Good Times Restaurants Provides Business Update and Reports First Quarter Same Store Sales

Rhea-AI Summary

Good Times Restaurants (GTIM) reported a 22.1% increase in same-store sales for its Good Times brand during the first fiscal quarter ending December 29, 2020. Conversely, Bad Daddy’s brand saw a decline of 11.8%, attributed to COVID-19 restrictions impacting Colorado dining. Monthly sales for October rose by 15.0%, November by 22.4%, while December saw a 28.3% increase for Good Times. However, Bad Daddy's faced declines of 2.7%, 8.2%, and 21.5% respectively in the same months. These divergent sales trends highlight ongoing challenges due to pandemic-related effects.

Positive

• Good Times brand same-store sales increased 22.1% year-over-year.
• Monthly sales growth for Good Times: 15.0% in October, 22.4% in November, and 28.3% in December.

Negative

• Bad Daddy's brand same-store sales declined 11.8% year-over-year.
• Bad Daddy's saw declines of 2.7%, 8.2%, and 21.5% for the months of October, November, and December, respectively.

Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard, today announced that year-over-year same store sales for its Good Times brand increased 22.1% for its first fiscal quarter ended December 29, 2020. Year-over-year same store sales at its Bad Daddy’s brand decreased 11.8% during the quarter compared to its fiscal 2020 first quarter, driven by the impact of the COVID-19 pandemic and associated government restrictions related to restaurant dining rooms, including the closure of dining rooms in its twelve Colorado Bad Daddy’s for part of November and all of December. Same store sales and average weekly sales at Bad Daddy’s and Good Times for each month of the quarter are as follows:

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		Good Times Burgers & Frozen Custard					Bad Daddy’s Burger Bar
Fiscal Period		Same Store Sales1			Average Weekly Sales2		Same Store Sales1			Average Weekly Sales2
October (4 weeks)		15.0	%		25,750		-2.7	%		41,782
November (4 weeks)		22.4	%		27,185		-8.2	%		39,903
December (5 weeks3)		28.3	%		26,536		-21.5	%		35,680

FAQ

What were the same-store sales results for Good Times Restaurants (GTIM) in Q1 2020?

Good Times brand had a 22.1% increase in same-store sales, while Bad Daddy's brand saw an 11.8% decrease.

How did the COVID-19 pandemic impact Bad Daddy's sales in December 2020?

Bad Daddy's experienced a 21.5% decline in same-store sales in December 2020 due to pandemic restrictions.

What sales growth did Good Times Burgers achieve in October 2020?

Good Times Burgers saw a 15.0% increase in same-store sales for October 2020.

What was the performance of Bad Daddy's Burger Bar in November 2020?

Bad Daddy's reported an 8.2% decline in same-store sales for November 2020.