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Good Times Restaurants Inc. reports developments for two restaurant brands, Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard. The company owns, operates and licenses Bad Daddy’s Burger Bar, a full-service small-box concept built around gourmet signature burgers, chopped salads, appetizers, sandwiches, a full bar and craft beer selection. It also owns, operates and franchises Good Times Burgers & Frozen Custard, a regional quick-service drive-through concept primarily in Colorado.
Recurring news centers on fiscal-quarter and full-year results, same-store sales, restaurant-level operating profit, traffic trends, food and labor cost pressures, debt reduction, liquidity and brand-level operating actions across the full-service and quick-service restaurant segments.
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Good Times Restaurants Inc. (NASDAQ: GTIM) announced the grand reopening of Bad Daddy’s Burger Bar in Magnolia Park, Greenville, South Carolina, on April 10, 2023. The remodeled location, which was acquired from a franchisee in March 2022, features new cooking equipment, updated dining aesthetics, and a dedicated 'to-go' area. Guests can enjoy a revamped spring menu featuring items such as the Thai Chicken Sandwich and Jammin’ With You Burger, alongside signature offerings. The reopening event will include a ribbon-cutting ceremony and a traditional burger cutting, starting at 10:30 a.m. local time. The restaurant aims to provide a unique dining experience with gourmet burgers, craft beers, and exceptional service, aligning with its brand's southern hospitality.
Good Times Restaurants Inc. (Nasdaq: GTIM) reported a significant increase in same-store sales, achieving a 7.6% rise for its Good Times brand and a 4.6% increase for Bad Daddy’s in the second fiscal quarter ended March 28, 2023. The average sales per week reached $27,510 for Good Times and $52,432 for Bad Daddy’s. The company has recently acquired five Bad Daddy’s locations and initiated remodeling efforts, with a new location set to open in Madison, Alabama, by the end of fiscal 2023. Menu pricing increased by 10.5% at Good Times and 3.4% at Bad Daddy’s to counteract rising wage pressures in Colorado. Despite these gains, the closure of the Bad Daddy’s location in Cherry Creek due to lease expiration is noteworthy. The company remains focused on sales growth and modernization.
Good Times Restaurants, Inc. (Nasdaq: GTIM) reported a 1.5% increase in total revenues for Q1 fiscal 2023, reaching $33.4 million. Bad Daddy's restaurant sales were $25.2 million, with same-store sales up 2.4%. Good Times restaurants generated $8.0 million, with a 3.0% increase in same-store sales. The net loss attributable to common shareholders was $0.1 million, while adjusted EBITDA stood at $0.7 million. The company ended the quarter with $6.9 million in cash and no long-term debt. CEO Ryan M. Zink noted challenges from inflation and increased beef costs, prompting a 3.4% price hike. The company is optimistic about future sales and restaurant margins.