Cosi Narrows Loss On Growing Comps

Cosi Inc., a premium casual dining restaurant chain, reported a loss of 5 cents per share in the fourth quarter of 2010 compared with the loss of 11 cents delivered in the prior-year quarter. The loss narrowed down due to positive comparable store sales growth and shrink in operating loss. In fiscal 2010, loss per share was 6 cents versus a loss of 27 cents a share in fiscal 2009.

Total revenue, which comprises company-operated restaurant sales and franchise fees and royalties, plunged 10.2% year over year to $25.4 million in the quarter. Company-operated restaurant sales tumbled 11.1% to $24.6 million due to the sale of 13 company-owned restaurants to a franchisee in the second quarter of 2010. However, franchise fees and royalty revenues increased 36.4% year over year to $0.7 million. In fiscal 2010, total revenue fell 7.5% year over year to $109.7 million.

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