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 a licensee of Bad Daddy’s
Burger Bar, a full service, upscale concept today announced that its
Good Times’ same store sales increased 11.9% in its fourth fiscal
quarter ending September 30, 2014 over the prior year’s increase of
18.2%. September same store sales increased 9.9% over the prior year’s
increase of 17.4%.
Boyd Hoback, President & CEO, said, “We expect our sales trends this
year to continue to moderate as we lap two years of double digit sales
growth, however it is the synergy of our overall brand initiatives,
product innovation, store remodeling and marketing platform that have
been driving our performance and all of those elements will continue to
evolve in fiscal 2015.”
The Company also reported that its newest Bad Daddy’s restaurant that
opened on July 28, 2014 set record sales for each of its first two
months of operation with total sales of $760,300 during August and
September. Hoback added, “We currently operate the highest and lowest
sales volume Bad Daddy’s restaurants out of the nine total Bad Daddy’s
open (not including the Charlotte airport location), which has provided
good learning on both site selection strategy and operating margin
refinement. We expect our first store to continue to grow as the trade
area’s development and construction disruption eases into 2015 and we
are thrilled with the second store’s performance as it begins to settle
into its longer term sales level. The rooftop patio and the heavy
investment we made in preopening labor costs has paid off in spades with
a high level of execution by our operations team and great customer
feedback.”
The Company also reiterated that it expects to open one additional Good
Times restaurant in November and its third Bad Daddy’s Burger Bar
restaurant in Colorado in late November or early December. The Company
also said it expects to open between five and eight total Company-owned
Bad Daddy’s restaurants during 2015, depending on the pace of
development of several new shopping center developments, and at least
one additional Good Times restaurant. Bad Daddy’s restaurants opened by
the Company are as a licensee of the concept through its wholly owned
subsidiary BD of Colorado LLC.
About Good Times Restaurants Inc.: Good Times Restaurants Inc.
(GTIM) operates Good Times Burgers & Frozen Custard, a regional chain of
quick service restaurants located primarily in Colorado, 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, fresh cut fries, fresh lemonades and
other unique offerings. Good Times currently operates and franchises 36
restaurants.
GTIM owns and operates Bad Daddy’s Burger Bar restaurants as a licensee
through its wholly owned subsidiary, BD of Colorado LLC and plans to
franchise Bad Daddy’s Burger Bar restaurants through its 48% ownership
of Bad Daddy’s Franchise Development LLC. 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, 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 30, 2013 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.
Copyright Business Wire 2014