Good Times Restaurants Reports Second Quarter Same Store Sales
April 08 2021 - 4:05PM
Business Wire
Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad
Daddy’s Burger Bar and Good Times Burgers & Frozen Custard,
today announced that year-over-year same store sales for its Good
Times brand increased 22.9% for its second fiscal quarter ended
March 30, 2021. Year-over-year same store sales at its Bad Daddy’s
brand increased 9.1% during the quarter compared to its fiscal 2020
second quarter, driven by reductions in COVID-19-related
restrictions late in the quarter and the rollover of initial
prior-year impacts of the pandemic during the last half of March.
Same store sales and average weekly sales at Bad Daddy’s and Good
Times for each month of the quarter are as follows:
Good Times Burgers
&
Frozen Custard
Bad Daddy’s
Burger Bar
Fiscal Period
Same
Store
Sales1
Average
Weekly
Sales2
Same
Store
Sales1
Average
Weekly
Sales2
January (4 weeks)
24.2%
25,833
-8.3%
40,297
February (4 weeks)
22.4%
25,165
-4.2%
42,159
March (5 weeks)
22.2%
25,969
41.6%
47,457
Second Quarter 2021
22.9%
25,680
9.1%
43,624
YTD 2021
22.5%
26,065
-1.8%
41,240
1
Same store sales include all company-owned
restaurants currently open with at least 18 full fiscal periods of
operating history.
2
Average weekly sales include all
company-owned restaurants.
Ryan Zink, President & CEO, said: “We are pleased to report
strong sales for both brands in our second fiscal quarter. We
continue to see sequential improvement in average weekly sales at
Bad Daddy’s as customers return to on-premises dining and our Good
Times concept continues to post impressive sales in spite of
reduced pandemic-related restrictions and increased consumer
confidence in on-premise dining, which we attribute to improved
awareness generated during the pandemic, and our laser-focus on
accuracy and speed of service.
“We continue to focus on staffing our restaurants and operating
safely in consideration of the impacts of COVID-19. To that end, we
have implemented an incentive program that provides financial
incentives for each employee who receives up to two COVID-19
vaccinations between March and June of this year. Further, we are
not immune to staffing challenges facing restaurants, and other
industries, and we continue to focus efforts toward programs that
will allow us to aggressively compete with other companies and
concepts for talented employees that are the heart and soul of each
restaurant.”
About Good Times Restaurants Inc.: Good Times Restaurants
Inc. owns, operates, franchises and licenses 39 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, Good Times
Restaurants Inc. operates and franchises a regional quick-service
drive-thru restaurant chain consisting of 32 Good Times Burgers
& Frozen Custard restaurants located primarily in Colorado.
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 disruption to our business from the novel coronavirus
(COVID-19) pandemic and the impact of the pandemic on our results
of operations, financial condition and prospects which may vary
depending on the duration and extent of the pandemic and the impact
of federal, state and local governmental actions and customer
behavior in response to the pandemic, the lack of assurance that
the full amount of the PPP loans will be forgiven, 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 29, 2020 filed with the
SEC, and other filings with the SEC. Good Times disclaims any
obligation or duty to update or modify these forward-looking
statements.
Category: Financial
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version on businesswire.com: https://www.businesswire.com/news/home/20210408005805/en/
GOOD TIMES RESTAURANTS INC. CONTACTS: Ryan M. Zink,
President and Chief Executive Officer (303) 384-1411 Christi
Pennington (303) 384-1440
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