Cosi quarterly loss widens
May 11, 2009
by Eric Schroeder
DEERFIELD, ILL. — Cosi Inc. sustained a loss of $3,326,000 in the first quarter ended March 30, which compared with a loss of $3,028,000 in the same period a year ago.
Total revenues fell 14% to $28,666,000, which compared with $33,191,000 during the previous year. Cosi said the 11.3% decline in restaurant sales to $28,124,000 from $32,459,000 reflected a 9.3 percentage point decrease in traffic and a 2 point decrease in average check.
"While the impact of the economy on consumer and business spending has created a very difficult environment for Cosi and the restaurant industry in general, our team remains intensely focused on working collaboratively with our franchise partners to drive sales and improve operating margins, while remaining diligent about controlling administrative costs," said James Hyatt, president and chief executive officer.