Good Times Reports January Same Store Sales Increase 14%
- February, 4 2014
- Good Times
Good Times Restaurants Inc. (Nasdaq:GTIM) 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.”
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.
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