Cosi Inc., the Deerfield, Ill.-based convenience restaurant company, reported a 5.5 percent increase in restaurant revenues for the second quarter ended July 4, 2005.
Comparable-restaurant sales (as measured for locations in operation for more than 15 months), increased 6.4 percent.Cosi has achieved comparable restaurant sales growth for 15 consecutive quarters.
“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,” said president and ceo Kevin Armstrong. “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 are confident that the operating efficiencies from our prototype restaurant design will become increasingly apparent to our shareholders.”
At the end of the quarter, Cosi operated 92 company-owned restaurants, compared to 87 a year ago. 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 quarter, Cosi also opened one new company-owned location, in Chicago. On July 12, Cosi re-opened a newly remodeled restaurant on Pennsylvania Avenue in Washington, D.C.