New stores boost Max’s Group Philippines
Max’s Group Philippines has opened nine stores mainly across star brands Max’s Restaurant, Pancake House, Yellow Cab Pizza and Krispy Kreme in the first quarter of 2016.
These expansions include three international outlets – Max’s Restaurant in Qatar, Yellow Cab Pizza in UAE and a Sizzlin’ Steak concept store in California.
Max’s Group Inc reported a net income of P162.3 million for the first quarter 2016, up 8 per cent compared to P150.6 million for first quarter 2015.
“The numbers are in line with our estimates. We are now starting to realize the revenue impact of new stores that came onboard in the latter part of 2015. By recalibrating our design and build plan, we expect a leveled and systematic rollout of stores for the entire year,” said Robert Trota, president and CEO of Max’s Group Inc.
Topline growth was at 12 per cent to P2.7 billion from P2.4 billion. Restaurant sales increased 13 per cent to P2.3 billion from P2.1 billion driven by steady same store sales growth and new store openings for the period.