Cosi loss widens in third quarter
Nov. 11, 2011
by Eric Schroeder
DEERFIELD, ILL. — Despite improving sales trends, fast-casual restaurant chain Cosi, Inc. suffered a loss of $1,491,000 in the third quarter ended Sept. 26. This compared with a loss of $1,096,000 in the same period a year ago. Revenue for the quarter was $25,336,000, down 7% from $27,123,000 during the same quarter of the previous year.
“Although third-quarter results did not meet our expectations, we are encouraged by the improving sales trends we have seen as we’ve headed into the fourth quarter,” said Mark Demilio, interim chief executive officer and chairman of the board. “Our focus continues to be on driving sales and traffic across all dayparts, improving speed of service and guest satisfaction in every restaurant and remaining committed to controlling restaurant and administrative costs.”
For the nine months ended Sept. 26, the company posted a loss of $4,265,000, which compared with a loss of $357,000 during the same period of the previous year. Revenue for the nine months was $75,942,000, down 10% from $84,344,000.