Unit closures, negative same-store sales take toll on fast-casual chain
Così Inc. swung to a net loss of $2.14 million, or negative 12 cents per share, in the second quarter ended July 1. Lost revenue and asset impairment charges from six company-owned restaurants and seven franchised units combined with negative same-store sales at units continuing to operate. Chief executive Stephen Edwards, who replaced Carin Stutz following her resignation on June 12, said the company would rededicate its focus on improving customer service at its 121 fast-casual restaurants to reverse the sharp decline in revenue.
Result: $2.14 million, or negative 12 cents per share
% Decrease: 2,673% (from $77,000, or 1 cent per share)
Result: $23.4 million
% Decrease: 11% (from $26.3 million)
% Decrease at company-owned units: 3.6 percent
% Decrease at franchised units: 1.4 percent
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