Good Times Restaurants Reports Third Fiscal Quarter Same Store Sales
July 18 2023 - 3:10PM
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 2.2% for its Good
Times brand and decreased 1.4% for its Bad Daddy’s brand, and that
average weekly sales2 were $31,073 and $52,081 for its Good Times
and Bad Daddy’s brands, respectively, for its third fiscal quarter
ended June 27, 2023.
Ryan Zink, President and CEO, said, “In spite of unfavorable
weather comparisons in Colorado we again reported positive same
store sales at our Good Times restaurants. At Bad Daddy’s, we
reported a decline in same store sales. The sales losses were
concentrated in our Atlanta and Chattanooga markets. In contrast,
our Bad Daddy’s Colorado market performed remarkably well in sales,
growing same store sales by 2.1%. I am very pleased with the hard
work and dedication by our teams as they continue to deliver a
great experience to our guests.”
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.
Category: Financial
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 Cherry Creek location
which was closed prior to the current quarter and excludes the
Magnolia Park location during the fiscal periods it was closed for
remodeling. 2 Average weekly sales include all company-owned
restaurants open for the full fiscal quarter and for Bad Daddy’s
excludes the and for Bad Daddy’s excludes the Cherry Creek location
which was closed prior to the current quarter and excludes the
Magnolia Park location during the fiscal periods it was closed for
remodeling.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230718679462/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)
Historical Stock Chart
From May 2024 to Jun 2024
Good Times Restaurants (NASDAQ:GTIM)
Historical Stock Chart
From Jun 2023 to Jun 2024