Good Times Restaurants Inc. Announces First Quarter Sales Increase
Good Times Restaurants Inc.Announces First Quarter Sales Increase
GOLDEN, Colo.--(BUSINESS WIRE)-- Good Times Restaurants Inc. (NAS: GTIM) today announced its same store sales increased 11.6% for the month of December and 3.8% for its first fiscal quarter. Sales for the new breakfast daypart featuring authentic Hatch Valley Green Chile Breakfast Burritos were approximately 5.9% for the quarter, which was rolled out system-wide throughout the quarter.
Commenting on the sales trends, President & CEO, Boyd Hoback said, "We have had a cumulative increase in same store sales in excess of 20% over the last three years in our first quarter and we are excited about additional initiatives planned for this year to continue our momentum. This year we benefitted from the addition of the new breakfast daypart and we've achieved the cumulative sales increases largely without any significant broadcast media advertising, which we plan to revive in the third and fourth quarters to promote new, unique product offerings centered around fresh, all natural, authentic ingredients."
The company reported that several of its restaurants are exceeding 9% in total breakfast sales during their first three months' of introduction, aided by trade area giveaways and the Company's first direct mail campaign in several years. Hoback added, "We are gaining traction faster than we had anticipated for sales of our Hatch Valley Green Chile Breakfast Burritos due to the authenticity and uniqueness of the product that is not available anywhere else, other than at smaller Mexican restaurants. We anticipate that the breakfast sales will add incremental profit during the remainder of our fiscal year as we fine tune the labor requirements and decrease our promotional activities."
The Breakfast Menu consists of four Hatch Valley Green Chile Breakfast Burritos available as Egg & Cheese or with Chorizo, Sausage or Bacon and also includes Daz Bog coffee and fresh orange juice. Daz Bog is a premium Colorado coffee available in retail stores and restaurants.
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 cut fries, fresh squeezed lemonades 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.
Good Times Restaurants Inc.
INVESTOR RELATIONS CONTACTS:
Boyd E. Hoback, 303-384-1411
President and CEO
Christi Pennington, 303-384-1440
KEYWORDS: United States North America Colorado
The article Good Times Restaurants Inc. Announces First Quarter Sales Increase originally appeared on Fool.com.
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