Industry News | July 21, 2005
Cosi Announces Third Quarter Earnings
Cosi, Inc. reported Tuesday that restaurant revenues for the second quarter ended July 4, 2005 were $30.6 million, compared to revenues of $29 million in the second quarter ended June 28, 2004. At the end of the 2005 second quarter, Cosi operated 92 company-owned restaurants, compared to 87 at the end of the 2004 second quarter.
Comparable restaurant sales in the second quarter of 2005, as measured for restaurants in operation for more than 15 months, increased approximately 6.4 percent over the second quarter of 2004. Cosi has achieved comparable restaurant sales growth for 15 consecutive quarters.
During the quarter, a total of three new Cosi restaurants were opened, and one was closed. A full franchise restaurant was opened in Lexington, Kentucky, and the company also launched with a franchise partner a new 'grab and go' Cosi concept--Cosi Pronto!--at New York's LaGuardia Airport. During the second quarter, Cosi also opened one new company-owned location in Chicago. On July 12, Cosi re-opened a newly re-modeled restaurant on Pennsylvania Avenue in Washington, DC.
"Cosi's second quarter sales performance underscores the strength of our brand, as well as our ability to capitalize on the increasing consumer demand for premium convenience dining,” Kevin Armstrong, Cosi's p[resident and chief executive officer, says. “This sales performance was complemented by performance towards Cosi's growth projections, as franchisees opened two new locations and we opened one new Company-owned location and one re-modeled restaurant during the quarter.”
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