Restaurant chain operator Max’s Group Inc. said Friday net income grew 3 percent in the first nine months to P380 million from P368 million a year ago.
“The third quarter is normally our lean period owing to the wet climate and other cyclical factors. Nonetheless, the historical slowdown should reverse ushering into the Christmas season,” Max’s Group president and chief executive Robert Trota said in a statement to the stock exchange.
Max’s Grop said nine-month system wide sales increased 12 percent to P11.09 billion from P9.87 billion in the same period last year.
Revenues went up 11 percent to P8.09 billion from P7.30 billion, as restaurant sales rose 8 percent to P6.72 billion, following the opening of 22 new stores in July to September and steady same-store sales performance.
Commissary sales rose 19 percent to P971.03 million from P813.59 million while revenues from franchise, royalty and continuing license fees increased 39 percent to P399.87 million.
Max’s Group rolled out 55 new stores including 11 international branches, bringing its overall count to 611 stores with 44 located abroad.
“For the remaining months of 2016, we expect the prevailing economic environment to sustain its positive trend. We will open another 20-30 stores to close the year, putting ourselves in a strong position to meet Yuletide demand,“ Trota said.
The company continues to convert its existing development pipeline of 91 outlets overseas into physical stores.
The restaurant operator opened flagship stores for Yellow Cab Pizza in Beijing and Changsha province in China and Sizzlin’ Steak in Vietnam in the third quarter.
“From securing territories, focus is now centered on store building activities to boost our recurring income base. In the same way, we remain in pursuit of leads into other markets,” said Max’s Group International chief executive Peter King.
