They keep dropping at a faster rate even with the bad comps from last year. They also raised prices 2.3% and still had a 3.9% drop!! ~ -6.2% in actual traffic. Ouch. The raising prices will probably cause the decline to accelerate in Bob Evans with their type of customer. And it seems pretty clear that Mimi's is in serious trouble; -6.4% on top of -6.36 last year. They appear to have lost control of that acquisition.
Then even a decline in food segments of -3.4% with bad margins.
They keep regurgitating the same lines from last years initiatives as well. Brand Builders... This and that, Coupons are like Heroin once you start you can't get off the stuff. Where are the fundamentals? The glass house they are building is what The new Leadership In Mimis and The HQ in Columbus doesn't understand. Is they have lost the trust of all of the Mimis Cafe management. What they did to reorganize the leadership of the company and rip the equity partnerships from the Mp's now GM's will have long term irreversible negative effect on sales and moral. The first initative they missed in MBA school is that in acquisitions - you have to make sure the culture is transferrable and adaptable. They are not trustworty and people will say what they know they want to hear so they don't let go until they find a new way to support their families. In this economy we are looking but it's tight, but I promise as soon as we can we will leave. all of us. Besides how much did they spend on that new office in Irvine? How much are they paying the senior leadership? Where are their pay cuts? I'm sure they will get tidy bonuses and or pay raises on the sweat of the managers who gave up their partnerships... Someone once said Mimis previous leadership was inept... I think thats laughable - did anyone read last months Nations Restaurant news? Dan Dillon previous (COO of Mimis) and Tom Simms' (founder of Mimis) son Chris have a the hottest concept for 2009? Inept or mismanaged eh? Only someone from Ohio and the Midwest would sell themselves that load of Pork Casings... They keep squeezing the bottom line to make themselves look better on paper but the buildings are starting to look shabby and in need of serious repair. There our stores with lights burned out outside and awnings ripped and flapping. You can only stop spending on the basics before it comes back to haunt you. Sorry pb2129 They will continue to sink... coupons may boost sales short term but what happens when people come in and see a disgruntled staff, a manager who doesn't care anymore because its now just a job and not a family, its all about the bottom line and there is no real incentive to grow with the company anymore. 5 percent seemed so big BOBE--- that equates to 5 cents for every dollar we put to the bottom line for you. Enjoy it. Share it with the stock holders and not with the people who are on the frontlines for you trying to do what is right.