Good Times Restaurants Reports Second Fiscal Quarter Same Store Sales
April 06 2023 - 4:06PM
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 increased 7.6% for its Good
Times brand and increased 4.6% for its Bad Daddy’s brand, and that
average weekly sales2 were $27,510 and $52,432 for its Good Times
and Bad Daddy’s brands, respectively for its second fiscal quarter
ended March 28, 2023.
Ryan Zink, President and CEO, said: “During the second quarter,
we purchased the membership interests in five previously
joint-venture Bad Daddy’s restaurants, four in North Carolina and
one in South Carolina, and began the remodel of our previously
franchised Bad Daddy’s restaurant in Greenville, South Carolina,
which is expected to re-open April 10, 2023. At Good Times, four of
our six Denver-area franchisee-owned restaurants installed digital
drive-thru menu boards, leaving only two Denver-area restaurants
with legacy menu boards. We also completed the installation of our
new sign package at four additional company-owned restaurants.
“We continue to focus on driving sales and guest counts through
segment-leading differentiation at both brands. We have continued
the modernization of our Good Times concept through incremental
technology and investments to improve the visual appeal of our
drive-thru restaurants. During the quarter, we closed our Bad
Daddy’s at Cherry Creek as the lease term ended and the landlord is
redeveloping the area. We are excited to continue the expansion of
the Bad Daddy’s brand with our newest Bad Daddy’s in Madison,
Alabama opening near the end of fiscal 2023. Madison will be our
second restaurant in the greater-Huntsville market,” Zink
continued.
Mr. Zink concluded, “Our strong sales results were benefitted by
menu pricing at both brands, and at Bad Daddy’s we are thrilled
about the year-over-year traffic growth in addition to our sales
growth. During the quarter, average menu prices increased from the
same prior-year quarter by 10.5% at Good Times and 3.4% at Bad
Daddy’s. We increased price at a greater rate at our restaurants in
Colorado in an effort to offset the fierce state-specific wage
pressures we are experiencing resulting from both statutory wage
rate increases and general labor market dynamics. I continue to
admire the passion for our brands and the focused attention to our
guests that our operations teams continue to deliver.”
About Good Times Restaurants Inc.: Good Times Restaurants
Inc. owns, operates, 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, through its wholly
owned subsidiaries, Good Times Restaurants Inc. owns, operates and
franchises 31 Good Times Burgers & Frozen Custard restaurants
primarily in Colorado. Good Times is a regional quick-service
concept featuring 100% all-natural burgers and chicken sandwiches,
signature wild fries, green chili breakfast burritos and fresh
frozen custard desserts.
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 disruption to our business from the
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 impact of supply chain
constraints and the current inflationary environment, 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 27, 2022 filed with the
SEC, and other filings with the SEC.
_______________ 1 Same store sales include all company-owned
restaurants currently open with at least 18 full fiscal months of
operating history and for Bad Daddy’s excludes the Magnolia Park
restaurant during the March fiscal period, during which it was
closed for renovations.
2 Average weekly sales include all company-owned restaurants
open for the full fiscal quarter and for Bad Daddy’s excludes the
Magnolia Park restaurant during the March fiscal period, during
which it was closed for renovations.
Category: Financial
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version on businesswire.com: https://www.businesswire.com/news/home/20230406005533/en/
GOOD TIMES RESTAURANTS INC. Ryan M. Zink, President and
Chief Executive Officer (303) 384-1411 Christi Pennington (303)
384-1440
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