Cosi Returns to Profitability
DEERFIELD, Ill. (
) -- Shares of
Cosi
(COSI)
gained 5.2% Thursday after the café restaurant chain said it returned to profitability in the recent quarter.
Cosi said it earned $3.8 million, or 7 cents per share, in the recent quarter, compared with a net loss of $969,000, or 2 cents per share, in the year-earlier period.
Systemwide comparable same-store sales, or sales at stores open at least 15 months, increased by 3.1% in the second quarter, including a 3.3% improvement at company-owned stores and 2.6% at franchised locations.
Consolidated revenue fell 6.3% to $29.6 million, attributed to thirteen company-owned restaurants in Washington D.C. that were sold to a franchisee during the second quarter.
A roster of fast food and casual restaurant stocks, including
Tim Hortons
(THI)
,
Brinker International
(EAT) - Get Brinker International Inc. Report
and
TheStreet Recommends
Wendy's Arby's Group
(WEN) - Get Wendy's Company (The) Report
posted quarterly results Thursday, dishing up a mixed plate of results.
Coffee-and-donut chain Tim Hortons posted
, thanks to strong same-store sales growth in its Canadian stores. Chili's operator Brinker International missed top- and bottom-line expectations but
forecast 2011 earnings in line with analysts' consensus call
. Wendy's Arby's Group
missed expectations and lowered its 2010 outlook
.
>>Fast Food Stocks Deliver Mixed Bag
Fast food behemoth
McDonald's
(MCD) - Get McDonald's Corporation Report
, which competes with Tim Hortons for market share in the coffee-drinks space and with Wendy's Arby's in the fast food sector, said earlier this week its comps surged 7% in July, fueled in large part by its beverage business. It was the burger-and-fries chain's biggest monthly increase by that measure since April of 2009.
>>McDonald's Heats Up on Cold Drinks
The Golden Arches said last month it
grew overall global comps by 4.8%
in its recent quarter, helped by its dollar menu and an expanded list of coffee drinks, but the figure came up short of expectations and McDonald's stock fell more than 2%, closing below $70 per share the day it released the quarterly results. McDonald's shares rebounded since then, hitting an all-time high of $73.33 in trading Monday, and closing at $72.06 Thursday.
VOTE: Which 52-Week-High Stock Will Outperform? |
-- Reported by Miriam Marcus Reimer from New York.
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