Max’s profit rises 86% to P77 million

MAX’S GROUP, INC. posted an 85.8% growth in first-quarter attributable net income to P77.06 million, saying it was able to maximize the return of dine-in customers.

“We are committed to emerge from the pandemic stronger with our tested and proven business model,” said Robert Ramon F. Trota, the group’s chief executive officer, in a statement on Monday.

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

First-quarter consolidated revenues hit P2.85 billion, up 31.3% from P2.17 billion last year.

Same-store sales for the casual dining restaurant group grew by 25% locally and 20% globally, which it said indicates an improvement in consumer spending amid relaxed mobility restrictions.

Meanwhile, system-wide sales across company-owned and franchised stores hit P4.4 billion, up 24% from P3.6 billion a year ago, because of improving consumer confidence and mobility, the company said, adding that the latest figure was at 96% of the pre-pandemic 2019 level.

Max’s Group said its core brands led the first-quarter results, with Max’s Restaurant and Pancake House driving the recovery “from a soft first quarter last year.” It added that Yellow Cab Pizza Co. and Krispy Kreme “maximized their off-premise fame with their strong take-out and delivery channels.”

During the quarter, the listed company said that it had provided restaurant-quality food in the business-to-business segment as it had expanded its retail footprint to more than 2,500 supermarkets and convenience stores nationwide.

Max’s Group also recorded a gross profit margin of 31% for the quarter, an improvement from 26.9% in 2019 and just a few points lower than the 31.5% margin posted in 2022.

Its shares closed higher by 1.28% to finish at P4.76 each on Monday.