Cosi first-quarter sales climb 8%
April 19, 2007
by Eric Schroeder
DEERFIELD, ILL. — Cosi, Inc. said total revenues for the first quarter ended April 2 rose to $32,090,701, up 8% from $29,644,963 in the same period a year ago. Company-owned restaurant sales grew 7.5% to $31,658,351.
Citing unusually severe weather in the first quarter and a difficult comparison to strong same-store sales performance in the first quarter of 2006, William Koziel, chief financial officer said comparable restaurant sales in the first quarter of 2007 fell 2.4% compared with the first quarter of 2006.
Cosi, which will release full first-quarter results on May 10, said it expects to sustain a first-quarter loss per share of approximately 11c.
"The recent quarter over quarter restaurant environment was challenging," Mr. Koziel said. "However, we continue to focus on executing our key drivers of long-term success, which remain franchise recruitment and development, company-owned restaurant development and maintaining strong operating disciplines."
In the first quarter, three company-owned restaurants and six franchise restaurants were opened.