Business
Good Times Restaurants Reports Results for the Fiscal Third Quarter Ended June 28, 2022
GOLDEN, Colo.--(BUSINESS WIRE)-- Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard,
About this update from Good Times Restaurants Inc.
[{"type":"text","content":" GOLDEN, Colo.--(BUSINESS WIRE)--\nGood Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard, today reported financial results for the fiscal third quarter ended June 28, 2022.\n\nKey highlights of the Company’s financial results include:\n\n\nTotal Revenues increased 7.5% to $36.5 million for the quarter compared to the prior year third quarter and increased 13.9% to $103.0 million year-to-date compared to the prior year period\n\n\nTotal Restaurant Sales for Bad Daddy’s restaurants increased $2.8 million to $27.1 million for the quarter compared to the prior year third quarter and $13.1 million to $77.2 million year-to-date compared to the prior year period\n\n\nSame Store Sales1 for company-owned Bad Daddy’s restaurants increased 5.3% for the quarter compared to the prior year quarter and increased 14.0% year-to-date compared to the prior year period\n\n\nTotal Restaurant Sales for Good Times restaurants decreased $0.2 million to $9.1 million for the quarter compared to the prior year third quarter and decreased $0.6 million to $25.1 million year-to-date compared to the prior year period\n\n\nSame Store Sales for company-owned Good Times restaurants increased 1.6% for the quarter compared to the prior year third quarter and decreased 0.6% year-to-date compared to the prior year period\n\n\nNet Income (Loss) Attributable to Common Shareholders was $0.5 million for the quarter and Net Loss Attributable to Common Shareholders was $1.4 million year-to-date\n\n\nAdjusted EBITDA2 (a non-GAAP measure) for the quarter was $1.7 million and $4.0 million year-to-date\n\n\nRyan Zink, the Company’s Chief Executive Officer, said, “This quarter continues to reflect the significant inflationary pressures facing the restaurant industry across the country. In Colorado, the labor market has been particularly competitive. Though our financial performance has declined year-over-year, we have sequentially held restaurant margins at Bad Daddy’s flat and improved margins at Good Times as we leveraged seasonally higher sales volumes despite continuing escalation of food cost and labor challenges. Inflationary pressures have outpaced not just our expectations, but those of experienced policymakers. We are firm in our commitment to providing great burgers to our customers with best-in-class h...