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Good Times Restaurants Inc. Reports 3rd Quarter Sales Results
Good Times Restaurants Inc. (NASDAQ: GTIM) today announced its eleventh consecutive month of same store sales increases with June sales increasing 5.1% from the prior year and that its same store sales for the third quarter of fiscal 2011 increased 6.1%. Year to date for the first nine months of the fiscal year same store sales have increased 8.3%.
Commenting on the sales improvement, President & CEO, Boyd Hoback said, “While there has been some rising of the tide from the macro-economic environment, we continue to see good results from our promotional and product strategy, with the focus on fresh, handcrafted food and products available only at Good Times. This has favorably impacted our average check per transaction and helped to mitigate some of the commodity cost increases and margin loss.”
The Company also reported that in addition to its planned rollout of new menu boards to all of its restaurants in the next few months, it has several new products and menu reformulations in development. Hoback added, “We are excited about several permanent and limited time offer products that we plan to bring to market during the several months, along with the re-engineering of a few current products to improve quality and our overall food cost margin.”
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 and other unique offerings. Good Times currently operates and franchises 46 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, 2010 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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