Good Times Maintains +20% Two Year Sales Trend
GOLDEN, Colo. - December 03, 2013 - (BUSINESS WIRE) - Good Times Restaurants Inc. (Nasdaq:GTIM), a regional restaurant company focused on operating and developing Good Times Burgers & Frozen Custard and Bad Daddy’s Burger Bar restaurants, today announced its same store sales for its Good Times restaurants increased 14.1% for the month of November on top of an 8.4% same store sales increase in the prior year. November was its eighth consecutive month of double digit same store increases. The Company reiterated that while it does not normally release all monthly sales results, it plans to continue to release monthly same store sales results because the trend is so significant.
Commenting on the sales results, Boyd Hoback, President & CEO said, "We are beginning to lap our sales comps from the prior year that include the introduction of breakfast, which was fully implemented by the end of November 2012. Breakfast sales totaled approximately 6% of sales during the month last year and are still running just shy of 10% this year, so we continue to see growth in our core menu sales and overall transactions. Importantly, we are seeing increased flow through to our bottom line and expect that our first fiscal quarter profitability for our core Good Times business will be significantly improved over prior year, as we invest in the preopening and ramp up for the growth of Bad Daddy’s Burger Bar."
The Company also said that it is on track to open its first Bad Daddy’s Burger Bar in Colorado in January with additional sites in the pipeline for 2014 development. Hoback added, "We have had our operations team involved with Bad Daddy’s for the last several months in North Carolina and are excited for our first store to be under construction. We have been working with the Bad Daddy’s team on operational, training and support systems and hope to have our first franchise development agreements signed after the first of the year."
About Good Times Restaurants Inc.
Good Times Restaurants Inc. (GTIM) is a regional chain of quick service restaurants located primarily in Colorado providing a menu of high quality all natural hamburgers, 100% all natural chicken tenderloins, fresh frozen custard, fresh cut fries, fresh lemonades and other unique offerings. Good Times currently operates and franchises 38 restaurants.
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, family friendly atmosphere. Bad Daddy’s has received both local and national accolades for the quality and originality of its food and was most recently named a top 25 burger in the U.S. by USA Today.
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 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.
Good Times Restaurants Inc.
Boyd E. Hoback
President and CEO