GOLDEN, Colo. - Good Times Restaurants Inc, operator of Bad Daddy's Burger Bar and Good Times Burgers & Frozen Custard, reported fourth quarter earnings that showed modest growth in revenue and same-store sales for its Bad Daddy's chain.
The company reported Q4 earnings per share of $0.02 on revenue of $142.3 million, up 3% compared to the same quarter last year. Total (EPA: TTEF ) restaurant sales for Bad Daddy's increased $1.0 million to $25.6 million in Q4, with same-store sales rising 3.2%.
Good Times restaurants saw total sales increase $0.5 million to $10.0 million in Q4, though same-store sales dipped 0.1%.
For the full fiscal year 2024, Good Times reported net income attributable to common shareholders of $1.6 million on total revenues of $142.3 million, up 3% YoY.
CEO Ryan M. Zink said, "I am inspired by the turnaround in same store sales this year at Bad Daddy's, a strong indication that our back-to-basics approach to brand execution is effectively attracting and retaining guests at our restaurants."
Zink noted that Good Times faced "softer sales" in Q4, partly due to "extreme discounting" from larger competitors in the quick service space. He said the company is focused on "delivering value through high quality products" rather than engaging in unprofitable discounting.
The company's stock rose 1.48% following the earnings release, suggesting a muted positive reaction from investors.
Good Times also announced a $2 million expansion of its share repurchase program, bringing the total authorization to $7 million. The company has purchased approximately $4.8 million in shares under the program to date.
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