GOLDEN, Colo. - June 3, 2013 - (BUSINESS WIRE) - Good Times Restaurants Inc. (Nasdaq: GTIM) today announced its same store sales increased 16% in May, in addition to an increase of 5% in May of last year. This follows April’s 11.4% reported same store sales increase.
Commenting on the Company’s extraordinary sales increases, Boyd Hoback, President & CEO, said, “While we have been expecting sales increases from our new breakfast daypart and our rollout of All Natural Hand-Breaded Chicken Tenders, we have been pleasantly surprised at how robust the increase in our customer transactions has been. The synergy of our return to television advertising with a new creative platform, the continued refinement of our brand position with the rollout of unique products, limited reimaging of our older stores and execution to high standards by our operations team is clearly having an impact on our customers. We have almost doubled our chicken category’s sales mix which bodes well for our cost of sales given the tightening beef market and we have other innovative product introductions planned for the balance of the year.”
The Company also reported that it expects to begin to build new Good Times restaurants again in the Colorado market in addition to gearing up for expansion of the Bad Daddy’s Burger Bar concept. Hoback added, “We are in the process of implementing operating and training systems in the Bad Daddy’s concept and are putting new sites into the pipeline for its growth. While we’ve sold a few Good Times restaurants over the last couple of years that are in trade areas that no longer fit our customer profile, our sales and profit growth allow us to jump start development of new Good Times Burgers & Frozen Custard sites in Colorado in addition to accelerating our reimaging of older restaurants.”
Good Times is a regional chain of quick service restaurants located primarily in Colorado providing a menu of high quality all natural hamburgers, 100% breast of chicken sandwiches, fresh, frozen custard, fresh squeezed lemonades, fresh cut fries and other unique offerings. Good Times currently operates and franchises 39 restaurants.
Bad Daddy’s Burger Bar is a full-service, upscale, “small box” restaurant concept operating mostly in inline locations 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. The Company has certain development rights for the Bad Daddy’s concept and owns 48% of Bad Daddy’s Franchise Development LLC.
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 Good Times’ 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, 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 30, 2012 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.
Boyd E. Hoback
President and CEO