Mimi's Narrows LossWednesday, August 15, 2012
Irvine-based Mimi’s Café narrowed its losses during the July quarter even as same-store sales continued to fall.
The French countryside-themed restaurant chain, part of Columbus, Ohio-based Bob Evans Farms Inc., reported a loss of $0.8 million. That compares with a $1.1 million loss in the year-ago period.
Mimi’s counts 145 restaurants mostly in California and neighboring states.
Mimi’s revenue for the July quarter fell 3.47% from a year earlier to $86.3 million.
The restaurant chain continued the trend of declining same-store sales that marked most of last year with a 3.3% decline for the July quarter.
Bob Evans provided guidance for the 12 months through April for Mimi’s with same-store sales expected to be down 2% to up 1%.
Mimi’s has launched new menu options, promotions and full bars at some restaurants, among other strategies to boost sales.
A June report from trade publication dealReporter said Bob Evans had begun the process of selling off Mimi’s, with two anonymous sources citing a value of about $210 million for the chain. The article said a private equity firm would be the likely buyer.