Industry News | January 23, 2009

Cosi Sales Slumped in Fourth Quarter of 2008

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Così, Inc. (NasdaqGM:COSI - News) today reported that total revenues for the 2008 fourth quarter declined 7.3 percent to $30,734,700 from $33,519,500 in the 2007 quarter. Company-owned net restaurant revenues, excluding discontinued operations, decreased 8.0 percent in the quarter to $29,859,400, compared to $32,455,500 in the previous year's quarter. Franchise fees and royalty revenues contributed $875,300 in the quarter compared to $693,800 in the 2007 quarter. System-wide comparable restaurant sales for the 2008 fourth quarter as measured for restaurants in operation for more than 15 months recorded an aggregate 6.9 percent decrease over the 2007 fourth quarter. The breakdown in comparable sales between Company-owned and franchise-operated restaurants are as follows:

For the 13 weeks ended December 29, 2008:

Company-owned - (6.2%)

Franchise-operated - (0.5%)

Total System - (6.9%)

Revenues for the 2008 full year increased 0.8 percent to $135,579,100 from $134,556,300 in 2007. Company-owned net restaurant revenues, excluding discontinued operations, grew 0.1 percent in 2008 to $132,501,000, compared to $132,414,100 in the previous year. Franchise fees and royalty revenues contributed $3,078,100 compared to $2,142,200 in 2007. For the 2008 full year, system-wide comparable restaurant sales recorded an aggregate 1.1 percent decrease over the previous year broken down between Company-owned and franchise-operated restaurants as follows:

For the fiscal year ended December 29, 2008:

Company-owned - (0.9%)

Franchise-operated - (2.7%)

Total System - (1.1%)

"In this very challenging economic environment, we remain focused on working collaboratively with our company and franchise partners to drive revenue growth and operating margin improvements while providing each and every guest a great experience," says James Hyatt, president and CEO.

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