News
Così Inc. reports 11% comps loss
April 28, 2009
DEERFIELD, Ill. — Così Inc. has reported that system-wide comparable restaurant sales in the first quarter for restaurants in operation more than 15 months declined 11.3 percent as compared to the first quarter of 2008. Comps at company-owned restaurants dropped 11.3 percent while same-store sales at franchised locations decreased 11.4 percent.
Così noted that the company-owned comparable restaurant sales decline was comprised of a 9.3 percent decrease in traffic and a 2.0 percent decrease in average check.
Company-owned net restaurant revenues, excluding discontinued operations, declined 13.6 percent in the quarter to $28 million compared to $32.5 million in the previous year's quarter.Total revenues for the 2009 first quarter, excluding discontinued operations, decreased by 13.9 percent to $28.6 million, down from $33.2 million reported in the 2008 first quarter.
"Our sales performance for the first quarter reflects the continued impact of the macroeconomic environment on business and consumer spending," said James Hyatt, president and CEO. "Our focus is on working collaboratively with our franchise partners to drive revenue growth and increase market share across all daypart segments in this challenging environment."
As of March 30, 2009, there were 97 company-owned restaurants and 48 franchise-operated restaurants. Così also closed four underperforming company-owned locations, three in the Chicago suburbs and one in Philadelphia, during the first quarter. Così franchisees closed three locations while one additional franchise location was opened in the United Arab Emirates.
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