Cosi, Inc. Reports Fourth Quarter Sales

System-wide comparable restaurant sales, which assume a 52 week year as measured for restaurants in operation for more than 15 months, recorded an aggregate 2.6% increase compared to the fourth quarter of 2010. 

The breakdown in comparable sales between Company-owned and franchise-operated restaurants are as follows:

The Company-owned comparable restaurant sales increase for the 2011 fourth quarter was comprised of a 0.6% increase in traffic and a 0.3% increase in average check. Così noted that the comparable sales results for the fourth quarter benefited from several marketing initiatives to drive traffic and build average check as well as from seasonally milder weather. Così also stated that system-wide comparable sales to date for the first quarter of 2012 are consistent with the comparable sales results achieved for the fourth quarter.

"I was pleased to see the positive system-wide comparable sales trend Così achieved in the fourth quarter culminating with an 8.2% increase in December," said Carin Stutz, Così's President and Chief Executive Officer. "This sales performance only reinforces my confidence in the long term potential of this great brand."

Company-owned net restaurant sales increased by $701,000 to $25,334,000 for the 2011 fourth quarter compared to $24,633,000 for the 2010 fourth quarter. The increase over last year's quarter was largely due to $1,375,000 of sales related to the extra week of sales in the 2011 fourth quarter (14 weeks versus 13 weeks) partially offset by sales related to several locations closed during and subsequent to the fourth quarter of 2010. Franchise fees and royalty revenues for the fourth quarter contributed $859,000 compared to $723,000 in the 2010 fourth quarter. The increase in royalties in the 2011 fourth quarter over last year's quarter was due primarily to higher sales as well as royalties related to the extra week of sales in the 2011 fourth quarter.

Così noted that the 2011 fiscal year included 53 weeks, 14 weeks in the fourth quarter, versus the 2010 fiscal year which included 52 weeks, 13 weeks in the fourth quarter.

Company-owned comparable sales are based on sales from restaurants that have been operating as Così for more than 15 months. Franchise-operated comparable sales are based on sales, as reported by franchisees, from restaurants that have been operating as Così for more than 15 months.

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