Following rapidly worsening sales losses in the fourth quarter and fiscal 2013, Così Inc. said it would seek options for “a financing transaction with one of its large shareholders,” which could include the sale of company-owned restaurants to franchisees or other third parties, further reductions in general and administrative expenses, or other sources of third-party financing.
While same-store sales fell 5.1 percent and 1.8 percent at company-owned and franchised locations, respectively, during fiscal 2013, Deerfield, Ill.-based Così Inc. reported that those losses widened significantly so far in 2014. Systemwide same-store sales decreased 18 percent in January and 13.8 percent in February as a result of severe winter weather and the reduction in operating hours at some locations beginning in January.
4Q NET LOSS Result: $4.1 million, or -23 cents per share % Decrease: 105% (from $-2.0 million, or -11 cents per share)
4Q REVENUE Result: $19.9 million % Decrease: 11.8% (from $22.6 million)
4Q SAME-STORE SALES % Decrease at company-owned units: 5.7%
% Decrease at franchised locations: 2.9%
FULL YEAR NET LOSS Result: $11.4 million, or -64 cents per share % Decrease: 157.7% (from -$4.4 million, or -29 cents per share)
FULL YEAR REVENUE Result: $86.3 % Decrease: 11.9% (from $98.0 million)
FULL YEAR SAME-STORE SALES % Decrease at company-owned units: 5.1%
% Decrease at franchised locations: 1.8%
• Così 2Q profit, revenue sees steep decline
• Così changes approach to customer service, staffing
• Same-store sales at NRN.com
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