Good Times Restaurants Reports Fiscal 2018 Q4 Same Store Sales
October 9, 2018
Bad Daddy’s Adjusted Same Store Sales Increase 0.7%
Good Times’ Same Store Sales Increase 0.5%
DENVER–(BUSINESS WIRE)–Good
Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad Daddy’s
Burger Bar, a full-service, upscale burger bar concept, and Good Times
Burgers & Frozen Custard, a regional quick-service restaurant chain
focused on fresh, high-quality, all-natural products, today announced
that its Bad Daddy’s adjusted same store sales increased 0.7% during the
quarter over the prior year’s increase of 1.4%, excluding the impact of
Hurricane Florence during which the concept experienced closures for
seven store days, including five store days among the base of comparable
stores as well as reduced traffic in its North Carolina restaurants in
the days immediately preceding and succeeding landfall. Bad Daddy’s same
store sales decreased 0.7% for the quarter including the lost sales due
to the hurricane. Same store sales for its Good Times’ brand increased
0.5% in its fiscal fourth quarter ended September 25, 2018 over the
prior year’s increase of 3.9%.
Boyd Hoback, President & CEO, said, “Although this represents a break in
our positive comparable sales streak due to the impact of Hurricane
Florence, on an adjusted basis, comparable sales were in-line with our
guidance and represents a slight acceleration from our third quarter’s
comparable sales, and would have been our fourteenth consecutive quarter
of positive comparable sales. We are grateful that we did not experience
any property damage and that our employees and their families were safe.
Additionally, during the last week of our fiscal year we opened Bad
Daddy’s Burger Bar restaurants in Roswell, GA and Greenville, SC,
bringing our total restaurants opened during fiscal 2018 to nine and we
expect to open two additional Bad Daddy’s restaurants during our first
fiscal quarter of 2019.”
Regarding Good Times results, Hoback added, “We saw our seventh
consecutive quarter of positive comparable sales at Good Times during
which we did not have significant product or price news in our
advertising. Subsequent to the quarter’s end we rolled out All Natural
Boneless Buffalo Wings and our $5 West Coast Double Cheeseburger Combo.”
About Good Times Restaurants Inc.
Good Times Restaurants Inc. (GTIM) owns, operates, franchises and
licenses 33 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. Additionally, through
its wholly owned subsidiaries, Good Times Restaurants Inc. operates and
franchises a regional quick-service restaurant chain consisting of 36
Good Times Burgers & Frozen Custard restaurants, located primarily in
Colorado.
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.
Contacts
Good Times Restaurants Inc.
Investor Relations Contacts:
Boyd
E. Hoback, 303-384-1411
President and CEO
or
Ryan Zink,
303-384-1432
CFO
or
Christi Pennington, 303-384-1440