Good Times Restaurants saw higher net revenue in the last fiscal year on the back of an increase in restaurant sales.
The group’s net revenue climbed 3 per cent to $142.3 million as restaurant sales jumped 3.2 per cent to $141.6 million, and franchise revenue declined 18.4 per cent to $760 million.
The higher restaurant sales come as Bad Daddy’s Burger Bar’s sales slightly rose 1.3 per cent to $103.5 million. Good Times Burgers and Frozen Custard’s sales improved 8.7 per cent to $38.0 million.
“Bad Daddy’s performance significantly beat the Black Box casual dining index for both sales and traffic during the quarter,” said Ryan M Zink, Good Times Restaurants CEO.
“We are approaching the new year with a continuation of our strategy at Bad Daddy’s and a similar back-to-basics approach to re-training our teams and reaching for even higher standards of operations excellence at Good Times,” said Zink.
“During this quarter, Good Times experienced softer sales, in part due to the return of extreme discounting in the quick service space, with many promotions from our much larger competitors centered around the five-dollar price point,” said Zink.
“History has shown that exaggerated discounting is a race to the bottom and an unprofitable strategy in the long-term, so we are choosing a different path.”
