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Good Times Restaurants Inc. (NASDAQ:GTIM), operator of Bad Daddy's Burger Bar and Good Times Burgers & Frozen Custard, today announced that same store sales1 increased 7.6% for its Good Times brand and increased 4.6% for its Bad Daddy's brand, and that average weekly sales2 were $27,510 and $52,432 for its Good Times and Bad Daddy's brands, respectively for its second fiscal quarter ended March 28, 2023.
Ryan Zink, President and CEO, said: "During the second quarter, we purchased the membership interests in five previously joint-venture Bad Daddy's restaurants, four in North Carolina and one in South Carolina, and began the remodel of our previously franchised Bad Daddy's restaurant in Greenville, South Carolina, which is expected to re-open April 10, 2023. At Good Times, four of our six Denver-area franchisee-owned restaurants installed digital drive-thru menu boards, leaving only two Denver-area restaurants with legacy menu boards. We also completed the installation of our new sign package at four additional company-owned restaurants.
"We continue to focus on driving sales and guest counts through segment-leading differentiation at both brands. We have continued the modernization of our Good Times concept through incremental technology and investments to improve the visual appeal of our drive-thru restaurants. During the quarter, we closed our Bad Daddy's at Cherry Creek as the lease term ended and the landlord is redeveloping the area. We are excited to continue the expansion of the Bad Daddy's brand with our newest Bad Daddy's in Madison, Alabama opening near the end of fiscal 2023. Madison will be our second restaurant in the greater-Huntsville market," Zink continued.
Mr. Zink concluded, "Our strong sales results were benefitted by menu pricing at both brands, and at Bad Daddy's we are thrilled about the year-over-year traffic growth in addition to our sales growth. During the quarter, average menu prices increased from the same prior-year quarter by 10.5% at Good Times and 3.4% at Bad Daddy's. We increased price at a greater rate at our restaurants in Colorado in an effort to offset the fierce state-specific wage pressures we are experiencing resulting from both statutory wage rate increases and general labor market dynamics. I continue to admire the passion for our brands and the focused attention to our guests that our operations teams continue to deliver."
Posted In: GTIM
