Cosi Announces Q3 Fiscal 2011 Sales


Cosi reported sales for its third quarter ended September 26. Company-owned and franchise stores alike posted a comparable sales decrease of three percent.  Total system comparable sales decrease for Cosi, therefore, was three percent, which the company said was due to decreases in traffic.

Total restaurant sales were $24.5 million compared to $26.3 million in the same quarter of last year. Cosi said in a company statement that the drop in sales was attributed to the closing of six company stores and a decrease in comparable store sales. Franchise fees and royalties increased to $0.9 million, from $0.8 million in last year's quarter.

Cosi was able to recognize some revenues related to the termination of a franchisee. Mark Demilio, Cosi's interim chief executive said that the company would continue with initiatives to grow catering, improve guest service and expand the online ordering platform. Demilio said the company is "focused on specific strategies" to take back evening and weekend business.

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Source: Marketwire

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