Good Times Restaurants Inc., operator of Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard, announced that year-over-year same store sales for its Good Times brand increased 22.1% for its first fiscal quarter ended December 29, 2020.
Year-over-year same store sales at its Bad Daddy’s brand decreased 11.8% during the quarter compared to its fiscal 2020 first quarter, driven by the impact of the COVID-19 pandemic and associated government restrictions related to restaurant dining rooms, including the closure of dining rooms in its twelve Colorado Bad Daddy’s for part of November and all of December. Same store sales and average weekly sales at Bad Daddy’s and Good Times for each month of the quarter are as follows:
During November and December, in compliance with government orders, the Company had dining rooms closed in its Colorado Bad Daddy’s restaurants, limiting service to patio dining, carry-out, and delivery. Same store sales for Colorado restaurants declined 36.6% in the December fiscal period compared to the prior year. Same store sales for restaurants outside of Colorado declined by 10.5% during the December fiscal period with average weekly sales of approximately $38,800, due in part to the shift of the Christmas holiday from Wednesday to Friday, and also due to a reduction in traffic compared to the prior year in connection with reduced “bricks and mortar” holiday shopping activity, the relative absence of large group dining occasions, and elevated concern among customers regarding deteriorating headline COVID-19 metrics. On January 6, the Company re-opened the dining rooms in its Colorado Bad Daddy’s restaurants at 25% capacity in accordance with new guidelines applicable to those restaurants.
The company ended the quarter with approximately $10 million in cash, $4.0 million outstanding on its revolving credit facility with Cadence Bank, and $11.6 million in outstanding PPP loans. Additionally, the Company began paying its broadline food suppliers under available quick-pay terms to earn discounts provided by its existing supply agreements.
Ryan Zink, president and CEO, says, “We are pleased to continue into the first quarter of fiscal 2021 the momentum we had at the end of our prior year. We prepared for the potential lost sales due to dining room closures at Bad Daddy’s and during the first quarter we geared up to recapture some of those sales with the launch of our virtual brand, Bad Mama’s Chicken, continuing to demonstrate our team’s commitment to remain agile and to quickly respond to a rapidly changing operating environment. Our Good Times concept has benefitted from the closure of dining rooms in Colorado, and we believe that our sales have performed well in comparison to competitive QSR concepts in Colorado. Similarly at Bad Daddy’s, despite declines in same store sales, we believe both in Colorado and in our other markets that our same store sales performance compares favorably to our competitors in casual dining.”
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