Good Times Reports Same Store Sales Increase 18% in June, 15% in Q3 & Acceleration of Reimaging Program
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 operations."
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 décor 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.
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