Good Times Restaurants Provides Business Update and Reports First Quarter Same Store Sales
January 12 2021 - 7:30AM
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 22.1% for its first fiscal quarter ended
December 29, 2020. Year-over-year same store sales at its Bad
Daddy’s brand decreased 11.8% during the quarter compared to its
fiscal 2020 first quarter, driven by the impact of the COVID-19
pandemic and associated government restrictions related to
restaurant dining rooms, including the closure of dining rooms in
its twelve Colorado Bad Daddy’s for part of November and all of
December. 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
October (4 weeks)
15.0
%
25,750
-2.7
%
41,782
November (4 weeks)
22.4
%
27,185
-8.2
%
39,903
December (5 weeks3)
28.3
%
26,536
-21.5
%
35,680
First Quarter 2021
22.1
%
26,446
-11.8
%
38,856
1Same store sales include all company-owned restaurants
currently open with at least 18 full fiscal periods of operating
history. 2Average weekly sales include all company-owned
restaurants. 3The December fiscal period for both fiscal 2020 and
2021 included both Thanksgiving Day and Christmas Day, during which
all of the Company’s restaurants were closed in observance of the
respective holidays.
During November and December, in compliance with government
orders, the Company had dining rooms closed in its Colorado Bad
Daddy’s restaurants, limiting service to patio dining, carry-out,
and delivery. Same store sales for Colorado restaurants declined
36.6% in the December fiscal period compared to the prior year.
Same store sales for restaurants outside of Colorado declined by
10.5% during the December fiscal period with average weekly sales
of approximately $38,800, due in part to the shift of the Christmas
holiday from Wednesday to Friday, and also due to a reduction in
traffic compared to the prior year in connection with reduced
“bricks and mortar” holiday shopping activity, the relative absence
of large group dining occasions, and elevated concern among
customers regarding deteriorating headline COVID-19 metrics. On
January 6, the Company re-opened the dining rooms in its Colorado
Bad Daddy’s restaurants at 25% capacity in accordance with new
guidelines applicable to those restaurants.
The Company ended the quarter with approximately $10 million in
cash, $4.0 million outstanding on its revolving credit facility
with Cadence Bank, and $11.6 million in outstanding PPP loans.
Additionally, the Company began paying its broadline food suppliers
under available quick-pay terms to earn discounts provided by its
existing supply agreements.
Ryan Zink, President & CEO, said, “We are pleased to
continue into the first quarter of fiscal 2021 the momentum we had
at the end of our prior year. We prepared for the potential lost
sales due to dining room closures at Bad Daddy’s and during the
first quarter we geared up to recapture some of those sales with
the launch of our virtual brand, Bad Mama’s Chicken, continuing to
demonstrate our team’s commitment to remain agile and to quickly
respond to a rapidly changing operating environment. Our Good Times
concept has benefitted from the closure of dining rooms in
Colorado, and we believe that our sales have performed well in
comparison to competitive QSR concepts in Colorado. Similarly at
Bad Daddy’s, despite declines in same store sales, we believe both
in Colorado and in our other markets that our same store sales
performance compares favorably to our competitors in casual
dining.”
About Good Times Restaurants Inc.: Good Times Restaurants
Inc. (Nasdaq: GTIM) 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 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 32 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 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/20210112005087/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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