Good Times Restaurants Reports Second Quarter Same Store Sales

Rhea-AI Summary

Good Times Restaurants Inc. (Nasdaq: GTIM) reported a 22.9% year-over-year increase in same-store sales for its Good Times brand in Q2 2021, while Bad Daddy’s brand saw a 9.1% rise. Factors contributing to these gains include improved customer confidence as COVID-19 restrictions were eased. Average weekly sales were 25,680 at Good Times and 43,624 at Bad Daddy’s. The company is addressing staffing challenges with incentives for vaccinations. Despite progress, risks remain tied to COVID-19 impacts and competitive pressures.

Positive

• 22.9% increase in same-store sales for Good Times brand in Q2 2021.
• 9.1% increase in same-store sales for Bad Daddy's brand in Q2 2021.
• Average weekly sales at Good Times reached 25,680.
• Average weekly sales at Bad Daddy's reached 43,624.

Negative

• Risks associated with COVID-19 pandemic continue to impact results.
• Staffing challenges persist amid competitive labor market.

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 22.9% for its second fiscal quarter ended March 30, 2021. Year-over-year same store sales at its Bad Daddy’s brand increased 9.1% during the quarter compared to its fiscal 2020 second quarter, driven by reductions in COVID-19-related restrictions late in the quarter and the rollover of initial prior-year impacts of the pandemic during the last half of March. 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
January (4 weeks)		24.2%		25,833		-8.3%		40,297
February (4 weeks)		22.4%		25,165		-4.2%		42,159
March (5 weeks)		22.2%		25,969		41.6%		47,457
Second Quarter 2021		22.9%		25,680		9.1%		43,624
YTD 2021		22.5%		26,065		-1.8%		41,240

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 & CEO, said: “We are pleased to report strong sales for both brands in our second fiscal quarter. We continue to see sequential improvement in average weekly sales at Bad Daddy’s as customers return to on-premises dining and our Good Times concept continues to post impressive sales in spite of reduced pandemic-related restrictions and increased consumer confidence in on-premise dining, which we attribute to improved awareness generated during the pandemic, and our laser-focus on accuracy and speed of service.

“We continue to focus on staffing our restaurants and operating safely in consideration of the impacts of COVID-19. To that end, we have implemented an incentive program that provides financial incentives for each employee who receives up to two COVID-19 vaccinations between March and June of this year. Further, we are not immune to staffing challenges facing restaurants, and other industries, and we continue to focus efforts toward programs that will allow us to aggressively compete with other companies and concepts for talented employees that are the heart and soul of each restaurant.”

About Good Times Restaurants Inc.: Good Times Restaurants Inc. owns, operates, franchises and licenses 39 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 lack of assurance that the full amount of the PPP loans will be forgiven, 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/20210408005805/en/

FAQ

What were the same-store sales for Good Times Restaurants Inc. (GTIM) in Q2 2021?

Good Times reported a 22.9% increase in same-store sales for its Good Times brand in Q2 2021.

How did Bad Daddy's sales perform in the second fiscal quarter of 2021?

Bad Daddy's brand saw a 9.1% increase in same-store sales in Q2 2021 compared to the previous year.

What are the average weekly sales figures for Good Times and Bad Daddy's in Q2 2021?

The average weekly sales were 25,680 for Good Times and 43,624 for Bad Daddy's in Q2 2021.

What staffing measures is Good Times Restaurants Inc. taking due to COVID-19?

Good Times has implemented an incentive program offering financial rewards for employees who receive COVID-19 vaccinations.

What risks does Good Times Restaurants Inc. face according to their latest press release?

The company faces ongoing risks related to the COVID-19 pandemic and competitive pressures in the labor market.