Good Times Restaurants (GTIM) Q3 Same Store Sales Increase 3.8%

Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Good Times Burgers & Frozen Custard, a regional quick-service restaurant chain focused on fresh, high-quality, all-natural products and of Bad Daddy’s Burger Bar, a full-service, upscale concept, today announced that its Good Times’ same store sales increased 3.8% in its fiscal third quarter ended June 26, 2018 over the prior year’s increase of 3.7%, and its Bad Daddy’s same store sales increased 0.5% during the quarter over the prior year’s increase of 0.1%. Same store sales for Bad Daddy’s exclude the weeks during which the original Bad Daddy’s in Charlotte, NC was closed for remodeling.

Boyd Hoback, President & CEO, said, “We saw our sixth consecutive quarter of positive same store sales at Good Times which are in-line with our guidance. On a two-year stack Good Times’ increase in same store sales again exceeded 7.0%. We are lapping the introduction of our West Coast Double Cheeseburger and Combo at price points of $3 and $5, respectively, from last year that drove excellent sales gains so we are very pleased with our results this year after increasing the West Coast burger and combo prices last fall.”

Regarding Bad Daddy’s results, Hoback added, “Our Bad Daddy’s brand also performed very well, posting positive comp sales for the thirteenth consecutive quarter. Our overall same store sales were impacted by an estimated 1.0% – 1.5% during the quarter from cannibalization in the Charlotte market resulting from the fifth restaurant in the market that we opened at the beginning of the fiscal year, which exceeded our new store sales target by nearly 25% during the quarter. We opened our second Atlanta-area Bad Daddy’s in Smyrna, GA on June 4th which posted a company record for opening week sales and our class of 2017 and 2018 new stores continue to average above our system average. We are on track to open four additional restaurants during the final quarter of the year: two in North Carolina, one in Greenville, South Carolina, and our third restaurant in the greater-Atlanta area.”

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