Good Times Shows Strong Same-Store Sales Increase

Good Times Restaurants Inc. announced that its same store sales for October increased 13.8 percent over the prior year, including three stores that have not yet implemented the conversion to "Good Times Burgers and Frozen Custard." The company reported that several stores' sales increased over 20 percent from the prior year for the third month in a row.

President and CEO Boyd Hoback said he was pleased with the strong start to fiscal 2002. "We are seeing sustained sales increases in every store from the introduction of frozen custard without any denigration of our core menu sales," he said. "In fact, our overall sales increases are much higher than those attributable to frozen custard as a result of new customers trying us for the first time for frozen custard and our great burgers and from current customers using us for a new occasion."

Hoback added: "We have only just begun to seed the repositioning of the Good Times brand in the consumers' minds and have several additional core menu and custard menu initiatives planned for fiscal 2002 to continue to drive customer frequency and sales. We anticipate that we can move our average unit sales to over $900,000 this fiscal year toward our longer term goal of $1 million as we fully implement the concept repositioning and fill out the Colorado market with additional locations and increased media advertising. Those increases will allow us to accelerate new company-owned and franchised restaurant expansion and compete more effectively for prime locations. We have the capacity and opportunity to increase average unit volumes over 15% and add 50% more restaurants to Colorado over the next few years."