News
Cosi posts loss for Q3
November 9, 2008
DEERFIELD, Ill. — Comparable-store sales at company-owned Cosi Inc. locations increased 0.1 percent for the third quarter ended Sept. 29, the company announced.
Revenues for the quarter were $34.9 million, up slightly compared with revenues for $34.8 million for the 2007 third quarter. Year-to-date revenues were $104.8 million, up 3 percent compared with revenues of $101.4 million for the same period last year.
The company lost $3.1 million during the third quarter compared with a loss of $3 million for the 2007 third quarter. Year to date, the company has lost $7.9 million compared with a loss of $14.7 million for the first nine months of 2007.
Robert Merritt, a Cosi director since 2005 and a former interim chief executive officer for the company, has been named Cosi's chairman. He succeeds William D. Forrest, who is leaving the board after more than five years as Cosi's chairman.
Cosi ended the quarter with a total of 144 locations consisting of 101 company-owned locations and 43 franchised locations. Cosi closed one company-owned restaurant during the quarter.
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