News
Cosi reports net loss of $8 million
March 17, 2009
DEERFIELD, Ill. — Cosi Inc. has reported a same-store sales decrease of 6.2 percent for the company's fourth quarter ended Dec. 29, 2008.
Revenues for the quarter decreased 7.3 percent to $30.7 million, down from $33 million reported for the same time last year.Così also has reported a net loss for the fourth quarter of $8 million, compared with the 2007 fourth quarter net loss of $6 million.
Contributing to Così's aforementioned 7.3 percent decrease in fourth quarter revenues was the decline of the company's restaurant net sales to $29 million from $32 million in the prior year's quarter due primarily to same-store sales decrease and the closure of seven locations.
For the year, Così reported a net loss of $16 million compared with a net loss of $20 for the same period last year.
Così's revenues for the 2008 full year grew 0.8 percent to $135 million, up from $134 million in the prior year. Così reported that 20 new restaurants opened in 2008, 19 of which were franchise locations.
Così finished the year with a total of 151 locations consisting of 101 company-owned sites and 50 franchised locations. Seven company-owned and three franchise locations were closed during the year.
"While the current stress on the economy, the financial system and the consumer has created a very difficult environment for the restaurant industry, our team remains intensely focused on driving sales and operating margin improvement, and working very closely with our franchise partners for our mutual benefit and the long-term benefit of our shareholders," said James Hyatt, Così's president and CEO.
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