News

Cosi reports sluggish Q3 sales

Così reported sales declined .3 percent in the third quarter of 2015, as compared to the third quarter of 2014.

October 7, 2015

Così Inc. reported sales declined .3 percent during the third quarter of 2015, as compared to the third quarter of 2014. 

"While I am disappointed in the overall sales results this quarter, I am confident about the momentum I continue to see," said RJ Dourney, Cosi president and CEO. "We continue to receive positive feedback from our guests in these markets, and we are ready to invite our guests back while we continue to layer all the levers of our strategy throughout the rest of the system,"

Sales were distorted, Dourney said, by certain non-recurring events, including: 

• The impact to the four weeks ended September 28, 2015, resulting from the year-over-year shift of the Labor Day holiday, on comparable restaurant sales of company-owned and franchise restaurants estimated to be -2.3 percent and -1.7 percent, respectively.
• Business interruptions resulting from the Pope’s visit on September 22–26, 2015 which negatively impacted 30 percent of company-owned restaurants. The estimated impact to the four weeks ended September 28, 2015, and the 13 weeks ended September 28, 2015, on comparable restaurant sales of company-owned locations has been estimated to be -0.9 percent and -0.3 percent, respectively.
• Termination of a franchise agreement resulted in the closure of two locations in California prior to the end of the 2015 third quarter. The estimated impact to the 13 weeks ended September 28, 2015, on comparable restaurant sales of franchise locations has been estimated to be -0.7 percent. These restaurants have been excluded from the period 9 2014 and 2015 comparable restaurant base.

"One of our priorities is to ensure that our franchise restaurants uphold the integrity of our brand and are profitable," Dourney said. "We are prepared to make tough calls when necessary, as we continue welcoming new franchise partners into the system. I am also excited at the continued growth of our existing franchise system and the opening of our new franchise restaurant in the DC area."

A  new face

The company also announced Willy Nicolini has joined the team as VP of operations. He comes to Cosi with 30 years of restaurant operations experience and was most recently the COO of CSPB Holdings (dba Pinkberry Frozen Yogurt), in New York City, from July 2013, until he joined Cosi. Prior to that he served as regional VP of Uno Chicago Grill in Boston, and as SVP of operations, owner/operator, of ABP Corp. (Au Bon Pain), from 2003 to October 2010.