Good Times Reports Same Store Sales Increase 18% in June, 15% in Q3 &
Acceleration of Reimaging Program
GOLDEN, CO -- (Marketwired) -- 07/17/13 -- Good Times Restaurants
Inc. (NASDAQ: GTIM) today announced its same store sales increased
17.8% for the month of June and 15.2% for its third fiscal quarter
and that 39% of the Company's restaurants had all time record high
monthly sales during the quarter.
Commenting on the Company's continued sales increases Boyd Hoback,
President & CEO said, "What is so encouraging and gratifying is that
there is no one single reason or promotional spike that accounts for
the extraordinary pace of our sales increases, which has been
accelerating the last three months, even when comparing to positive
comps in the prior year. Most of our sales increases have come from
increased customer visits with only a nominal increase in our average
check. Menu innovation, product quality improvements, the new
breakfast daypart, early stage reimaging and limited television
advertising are combining to drive increased transactions, which in
turn is driving margin improvement and growth in our cash flow from
The Company also reported that it plans to accelerate the reimaging
and remodeling of its older stores in the Colorado market that began
earlier this year. Hoback added, "The relatively low cost to bring
our older double drive thru stores up to the standard of our newer
prototype design can provide a very attractive return on investment
and we anticipate that it will be another arrow in our quiver to
maintain momentum in our sales growth. There are a few stores that
will require a more extensive remodel, including new finishes in the
dining room, however we have a new dÃ©cor scheme that continues to
push us outside the norm of fast food and support our handcrafted
brand position. We believe that the more extensive remodels may have
even more upside impact on the sales of those stores. We hope to
complete our remodeling program by the end of next fiscal year."
Good Times is a regional chain of quick service restaurants located
primarily in Colorado providing a menu of high quality all natural
hamburgers, 100% breast of chicken sandwiches, fresh frozen custard,
fresh squeezed lemonades, fresh cut fries and other unique offerings.
Good Times currently operates and franchises 39 restaurants.
This press release contains forward looking statements within the
meaning of federal securities laws. The words "intend," "may,"
"believe," "will," "should," "anticipate," "expect," "seek" and
similar expressions are intended to identify forward looking
statements. These statements involve known and unknown risks, which
may cause Good Times' actual results to differ materially from
results expressed or implied by the forward looking statements. These
risks include such factors as the uncertain nature of current
restaurant development plans and the ability to implement those
plans, delays in developing and opening new restaurants because of
weather, local permitting or other reasons, increased competition,
cost increases or shortages in raw food products, and other matters
discussed under the "Risk Factors" section of Good Times' Annual
Report on Form 10-K for the fiscal year ended September 30, 2012
filed with the SEC. Although Good Times may from time to time
voluntarily update its forward looking statements, it disclaims any
commitment to do so except as required by securities laws.
INVESTOR RELATIONS CONTACTS:
Good Times Restaurants Inc.
Boyd E. Hoback
President and CEO
Booke & Co.
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