Cosi narrows loss in first quarter
by Eric Schroeder
DEERFIELD, ILL. — Cosi, Inc. sustained a loss of $2,140,000 in the first quarter ended March 28, which compared with a loss of $3,054,000 in the first quarter of fiscal 2010. Revenues in the quarter fell 14% to $23,709,000 from $27,599,000, reflecting the sale of 13 company-owned restaurants in Washington, D.C., to a franchise during the second quarter of 2010.
System-wide comparable restaurant sales rose 1.7%, boosted by a 3% gain in sales at company-owned units.
“We’re pleased to announce our fourth consecutive quarter of positive comparable sales growth as well as improvement in our operating margins in spite of the severe winter weather experienced in many of our markets during the first quarter,” said James Hyatt, president and chief executive officer. “We remain focused on driving sales and traffic across all dayparts, while staying committed to controlling restaurant and administrative costs.”