Cosi loss tops $6.5 million in fiscal 2011

by Eric Schroeder
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DEERFIELD, ILL. — Fast-casual restaurant chain Cosi, Inc. suffered a loss of $6,539,000 in the fiscal year ended Jan. 2, which compared with a loss of $3,141,000 in fiscal 2010. Cosi said its fiscal 2010 results included a one-time gain of $5,100,000 related to the sale of 13 company-owned restaurants in Washington, D.C., to a franchisee. Revenue for fiscal 2011 was $102,135,000, down 7% from $109,699,000 during fiscal 2010.

For the fourth quarter ended Jan. 2, Cosi sustained a loss of $2,274,000, which compared with a loss of $2,784,000 in the same period a year ago. Revenues rose to $26,193,000 from $25,355,000. The fourth quarter of fiscal 2011 included one extra week of revenues versus the year-ago period.

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