Good Times’ Same Store Sales Increase 7.1%
Bad Daddy’s Adjusted Same Store Sales Increase 0.7%
DENVER--(BUSINESS WIRE)--
Good
Times Restaurants Inc. (Nasdaq: GTIM), operator of Good Times
Burgers & Frozen Custard, a regional quick-service restaurant chain
focused on fresh, high-quality, all-natural products, and of Bad Daddy’s
Burger Bar, a full-service, upscale concept, today announced that its
Good Times’ same store sales increased 7.1% in its fiscal second quarter
ended March 27, 2018 over the prior year’s increase of 0.5%, and its Bad
Daddy’s same store sales increased 0.2% during the quarter over the
prior year’s increase of 3.2%. Excluding the Cherry Creek location which
continues to be impacted by construction in the surrounding area, Bad
Daddy’s adjusted same store sales increased 0.7% for the quarter.
Boyd Hoback, President & CEO, said, “We saw our seventh consecutive
quarter of sequential improvement in our same store sales at Good Times,
and significantly exceeded our guidance of 3.5% comps during the
quarter. We are very pleased with our results during the quarter, as we
continue to compete in an environment with significant discounting in
both of our competitive segments. The introduction of our Spicy Chicken
Sandwich in March helped drive traffic, supported by media during the
final three weeks in March, a month when Good Times’ same store sales
increased 8.9%.”
Regarding Bad Daddy’s results, Hoback added, “Our Bad Daddy’s brand also
performed very well, posting positive comp sales for the twelfth
consecutive quarter. For the quarter, our average weekly sales for Bad
Daddy’s restaurants opened during fiscal 2017 and 2018 were $52,600,
annualizing solidly above our $2.5 million new unit target taking into
account that our second quarter is typically seasonally our slowest
quarter. Our first Atlanta store opened in January is exceeding
expectations; we opened our first Tennessee Bad Daddy’s in Chattanooga
on April 2nd and are on track for five additional new Bad
Daddy’s this year.”
About Good Times Restaurants Inc.: Good Times Restaurants Inc.
operates Good Times Burgers & Frozen Custard, a regional chain of quick
service restaurants located primarily in Colorado, and in its wholly
owned subsidiary, Good Times Drive Thru Inc. Good Times provides a menu
of high quality all-natural hamburgers, 100% all-natural chicken
tenderloins, fresh frozen custard, natural cut fries, fresh lemonades
and other unique offerings. Good Times currently operates and franchises
a total of 38 restaurants.
GTIM owns, operates, franchises or licenses 28 Bad Daddy’s Burger Bar
restaurants through its wholly-owned subsidiaries. Bad Daddy’s Burger
Bar is a full-service, upscale, “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
craft microbrew beers in a high-energy atmosphere that appeals to a
broad consumer base.
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 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
26, 2017 filed with the SEC. Although Good Times may from time to time
voluntarily update its forward-looking statements, it disclaims any
commitment to do so except as required by securities laws.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180403005264/en/
Good Times Restaurants Inc.
Investor Relations Contacts:
Boyd
E. Hoback, 303-384-1411
President and CEO
or
Ryan Zink,
303-384-1432
CFO
Source: Good Times Restaurants Inc.