Good Times Restaurants Inc. announced its unaudited financial results for the first fiscal quarter ended Dec. 31, 2013.
According to a news release, highlights of the report include:
- Same store-sales for company-owned restaurants increased 17.4 percent for the quarter, which was the 14th consecutive quarter of increasing same-store sales;
- Restaurant-level operating profit increased 112 percent or $466,000 over last year during the quarter;
- The restaurant level operating margin increased by 610 basis points to 14.9 percent from 8.8 percent last year during the quarter.
"We are very pleased with our continuing sales trends and the dramatic increases we've had over the last two years and we are now seeing a corresponding increase in our profitability," Boyd Hoback, president and CEO, said in the release. "We're still relatively early in our reimaging and remodeling process of older restaurants, which we believe will provide additional sales momentum this year. Our operations, marketing and product development initiatives have come together in a powerful way, heightening our competitive differences that we believe the large quick-service hamburger chains can't and won't match."
The company's first Bad Daddy's Burger Bar in Colorado is set to open Feb. 3. Another store is under development, and more leases are in negotiation.
Hoback said the company hopes to have four open in 2014 with several more committed for 2015. There are seven traditional Bad Daddy's restaurants open today in North Carolina and South Carolina with one licensed restaurant in the Charlotte, N.C., airport.
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