The following is a summary of the Good Times Restaurants Inc (GTIM) Q2 2024 Earnings Call Transcript:
Financial Performance:
Good Times Restaurants reported a total revenue increase of approximately 1.9% for the quarter to $35.4 million.
Same-store sales for Good Times restaurants increased by 0.9% while Bad Daddy's experienced a decline of 3.2%.
The company reported a net income to common shareholders for the quarter of $0.6 million or income of $0.06 per share.
Total restaurant sales for company-owned Good Times restaurants increased by approximately $0.6 million to $8.8 million for the quarter.
Over 250,000 shares were repurchased during the quarter under a share repurchase program demonstrating the firm's belief in generating a good return for shareholders.
Business Progress:
Good Times boasts of delivering eight consecutive quarters of same-store sales growth.
Positive same-store sales during the third quarter were recorded for both Good Times and Bad Daddy's brands.
Negotiations for the acquisition of the currently franchised Good Times restaurant in Parker, Colorado, is expected to happen during the third fiscal quarter.
A next-generation point-of-sale system is currently being tested in two restaurants, with plans for full roll-out to all company-owned Good Times restaurants before the fiscal year-end.
Improvements have been observed at Bad Daddy's due to factors such as expanded operating hours, focus on the bar, high standards and execution.
Similar evaluations are being run for Bad Daddy's, where the Toast system is expected to be tested within the next several quarters.
More details: Good Times Restaurants IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.