GOLDEN, Colo. - October 06, 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 a licensee of Bad Daddy's Burger Bar, a full service, upscale concept today announced that its Good Times' same store sales increased 11.9% in its fourth fiscal quarter ending September 30, 2014 over the prior year's increase of 18.2%. September same store sales increased 9.9% over the prior year's increase of 17.4%.
Boyd Hoback, President & CEO, said, "We expect our sales trends this year to continue to moderate as we lap two years of double digit sales growth, however it is the synergy of our overall brand initiatives, product innovation, store remodeling and marketing platform that have been driving our performance and all of those elements will continue to evolve in fiscal 2015."
The Company also reported that its newest Bad Daddy's restaurant that opened on July 28, 2014 set record sales for each of its first two months of operation with total sales of $760,300 during August and September. Hoback added, "We currently operate the highest and lowest sales volume Bad Daddy's restaurants out of the nine total Bad Daddy's open (not including the Charlotte airport location), which has provided good learning on both site selection strategy and operating margin refinement. We expect our first store to continue to grow as the trade area's development and construction disruption eases into 2015 and we are thrilled with the second store's performance as it begins to settle into its longer term sales level. The rooftop patio and the heavy investment we made in preopening labor costs has paid off in spades with a high level of execution by our operations team and great customer feedback."
The Company also reiterated that it expects to open one additional Good Times restaurant in November and its third Bad Daddy's Burger Bar restaurant in Colorado in late November or early December. The Company also said it expects to open between five and eight total Company-owned Bad Daddy's restaurants during 2015, depending on the pace of development of several new shopping center developments, and at least one additional Good Times restaurant. Bad Daddy's restaurants opened by the Company are as a licensee of the concept through its wholly owned subsidiary BD of Colorado LLC.
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 36 restaurants.
GTIM owns and operates Bad Daddy's Burger Bar restaurants as a licensee through its wholly owned subsidiary, BD of Colorado LLC and plans to 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.
Boyd E. Hoback
Good Times Restaurants Inc.
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