Cosi Reports Second Quarter Sales
Cosi, Inc. (Nasdaq: COSI) reported that restaurant revenues for the second quarter ended July 4, 2005 were $30.6 million, compared to revenues of $29.0 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 Company-owned restaurants 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% over the second quarter of 2004. Cosi has achieved comparable restaurant sales growth for 15 consecutive quarters.
Cosi stated that, based on its comparable restaurant sales growth of 7.8% for the first half of the year, it expects to surpass its previously-issued guidance of 4%-5% comparable restaurant sales growth for the full year, and that it intends to provide new guidance for both full-year comparable restaurant sales and earnings per share when it issues second quarter results on August 11th. Information for accessing Cosi's August 12th investment community conference call is provided below.
During the quarter, a total of three new Cosi restaurants were opened, and one was closed. A full franchise restaurant was opened in Lexington, KY, 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.
Kevin Armstrong, Cosi's President and Chief Executive Officer, stated, "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. 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. All of these locations employ Cosi's prototype restaurant design, which is proving its operational excellence and customer appeal in new geographic regions and across multiple operating formats. We were also very gratified by the response to Cosi's public offering of stock, the proceeds of which will be used primarily in the development of new Company-owned restaurants. As we pursue our growth strategy and plans, we are confident that the operating efficiencies from our prototype restaurant design will become increasingly apparent to our shareholders."
Comparable restaurant sales in the second quarter of 2005, as measured for restaurants in operation for more than 15 months, increased approximately 6.4% over the second quarter of 2004. Cosi has achieved comparable restaurant sales growth for 15 consecutive quarters.
Cosi stated that, based on its comparable restaurant sales growth of 7.8% for the first half of the year, it expects to surpass its previously-issued guidance of 4%-5% comparable restaurant sales growth for the full year, and that it intends to provide new guidance for both full-year comparable restaurant sales and earnings per share when it issues second quarter results on August 11th. Information for accessing Cosi's August 12th investment community conference call is provided below.
During the quarter, a total of three new Cosi restaurants were opened, and one was closed. A full franchise restaurant was opened in Lexington, KY, 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.
Kevin Armstrong, Cosi's President and Chief Executive Officer, stated, "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. 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. All of these locations employ Cosi's prototype restaurant design, which is proving its operational excellence and customer appeal in new geographic regions and across multiple operating formats. We were also very gratified by the response to Cosi's public offering of stock, the proceeds of which will be used primarily in the development of new Company-owned restaurants. As we pursue our growth strategy and plans, we are confident that the operating efficiencies from our prototype restaurant design will become increasingly apparent to our shareholders."
