Cosi suffers $1.1 million loss in third quarter
November 12, 2010
by Eric Schroeder
DEERFIELD, ILL. — Convenience restaurant company Cosi Inc. said it sustained a loss of $1,096,000 in the third quarter ended Sept. 27, which compared with a loss of $2,362,000 in the same period of fiscal 2009.
Net sales fell 10% to $27,123,000 from $30,033,000. Company-owned net restaurant sales fell nearly 11% in the quarter, to $26,341,000. System-wide comparable sales grew 5%, the company said.
“We are pleased to report our second consecutive quarter of system-wide comparable sales growth,” said James Hyatt, president and chief executive officer. “We are also pleased with the year-over-year improvement achieved in our restaurant operating margins for the quarter. We believe the results for the quarter demonstrate that our continued focus on driving traffic and sales while working to improve operating margins and control administrative costs is gaining traction.”
Cosi operates 144 locations consisting of 85 company-owned locations and 59 franchise locations. During the third quarter, one franchise location was opened at Logan Airport in Boston while one company-owned location was closed in Great Neck, N.Y.