Cosi narrows loss in fiscal '09
March 30, 2010
by Eric Schroeder
DEERFIELD, ILL. — Cosi Inc. sustained a loss of $11,104,000 in the fiscal year ended Dec. 28, 2009, which compared with a loss of $16,222,000 in fiscal 2008.
Total revenues fell 13% to $118,573,000 from $135,579,000. Cosi said company-owned restaurant sales fell 12% to $116,375,000 from $132,501,000.
“Although 2009 was a difficult year with the impact on our business of the recession, high unemployment and reduction in consumer spending, we were encouraged by the improvement we saw in our system-wide sales results during the fourth quarter,” said James Hyatt, president and chief executive officer. “Also, given the significant reduction in operating costs, continued improvement in our guest satisfaction ratings and the increased focus on external marketing initiatives, we believe we are well positioned to drive higher sales and improve our operating margins.”
For the fourth quarter ended Dec. 28, 2009, Cosi posted a loss of $4,446,000 on sales of $28,236,000, which compared with $8,370,000 and $30,735,000, respectively, in the same period a year ago.