Cosi reported 2015 fourth quarter and year-end results for the period ended December 28, 2015.
Article continues below
For the 2015 fourth quarter the company reported a net loss of $3.6 million, or $0.08 per diluted share, compared to $4.5 million, or $0.18 per diluted share, in the 2014 fourth quarter.
For fiscal 2015, the company reported a net loss of $15.7 million, or $0.36 per diluted share, compared to $16.7 million, or $0.82 per diluted share, in fiscal year 2014.
Total revenues for the 2015 fourth quarter of $24 million increased $4.5 million, or 23.1%, when compared to the 2014 fourth quarter.
company-owned net restaurant sales for the 2015 fourth quarter of $23.6 million increased $4.9 million, or 26.5%, when compared to the 2014 fourth quarter.
This increase was the result of incremental net sales of $4.4 million from the 13 Hearthstone restaurants added to the company-owned portfolio in the 2015 second quarter, $0.1 million from the comparable restaurant base, and $1.0 million from the non-comparable restaurant base, offset by net sales decreases from closed restaurants of $0.6 million.
System-wide comparable net restaurant sales, as measured for restaurants in operation for more than 15 consecutive months as company-owned or franchised restaurants, recorded an aggregate increase of 0.7% when compared to the 2014 fourth quarter.
Franchise fees and royalty revenues for the 2015 fourth quarter of $0.5 million decreased $0.4 million, or 45.3%, when compared to the 2014 fourth quarter. This variance was mostly the result of the Hearthstone merger in the 2015 second quarter.
Fiscal 2015
Total revenues for the fiscal year 2015 of $89.9 million increased $12.1 million, or 15.6%, when compared to fiscal year 2014.
company-owned net restaurant sales for fiscal year 2015 of $87.9 million increased $13.0 million, or 17.3%, when compared to fiscal year 2014.
This increase was the result of incremental net sales of $13.4 million from the 13 Hearthstone restaurants added to the company-owned portfolio in the 2015 second quarter, $1.0 million from the comparable restaurant base, and $3.5 million from the non-comparable restaurant base, offset by net sales decreases from closed restaurants of $5.0 million.
System-wide comparable net restaurant sales for fiscal year 2015, as measured for restaurants in operation for more than 15 consecutive months as company-owned or franchised, recorded an aggregate increase of 0.3% compared to fiscal year 2014. ■