Good Times Restaurants Inc., operator of Bad Daddy’s Burger Bar, a full-service, upscale burger bar concept, and Good Times Burgers & Frozen Custard, a regional quick-service restaurant chain focused on fresh, high quality, all natural products, today announced its preliminary unaudited financial results for the second fiscal quarter ended March 26.
Key highlights of the company’s financial results include:
Boyd Hoback, president and CEO, says, “Similar to our first quarter’s results, we continued to post favorable same-store sales results for Bad Daddy’s but our Good Times same-store sales were significantly impacted by more inclement weather compared to the prior year and were down 5.9 percent during the second quarter, adjusted for the impact of store closures on March 13. However, subsequent to the end of the quarter we have returned to more seasonable weather and our same-store sales at Good Times have rebounded, up more than 4 percent so far in the third quarter, validating our assertion that the first and second quarter sales comps were largely the result of weather compared to the prior year. We opened one new Bad Daddy’s during the quarter, which continues to post sales significantly ahead of our system average, even as it moves out of its honeymoon period. We have three additional Bad Daddy’s under development that we expect to open this fiscal year and one that we expect to open shortly after the end of the fiscal year.”
Commenting on the company’s earnings guidance, Ryan Zink, Chief Financial Officer, says, “We are reaffirming our guidance from the prior quarter, which calls for Adjusted EBITDA of approximately $6.0 to $6.5 million and the opening of five new Bad Daddy’s restaurants for the 2019 fiscal year. We have updated our same-store sales assumptions at Good Times to reflect a return to positive same-store-sales.”
Fiscal 2019 Outlook:
The Company reiterated its guidance for fiscal 2019:
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