News

Cosi net loss decreases, comps on the rise

May 20, 2012

Così, Inc. has reported a 47 percent decrease in its net loss for the first quarter ended April 2. Net loss was reduced to $1.12 million as compared to a net loss of $2.14 million in the same quarter last year.

Così's total revenues for the 2012 first quarter increased to $24.6 million, up from $23.7 million reported in the 2011 first quarter. Company-owned net restaurant sales increased by 4 percent for first quarter, due primarily to a 6.2 percent increase in comps sales.

System-wide same-store sales for the first quarter recorded an aggregate 7.5 percent increase as compared to the first quarter of 2011. The increase was due to a 6.2 percent rise in comp sales at company-owned locations and a 9.5 percent increase in same-store sales at franchised locations.

The increase in company-owned comps during the quarter was comprised of a 5.9 percent increase in traffic and a 0.3 percent increase in average guest check.

"The continued positive sales trend and improved operating margins in the quarter reflect our ongoing efforts to make Così a strong and profitable brand," said Carin Stutz, Così's president and CEO. "Our confidence is strong as we remain focused on driving sales and traffic while simplifying the guest experience, improving our operating margins and examining ways to further reduce our administrative costs."