COSI Rips on Earnings as Skeptics Denied
COSI hit the market with the company’s fiscal second quarter numbers on Thursday afternoon. Even though it wasn’t a breakout quarter, there were a lot of good signs, and the numbers hit the estimates on the nose.
For the 2016 second quarter the Company reported a net loss of ($3.1) million, or ($0.07) per diluted share, compared to ($3.9) million, or ($0.08) per diluted share, in the 2015 second quarter.
The important part is, as always, the stock’s reaction. As you can see in the chart here, shares of COSI have ramped about 15.5% higher in reaction to the report.
2016 Second Quarter Costs and Expenses Highlights: Cost of food and beverage: Down 1.1%, when compared to the 2015 second quarter. A positive indicating better operations. Restaurant labor and related benefits: Decreased burden by 0.9%. Occupancy and other restaurant operating expenses: Minimized down by 1.3%. General and administrative expenses: Saved nearly a million bucks.
These trends all contributed to the sense of a company starting to really turn the ship around. The speculative money already well and truly washed out of this stock, and shares of COSI are starting to catch some positive momentum. Read full report here
Cosi, Inc. owns, operates, and franchises fast-casual restaurants. The company offers food and beverage products for four dayparts comprising breakfast, lunch, snacking, and dinner. It also provides catering services for breakfast, lunch, afternoon snacking, and special events. As of December 28, 2015, the company operated 79 company-owned and 31 franchise restaurants in 15 states, the District of Columbia, the United Arab Emirates, and Costa Rica. Cosi, Inc. was founded in 1994 and is headquartered in Boston, Massachusetts.