Industry News | July 11, 2006

Cosi Reports 2d Quarter Results

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Cosi, which bills itself as a "premium convenience restaurant," reported that company-owned restaurant revenues grew 5.9% for the second quarter ended July 3, 2006.

Comparable restaurant sales in the second quarter of 2006 increased 0.1% over the second quarter of 2005.

"Our sales were softer than expected," said Kevin Armstrong, Cosi's President and Chief Executive Officer. "We had comparable restaurant sales growth in breakfast and lunch but a decline at dinner. Our comparable sales performance was further impacted by the unusually heavy rainfall along the east coast during June.

"We expect to see stronger comparable restaurant sales growth in the balance of the year due to initiatives we announced in the second quarter. We implemented a modest price increase late in the quarter. Additionally, we believe we will see traffic improvement with our introduction later this month of Cosi melts and pizzas in all of our restaurants and continued new LTO and breakfast product introductions."

News and information presented in this release has not been corroborated by QSR, Food News Media, or Journalistic, Inc.