Good Times Restaurants Reports Fourth Fiscal Quarter Same Store Sales
16 October 2024 - 7:05AM
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 decreased 0.1% for its Good
Times brand and increased 3.2% for its Bad Daddy’s brand for its
fourth fiscal quarter ended September 24, 2024, compared to the
prior-year fiscal quarter. For the 2024 fiscal year, same store
sales increased 2.9% and decreased 1.2% 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 has
been negatively impacted by the return of deep discounting in the
quick-service environment. We remain committed to our quality
position and cannot match the low-price points of the mass market
competition. Bambinos, our signature sliders, represent a great
value option on our menu. We intend to more prominently feature
both the single and three-pack options. We are also excited about
the introduction of a Bambino Supremo three-pack in November for a
limited time, which includes pickles, bacon, and white American
cheese.
“I am pleased with the way in which Bad Daddy’s finished the
fiscal year, growing same store sales during what has been an
incrementally challenging period in casual dining. We believe that
our focus on back-to-basics restaurant operations along with
relevant food and beverage limited time offers has significantly
improved trends.”
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 30 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 and for Good Times includes currently open Company-owned
restaurants acquired from former franchisees beginning with the
first full fiscal month under Company ownership.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241015446594/en/
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 Nov 2024 to Dec 2024
Good Times Restaurants (NASDAQ:GTIM)
Historical Stock Chart
From Dec 2023 to Dec 2024