| Over a month ago | ||||
Reports Q1 revenue $33.4M… Reports Q1 revenue $33.4M vs. $32.9M y/y. Ryan M. Zink, CEO, said, "During this first quarter of fiscal 2023, we continued to experience challenges with inflationary pressure, particularly at the Good Times brand where our cost of sales increased significantly compared to last year's quarter with lesser increases throughout the rest of the P&L. These increases in cost of sales have been primarily driven by increases in beef cost, though we have experienced increased costs of other products including buns and burger toppings. We increased prices by 3.4% at the start of calendar 2023 which will partially offset the increases we have seen in cost of sales and should also temper the impact of the eight percent minimum wage increase in Colorado. Though our mission continues to be in long-term profitability, the extent of the input costs we are seeing, coupled with the longer-term forward outlook on beef prices is driving increased focus on cost savings at the restaurant level. We continue to invest in this brand and are on target with our signage replacement program where we expect to replace all of the signage throughout the system by the end of fiscal 2024." | ||||
Good Times Restaurants… Good Times Restaurants "announced that same store sales for its first fiscal quarter ended December 27, 2022 increased 3.0% for its Good Times brand and increased 2.4% for its Bad Daddy's brand, and that average weekly sales during the first fiscal quarter were $26,797 and $49,180 for its Good Times and Bad Daddy's brands, respectively." | ||||
| Over a quarter ago | ||||
Good Times Restaurants… Good Times Restaurants announced that same store sales for its fourth fiscal quarter ended September 27, 2022 increased 5.9% for its Good Times brand and increased 3.7% for its Bad Daddy's brand, and that average weekly sales were $29,896 and $49,945 for its Good Times brand and for its Bad Daddy's brand, respectively, for the fourth fiscal quarter. For the full fiscal year, same store sales increased 1.1% for its Good Times brand and increased 11.2% for its Bad Daddy's brand, and average weekly sales were $27,974 and $49,425 for its Good Times and Bad Daddy's brands, respectively, for the full fiscal year. Ryan Zink, President and CEO, said, "The performance of both of our brands during the fourth quarter demonstrate the continuing dedication of our teams and the relevance of both of our brands in an extremely competitive environment. With year-over-year menu price increases that averaged approximately 7.7% for Good Times and 5.7% for Bad Daddy's during the quarter, our low single-digit traffic declines are favorable to what is being reported by Black Box Intelligence for the QSR and Casual Dining segments during the quarter. Our sales results are a direct result of restaurant managers overcoming persistent staffing challenges and all our people, at every level, thinking creatively to deliver exceptional service and high-quality products to our guests." | ||||
Good Times Restaurants… Good Times Restaurants announced that same store sales for its third quarter ended June 28, 2022 increased 1.6% for its Good Times brand from the same prior year quarter and increased 5.3% for its Bad Daddy's brand from the same prior year quarter. Average weekly sales during the 2022 third quarter among restaurants open for at least 18 months were $30,411 for the company's Good Times restaurants and $52,745 for the company's Bad Daddy's restaurants. Ryan Zink, Chief Executive Officer, said, "It is exciting to report positive comparable sales at both concepts, which we believe demonstrates the strength of our brands. During the quarter we completed the installation of new digital menu boards at one third of our company-owned Good Times and expect to complete the remainder of our restaurants by early October. Additionally, we are well into the process of permitting and construction of new signage at Good Times and expect installation at between six and eight restaurants by the end of the fiscal year and installation at all company-owned restaurants by the end of fiscal 2023. We also continue to refine and innovate our mobile app, providing a convenient platform for our Good Times guests. These improvements are key to our commitment to modernize and revitalize our iconic Colorado brand." | ||||
Good Times Restaurants… Good Times Restaurants announced that same store sales for its second quarter ended March 29, 2022 decreased 0.9% for its Good Times brand from the same prior year quarter and increased 15.5% for its Bad Daddy's brand from the same prior year quarter. Average weekly sales during the 2022 second quarter among restaurants open for at least 18 months were $25,469 for the Company's Good Times restaurants and $50,405 for the Company's Bad Daddy's restaurants. | ||||
