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Cosi revenues, comps continue to decline
January 26, 2009
DEERFIELD, Ill. — Systemwide comparable restaurant sales for Cosi Inc. restaurants in operation for more than 15 months fell 6.9 percent in the company's 2008 fourth quarter ended Dec. 29.
Comps at company-owned locations decreased 6.2 percent, while comps at franchised locations decreased 10.5 percent.
Così Inc. has reported that total revenues for the 2008 fourth quarter declined 7.3 percent to $30 million, down from $33 million in the 2007 quarter. Company-owned net restaurant revenues, excluding discontinued operations, decreased 8 percent in the quarter to $29 million compared to $32 million in the previous year's quarter. Franchise fees and royalty revenues contributed $875,300 in the quarter compared with $693,800 in the 2007 quarter.
For the year
For the 2008 full year ended Dec. 29, systemwide comparable-restaurant sales fell 1.1 percent compared with the previous year. Comps at company-owned locations decreased 0.9 percent while same-store sales at franchised locations decreased 2.7 percent.
Revenues for the 2008 full year increased 0.8 percent to $135 million, up from $134 million in 2007. Company-owned net restaurant revenues, excluding discontinued operations, grew 0.1 percent in 2008 to $132 million compared with $132 million in the previous year. Franchise fees and royalty revenues contributed $3 million compared with $2 million in 2007.
Company-owned comparable sales are based on sales from restaurants that have been open more than 15 months. Franchise-operated comparable sales are based on sales, as reported by franchisees, from restaurants that have been open more than 15 months.
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