Good Times Restaurants (GTIM) FQ214 Comps Rose 17.8%
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Good Times Restaurants Inc. (Nasdaq: GTIM) announced that its same store sales for its second fiscal quarter ended March 31, 2014 increased 17.8%, representing a two year increase of 24.7%, and that same store sales increased 19.2% for the month of March on top of last year’s 3.9% increase. The company reported that the March 23.1% increase over the past two years is the sixth consecutive month of two-year same store increases over 20% and that the Company is planning new store expansion in the Colorado market.
Boyd Hoback, President & CEO said, “We continue to deliver exceptional sales results, which is translating into significant operating margin expansion and increasing cash flows from operations which provides the impetus for us to build new Good Times restaurants in Colorado again in addition to an aggressive remodeling and reimaging schedule for our older restaurants. Our focus for Good Times is to continue to build out the front-range market of Colorado while we also build new Bad Daddy’s restaurants in Colorado and beyond.”
“Our soft launch of the first Colorado Bad Daddy’s went well, and we start construction on our second Colorado Bad Daddy’s in April. We are training management for the next two stores, as we have a third lease out for execution and several more in letter of intent stage for our 2015 development.”
The Company also reported that it has had its first Good Times restaurant exceed $2 million in annual sales in March. Hoback added, “We are very excited to have a 950-square-foot restaurant generating $2 million in annual sales and it continues to grow along with the rest of our system. We also expect the new Good Times restaurants under development to significantly exceed our system-wide sales average based on the dynamics of the trade areas, our new building design and the performance of our newer restaurants.”
Boyd Hoback, President & CEO said, “We continue to deliver exceptional sales results, which is translating into significant operating margin expansion and increasing cash flows from operations which provides the impetus for us to build new Good Times restaurants in Colorado again in addition to an aggressive remodeling and reimaging schedule for our older restaurants. Our focus for Good Times is to continue to build out the front-range market of Colorado while we also build new Bad Daddy’s restaurants in Colorado and beyond.”
“Our soft launch of the first Colorado Bad Daddy’s went well, and we start construction on our second Colorado Bad Daddy’s in April. We are training management for the next two stores, as we have a third lease out for execution and several more in letter of intent stage for our 2015 development.”
The Company also reported that it has had its first Good Times restaurant exceed $2 million in annual sales in March. Hoback added, “We are very excited to have a 950-square-foot restaurant generating $2 million in annual sales and it continues to grow along with the rest of our system. We also expect the new Good Times restaurants under development to significantly exceed our system-wide sales average based on the dynamics of the trade areas, our new building design and the performance of our newer restaurants.”
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