Good Times Restaurants Reports Fourth Fiscal Quarter Same Store Sales
October 19 2023 - 3:04PM
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 2.4% for its Good
Times brand and decreased 4.9% for its Bad Daddy’s brand for its
fourth fiscal quarter ended September 26, 2023 compared to the
prior fiscal quarter and for the year then ended, same store sales
increased 3.7% and 0.1% for its Good Times and Bad Daddy’s brands,
respectively, compared to the prior fiscal year.
Ryan Zink, President and CEO, said “Our Good Times brand
continues to perform well in this increasingly challenging consumer
environment. The investments we have made in this brand, through
digital menu boards, signs and imaging, and our mobile app, in
concert with the increased focus on friendliness and hospitality in
our drive-thrus have enabled Good Times to continue its streak of
positive same sales performance. Bad Daddy’s saw worsening declines
throughout the quarter as we experienced broad-based reductions in
traffic and increased check management activity by our guests. Our
management team is fiercely focused on delivering value, consistent
with our brand position, in a market that has seen increasing
discounting activity to drive a turnaround in sales and
traffic.”
“We are extremely encouraged by sales results at our new Bad
Daddy’s in Madison, Alabama, a suburb of Huntsville, that opened in
August. Average weekly sales in Madison are trending 50% higher
than our overall system average,” Zink concluded.
About Good Times Restaurants Inc.: Good Times Restaurants
Inc. owns, operates, and licenses 41 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”, “plan” 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
disruption to our business from pandemics and other public health
emergencies, 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, other general economic and operating
conditions, risks associated with our share repurchase program,
risks associated with the acquisition of additional restaurants,
the adequacy of cash flows and the cost and availability of capital
or credit facility borrowings to provide liquidity, changes in
federal, state, or local laws and regulations affecting the
operation of our restaurants, including minimum wage and tip credit
regulations, 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 Good Times includes currently open Company-owned
restaurants acquired from former franchisees beginning with the
first full fiscal month under Company ownership.
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version on businesswire.com: https://www.businesswire.com/news/home/20231019410861/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)
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