Cosi comp sales rise 4.5% in fourth quarter
Jan. 21, 2011
by Eric Schroeder
DEERFIELD, ILL. — System-wide comparable restaurant sales, which measure restaurants in operation for more than 15 months, rose 4.5% at Cosi, Inc. in the fourth quarter ended Dec. 27. Total revenues at Cosi fell 10% to $25,356,000, largely as a result of the sale of 13 company-owned restaurants to a franchisee.
“We are pleased with the continued positive sales trend we experienced in the fourth quarter as December marked our tenth consecutive month of system-wide comparable sales growth,” said James Hyatt, president and chief executive officer. “We believe that we continue to benefit from our marketing initiatives to broaden our consumer reach and drive traffic in all dayparts.”
Company-owned net restaurant sales were $24,633,000 in the fourth quarter, down from $27,707,000 in the same period a year ago. The decline largely reflected the sale of 13 company-owned restaurants during the second quarter of 2010.