Good Times Restaurants Reports Third Fiscal Quarter Same Store Sales
09 Julio 2024 - 6:00AM
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 5.8% for its Good
Times brand and increased 1.2% for its Bad Daddy’s brand compared
to the same prior-year fiscal quarter and average weekly sales2
were $31,780 and $52,555 for its Good Times and Bad Daddy’s brands,
respectively, for its third fiscal quarter ended June 25, 2024.
Ryan Zink, President and CEO, said, “The positive same store
sales trends at Good Times demonstrate the strength of the brand.
In May, we completed the remodel of one of our restaurants in
Lakewood, Colorado and we closed on the purchase of the Good Times
restaurant in the Denver suburb of Parker, Colorado and are
extremely pleased with its first few weeks of operations as a
company-owned restaurant. Further, as of the first day of the
fourth fiscal quarter, we have installed our next generation
point-of-sale system in eleven of our twenty-six company-owned Good
Times Restaurants.”
“The improvement in Bad Daddy’s sales performance is
encouraging, with the concept generating same store sales gains for
the quarter. We are seeing progressive improvements in sales across
all geographic regions, the result of a sharp focus on the guest
and elevated operating standards,” Zink continued.
Mr. Zink concluded, “Our strategy continues to combine
re-investment in our existing restaurants to drive organic sales
growth, cautious and measured new-unit development, and return of
capital to shareholders through share repurchases. We continue to
believe that the market will ultimately recognize the value we are
creating with this disciplined approach centered around delivering
enjoyable and memorable guest experiences through excellent
operations.”
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 26, 2023 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. Same
store sales do not include the impact of revenue recognition
related to the GT Rewards loyalty program which is immaterial and
exclude restaurants closed for remodel in the current or prior
year, during the fiscal periods of full or partial period closure.
2
Average weekly sales include all company-owned restaurants open for
the full fiscal quarter.
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version on businesswire.com: https://www.businesswire.com/news/home/20240709307525/en/
GOOD TIMES RESTAURANTS INC CONTACTS: Ryan M. Zink,
President and Chief Executive Officer (303) 384-1432 Christi
Pennington (303) 384-1440
Good Times Restaurants (NASDAQ:GTIM)
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