Max’s Group makes ₱77 M in Q1

Max’s Group, Inc. (MGI), the largest casual dining restaurant group in the Philippines, reported an 86 percent growth in net income to P77 million for the first quarter of 2023 from the previous years’ P42 million.

In a disclosure to the Philippine Stock Exchange, the firm said it was able to maximize the return of dine-in with local same-stores sales growth (SSSG) at 25 percent, while global SSSG is at 20 percent

MGI said this is indicative of improvement in consumer spend as restrictions have been more relaxed versus the same period last year.

The Group’s first quarter systemwide sales (SWS) across both companyowned and franchised stores totaled P4.4 billion, indexed at 96 percent of pre-pandemic 2019 and a growth of 24 percent at P3.6 billion from the same period last year due to improving consumer confidence and mobility.

Consolidated revenues amounted to P2.9 billion, a 32 percent increase from P2.2 billion in the first quarter last year.

“We are committed to emerge from the pandemic stronger with our tested and proven business model,” said MGI Chief Executive Officer Robert F. Trota.

He added that, “Despite the global issue of rising commodity prices, we have consistently executed our strategies to demonstrate a business model that continues to deliver.”

The Group’s core brands continued to lead MGI’s strong first quarter results. Dine-in powerhouses Max’s Restaurant and Pancake House drove the rebound from a soft first quarter last year.

Meanwhile, Yellow Cab Pizza Co. and Krispy Kreme maximized their offpremise fame with their strong take-out and delivery channels.

As of 31 March 2023, the Group’s store network covers 14 territories, with 610 Philippine sites and 65 stores situated across various locations in North America, the Middle East, and Asia. (James A. Loyola)