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.
NET INCOME
Result: $2.14 million, or negative 12 cents per share% Decrease: 2,673% (from $77,000, or 1 cent per share)
REVENUE
Result: $23.4 million% Decrease: 11% (from $26.3 million)
SAME-STORE SALES
% Decrease at company-owned units: 3.6 percent
% Decrease at franchised units: 1.4 percent
Source: Company report
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Contact Mark Brandau at [email protected].
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