GOLDEN, Colo.--(BUSINESS WIRE)--Good Times Restaurants Inc. (NASDAQ: GTIM), operator of Good Times Burgers & Frozen Custard, a regional quick service restaurant chain focused on fresh, high quality, all natural products and a licensee of Bad Daddy’s Burger Bar, a full service, upscale concept, today announced that it opened its second Bad Daddy’s restaurant in Colorado on July 28, 2014 and has achieved record sales volumes during its first week.
Boyd Hoback, President & CEO, said, “We are gratified to see our second store, which is in more of a traditional residential and retail trade area, come out of the blocks at record sales levels that has exceeded both our wildest expectations plus any of the highest system-wide Bad Daddy’s sales weeks ever by over 50% and was over twice the system’s average weekly sales. The customer feedback in the restaurant and on social media has been overwhelmingly positive and the rooftop patio and bar has been a huge hit with both families and the evening crowd. We changed up the beer menu to include unique, super-local microbrewery beers from Northglenn and Broomfield which has further grounded us as Northglenn’s own – in the words of customers 'you are bringing cool to Northglenn.' Our first store in Cherry Creek is more of an urban location and has had a little slower start than we had anticipated, which is exacerbated by disruption due to massive redevelopment and infrastructure work in the trade area - bad news in the short term but great news for the long term prospects for that location. We have our third Bad Daddy’s in Colorado scheduled to open this fall and we have several more in the pipeline for 2015, all of which are in upscale lifestyle shopping centers with solid upper-middle income demographics, which appears to be the sweet spot for the Bad Daddy’s concept.”
The Company said that it has identified ten initial trade areas along the front range of Colorado that it believes would support the development of a Bad Daddy’s restaurant and is evaluating other site opportunities in other markets. Hoback added, “Frank Scibelli, the founder of Bad Daddy’s, and his team in Charlotte are continuing to develop innovative menu items that can be executed in any market as well as 'chef specials' utilizing local ingredients that continue to make Bad Daddy’s a unique and compelling concept. Denver is a very competitive restaurant town and the sales at our second store are a testament to Bad Daddy’s consumer appeal.”
About Good Times Restaurants Inc.: Good Times Restaurants Inc. (NASDAQ: GTIM) operates Good Times Burgers & Frozen Custard, a regional chain of quick service restaurants located primarily in Colorado, in its wholly owned subsidiary, Good Times Drive Thru Inc. Good Times provides a menu of high quality all natural hamburgers, 100% all natural chicken tenderloins, fresh frozen custard, fresh cut fries, fresh lemonades and other unique offerings. Good Times currently operates and franchises 36 restaurants.
GTIM owns and operates Bad Daddy’s Burger Bar restaurants as a licensee through its wholly owned subsidiary, BD of Colorado LLC and plans to franchise Bad Daddy’s Burger Bar restaurants through its 48% ownership of Bad Daddy’s Franchise Development LLC. Bad Daddy’s Burger Bar is a full service, upscale, “small box” restaurant concept featuring a chef driven menu of gourmet signature burgers, chopped salads, appetizers and sandwiches with a full bar and a focus on a selection of craft microbrew beers in a high energy atmosphere that appeals to a broad consumer base.
Good Times Forward Looking Statements: 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 the Company’s 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, 2013 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.