Good Times Restaurants has reported a total revenue of $99.24m for the fiscal year ending 25 September 2018 (FY2018).
Reflecting the addition of nine new Bad Daddy’s restaurants during the year, the growth represents a 25% increase from the fiscal year ending 2017 (FY2017).
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The company also reported total restaurant operating costs of $88.94m, compared with $71.50m for the same period in FY2017.
In addition, Good Times Restaurants’ Burgers & Frozen Custard concept reported a 4.2% increase in same-store sales compared with 2.1% for FY2017 and Bad Daddy’s Burger Bar reported a slight increase of 0.8% compared with 1.6%.
Good Times Restaurants’ president and CEO Boyd Hoback said: “We are very pleased with our results for the quarter and fiscal year, including our adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), which was slightly ahead of the upper end of our guidance for the fiscal year.
“Even though labour costs continue to be a pressure point on our operating margins, Bad Daddy’s restaurant-level operating profit margin improved to 17% for the year from 15.8% last year.”
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By GlobalDataThe company’s net loss was $1.03m for FY2018, compared with $2.25m in 2017. Basic and diluted loss per common share was $0.08 for the year, compared with $0.18 last year.
In addition, the restaurant chain opened nine restaurants during FY2018.
Hoback added: “At the end of the fiscal year, we opened two new Bad Daddy’s restaurants, one in the Atlanta metro area and one in Greenville, South Carolina and subsequent to year end we’ve opened one additional restaurant in the Atlanta metro area with another restaurant scheduled to open on 2 January 2019 in the Raleigh metro area.”
