Golden, Colorado-based Good Times Restaurants Inc. (NASDAQ:GTIM) announced the appointment of Sophia Rivka Rossi as an independent non-employee Director to its Board of Directors, effective immediately. The announcement was made on July 23, 2024, and Ms. Rossi will hold her position until the next Annual Meeting of Shareholders or until a successor is elected.
At 42, Rossi brings a wealth of experience from her entrepreneurial ventures and digital media expertise. She co-founded the popular digital platform Hellogiggles, where she served as CEO from October 2011 to June 2019. Following that, Rossi worked as a digital media and marketing consultant for Bragg Live Food Products until December 2021.
Currently, she is the co-founder of First Call, a business development and marketing advisory firm. Rossi also has a background in television production and writing, and she is an author of young adult fiction.
As a non-employee Director, Rossi will receive compensation in line with the company’s Director compensation policy, which was detailed in Good Times Restaurants' proxy statement filed on January 12, 2024. This policy outlines the remuneration for all non-employee Directors of the company.
The information regarding Rossi's appointment is based on the latest 8-K filing with the SEC.
In other recent news, Good Times Restaurants Inc. reported an increase in same-store sales for its third fiscal quarter, with the Good Times brand seeing a 5.8% rise and the Bad Daddy's brand experiencing a 1.2% increase. The company also disclosed average weekly sales figures of $31,780 for Good Times and $52,555 for Bad Daddy's. Recent developments include a restaurant remodel in Lakewood, Colorado, and the acquisition of a location in Parker, Colorado.
In the second quarter of fiscal 2024, Good Times Restaurants Incorporated reported a slight 0.9% increase in same-store sales, marking its eighth consecutive quarter of growth. However, the Bad Daddy's brand witnessed a 3.2% decline in same-store sales. The company's total revenues saw a modest rise of 1.9% to $35.4 million for the quarter.
Looking ahead, the company's strategy focuses on reinvesting in existing outlets to stimulate organic sales growth, prudent expansion, and delivering shareholder value through share repurchases. The company is also enhancing its loyalty and point-of-sale systems to improve customer engagement. Despite labor challenges, the company has increased average pay and is monitoring market compensation indicators.
InvestingPro Insights
With the recent board appointment at Good Times Restaurants Inc. (NASDAQ:GTIM), investors may be keen to understand how the company's stock is performing and what lies ahead. As of the last twelve months leading up to Q2 2024, GTIM's market capitalization stands at $28.5 million, reflecting the company's current valuation in the market. A notable aspect of GTIM's financials is its P/E ratio, which at 20.17, suggests that investors are willing to pay a higher price for the company's earnings, which can be a sign of expected growth or a premium for other qualitative factors.
InvestingPro Tips highlight that management's strategy includes aggressive share buybacks and that the company has a high shareholder yield. These actions can be indicative of the company's confidence in its value and a commitment to delivering returns to shareholders. Additionally, GTIM has been profitable over the last twelve months, which is a positive sign for potential investors.
While Good Times Restaurants Inc. does not pay dividends, which may be a consideration for income-focused investors, the company's stock price movements have been quite volatile, presenting opportunities for investors with a higher risk tolerance. For those considering an investment, GTIM currently trades at a price representing 77.31% of its 52-week high, which may be an attractive entry point for some.
For further insights and additional InvestingPro Tips on GTIM, investors can visit https://www.investing.com/pro/GTIM. There are 6 more tips available that could provide a deeper understanding of the company's financial health and stock performance. To access these tips and the full suite of InvestingPro features, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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