Good Times Restaurants (GTIM) Comps Fell 1.2% in Q3
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Good Times Restaurants Inc. (Nasdaq: GTIM) and of Bad Daddy’s Burger Bar announced that its Bad Daddy’s same store sales increased 1.9% in its fiscal fourth quarter ended September 27, 2016 over the prior year’s increase of 6.8% and its Good Times’ same store sales decreased 1.2% during the quarter over the prior year’s increase of 6.8%.
Boyd Hoback, President & CEO, said, “Sales at both concepts were right on our expectations for the quarter, as we transitioned from a September 30 fiscal year end to a 52-week fiscal year. We believe we were slightly negatively impacted at Bad Daddy’s by the Olympics in August, and Bad Daddy’s same store sales include the effect of our Cherry Creek restaurant that is being negatively impacted by the adjacent Marriott AC Hotel that began excavation and construction in April. Good Times’ sales were consistent with our trend all summer, and we anticipate that we will continue to run flat to slightly negative in the near term due to the aggressive discounting from all of the national competitors; however, our new product initiatives in test are performing well and we anticipate being able to regain our positive momentum as those are rolled out throughout fiscal 2017.”
The Company also reiterated that it expects to open nine to eleven Bad Daddy’s Burger Bar restaurants in fiscal 2017. Two of those locations are currently under construction, and leases have been signed on five additional locations with more in late stages of negotiation. Hoback added, “We recently opened our sixth and final Bad Daddy’s location for fiscal 2016, and we have two more that we anticipate will open prior to the end of the fiscal 2017 first quarter in Fayetteville, North Carolina and Broomfield, Colorado.”
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