the pandemic and the impact of federal, state and local
governmental actions and customer behavior in response to the
pandemic, the lack of assurance that the full amount of the PPP
loans will be forgiven, 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 the Company’s Annual Report on Form 10-K for the fiscal
year ended September 24, 2019 filed with the SEC, and other filings
with the SEC . The Company disclaims any obligation or duty to
update or modify these forward-looking statements.
Category: Financial
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version on businesswire.com: https://www.businesswire.com/news/home/20201013005033/en/
GOOD TIMES RESTAURANTS INC. CONTACTS: Ryan M. Zink,
President and Chief Executive Officer, (303) 384-1411 Christi
Pennington, (303) 384-1440
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