Good Times Reports January Same Store Sales +14%
2-Year Trend Continues Over +20%
GOLDEN, Colo. - February 03, 2014 - (BUSINESS WIRE) - Good Times Restaurants Inc. (Nasdaq:GTIM), operator of Good Times Burgers & Frozen Custard, a regional quick service restaurant chain focused on fresh, high quality, all natural products and of Bad Daddy's Burger Bar, a full service, upscale concept today announced its same store sales for January 2014 increased 14.1% over the prior year, which had increased 10.2% from January 2012. The company reported that the 24.3% increase over the past two years is the fourth consecutive month of two-year same store increases over 20%.
"The good news is that there is no new news but simply a continuation of our core sales trends," said Boyd Hoback, President and CEO. "We've clearly reached a new base level of sales, even as we comp over larger increases last year and our core brand communications combined with meaningful product messages are working well. We begin to compare to last year's larger double digit gains in April and maintaining such high growth rates becomes arithmetically more challenging. However, we anticipate that we'll be able to maintain our positive momentum and comp sales trends driven by additional product focus in each of our menu categories of fresh, all natural burgers and chicken, fresh frozen custard and a renewed promotion of Hatch Valley New Mexico breakfast burritos."
Hoback continued, "Given these solid sales figures for January, our dramatic improvement in profitability we reported in our first quarter, the opening of our first Colorado Bad Daddy's Burger Bar on February 3 and the anticipated signing of our first multi-unit franchisee for Bad Daddy's, I believe this quarter will be pivotal in our continued growth and development."
About Good Times Restaurants Inc.
Good Times Restaurants Inc. (GTIM) operates Good Times Burgers & Frozen Custard, a regional chain of quick service restaurants located primarily in Colorado, in its wholly owned subsidiary, Good Times Drive Thru Inc. Good Times provides 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 37 restaurants.
GTIM will also own and operate Bad Daddy's Burger Bar restaurants through its wholly owned subsidiary, BD of Colorado LLC and will franchise Bad Daddy's Burger Bar restaurants through its 48% ownership of Bad Daddy's Franchise Development LLC. 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.
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, 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, 2013 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
LeVay & Rose