Cosi suffers $1.7 million loss in Q2

by Eric Schroeder
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DEERFIELD, ILL. — Cosi Inc. sustained a loss of $1,729,000 in the second quarter ended June 30, which compared with a loss of $7,401,000 in the same period a year ago. Excluding the effect of discontinued operations in both quarters, Cosi’s loss was $1,699,000 and $4,039,000, respectively. Total revenue, meanwhile, increased 4% to $36,723,000, which compared with $35,448,000 during the previous year.

"We made good progress during the second quarter across every aspect of our restaurant operations, particularly in light of the difficult consumer and inflationary environment," said James Hyatt, president and chief executive officer. "We are comfortable that, even as we continue to drive further operational improvements, our operational practices are now ready to support profitable unit growth."

During the second quarter, Cosi opened two franchised locations and one company-owned location, while closing one franchised location and one company-owned location.

For the six months ended June 30 the company sustained a loss of $4,757,500, which compared with a loss of $11,606,000 in the same period a year ago. Revenues rose 5% to $69,914,000, which compared with $66,569,000 during the same period of the previous year.

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