Good Times Restaurants Reports Fourth Quarter Same Store Sales

Rhea-AI Summary

Good Times Restaurants (GTIM) reported its Q4 2021 results, noting a 0.2% decrease in same store sales for its Good Times brand, while Bad Daddy's brand saw a remarkable 22.8% increase. Compared to Q4 2019, Good Times' sales increased by 8.7% and Bad Daddy's by 5.7%. September sales exceeded those from September 2019 by 7%. The company opened two new locations, one being a non-traditional unit at Tivoli Brewery, enhancing its market presence and operational performance.

Positive

• Bad Daddy's brand achieved a substantial 22.8% increase in same store sales for Q4 2021.
• Good Times Burgers recorded an increase of 8.7% in sales compared to Q4 2019.
• September sales exceeded 2019 levels by 7% for locations open during both periods.
• Opened a new restaurant in Montgomery, Alabama, with weekly volumes exceeding system average.

Negative

• Good Times brand experienced a 0.2% decrease in same store sales for Q4 2021.
• Bad Daddy's same store sales growth is overshadowed by Good Times' performance decline.

GOLDEN, Colo.--(BUSINESS WIRE)-- Good Times Restaurants Inc. (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 fourth fiscal quarter ended September 28, 2021 decreased 0.2% for its Good Times brand and increased 22.8% for its Bad Daddy’s brand. Sales during the fourth quarter of 2021 increased by 8.7% at Good Times and by 5.7% at Bad Daddy’s restaurants, as compared to the fourth quarter of 2019, among restaurants that were open for the full fourth quarter in both years. Same store sales and average weekly sales at Bad Daddy’s and Good Times for each month of the quarter are as follows:

		Good Times Burgers & Frozen Custard				Bad Daddy’s Burger Bar
Fiscal Period		Same Store Sales1		Average Weekly Sales2		Same Store Sales1		Average Weekly Sales2
July (4 weeks)		-1.0%		29,047		32.6%		50,449
August (4 weeks)		-2.9%		28,231		20.4%		49,944
September (5 weeks)		2.8%		27,220		17.4%		47,777
Fourth Quarter 2021		-0.2%		28,093		22.8%		49,259
Fiscal 2021		10.5%		27,298		18.2%		45,575

¹ Same store sales include all company-owned restaurants currently open with at least 18 full fiscal periods of operating history.

² Average weekly sales include all company-owned restaurants.

Ryan Zink, President and CEO, said, “We are pleased with the performance of both of our brands during the fourth quarter, including having Good Times maintain the high unit volumes achieved during the early stages of the pandemic despite customers returning to full-service dining. We are pleased to share that Bad Daddy’s is exceeding 2019 sales levels at an increasing pace. Sales this September exceeded September 2019 by 7% among restaurants open for the entire fourth quarter in both years. We opened our second restaurant of the year in Montgomery, Alabama in late September with weekly volumes significantly exceeding the system average. Additionally, we opened Bad Daddy’s at the Tivoli. This non-traditional unit is located at the taphouse on the premises of Tivoli brewery, the oldest brewery in the state of Colorado. In this location, we serve customers the same chef-inspired burgers as we do in our traditional locations, with beverages and all front-of-house service provided by Tivoli Brewing Company. I am proud of our teams for their dedication and strong operations and guest service execution which are the drivers of the impressive top-line sales performance both brands have generated this year.”

About Good Times Restaurants Inc.: Good Times Restaurants Inc. owns, operates, franchises and licenses 42 Bad Daddy’s Burger Bar restaurants through its wholly-owned subsidiaries. Bad Daddy’s Burger Bar is a full-service “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 local and craft beers in a high-energy atmosphere that appeals to a broad consumer base. Additionally, Good Times Restaurants Inc. operates and franchises a regional quick-service drive-thru restaurant chain consisting of 32 Good Times Burgers & Frozen Custard restaurants located primarily in Colorado.

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 disruption to our business from the novel coronavirus (COVID-19) pandemic and the impact of the pandemic on our results of operations, financial condition and prospects which may vary depending on the duration and extent of the pandemic and the impact of federal, state and local governmental actions and customer behavior in response to the pandemic, the impact and duration of staffing constraints at our restaurants, the uncertain nature of current restaurant development plans and the ability to implement those plans and integrate new restaurants, 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 29, 2020 filed with the SEC, and other filings with the SEC . Good Times disclaims any obligation or duty to update or modify these forward-looking statements.

Category: Financial

View source version on businesswire.com: https://www.businesswire.com/news/home/20211013005494/en/

GOOD TIMES RESTAURANTS INC CONTACTS:

Ryan M. Zink, President and Chief Executive Officer (303) 384-1411

Christi Pennington (303) 384-1440

Source: Good Times Restaurants Inc.

FAQ

What are Good Times Restaurants' Q4 2021 same store sales figures for GTIM?

Good Times brand saw a 0.2% decrease, while Bad Daddy's brand had a 22.8% increase.

How did Good Times Restaurants perform in comparison to Q4 2019?

Good Times sales increased by 8.7% and Bad Daddy's by 5.7% compared to Q4 2019.

Did Good Times Restaurants open any new locations recently?

Yes, they opened a new restaurant in Montgomery, Alabama, and a non-traditional unit at Tivoli Brewery.

What was the sales performance of Good Times in September 2021?

Good Times' sales in September exceeded those of September 2019 by 7%.