Good Times Restaurants Reports Third Quarter Same Store Sales
July 15 2021 - 7:30AM
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 2.9% for its third fiscal quarter ended June
29, 2021. Year-over-year same store sales at its Bad Daddy’s brand
increased 61.4% during the quarter compared to its fiscal 2020
third quarter, driven by reductions in COVID-19-related
restrictions and the rollover of prior-year impacts of the
pandemic. Compared to 2019, sales during the third quarter of 2021
increased by 14.3% at Good Times and by 0.7% at Bad Daddy’s
restaurants, among restaurants that were open for the full third
quarter in both years. 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
April (4 weeks)
25.1%
29,613
130.6%
49,318
May (4 weeks)
-3.3%
30,289
73.4%
50,061
June (5 weeks)
-5.6%
29,517
26.9%
51,508
Third Quarter 2021
2.9%
29,784
61.4%
50,397
YTD 2021
14.7%
27,300
16.4%
44,306
1
Same store sales include all company-owned
restaurants currently open with at least 18 full fiscal periods of
operating history.
2
Average weekly sales include all
company-owned restaurants.
Ryan Zink, President and CEO, said, “We have seen an increased
preference for the full-service restaurant experience as vaccines
have become more widely available and customers have become more
comfortable in group settings with reduced COVID-19-related
restrictions. Due to hourly staffing constraints that are common in
the industry today, both of our concepts are still operating at
reduced hours, with most of our restaurants closing one hour
earlier, compared to 2019. We continue to prioritize higher-levels
of customer service and improved working hours for our employees
over maximizing operating hours. We are pleased with the sales
results from both brands, as sales have returned to 2019 levels at
Bad Daddy’s and at Good Times are seeing only marginal
year-over-year sales declines as we lap dining room restrictions
from last year. Additionally, during the quarter we opened our 40th
Bad Daddy’s restaurant in the greater Atlanta market. The
restaurant opened as the leading sales restaurant for us in this
market and is achieving our target for new restaurant volumes.”
About Good Times Restaurants Inc.: Good Times Restaurants
Inc. owns, operates, franchises and licenses 40 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. operates and franchises a regional quick-service
drive-thru restaurant chain consisting of 32 Good Times Burgers
& Frozen Custard restaurants located primarily in Colorado.
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 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 29, 2020 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
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version on businesswire.com: https://www.businesswire.com/news/home/20210715005154/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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