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Max’s cuts losses by 58%

MAXSCHICKEN.COM

MAX’S Group, Inc. (MGI) incurred a P157.25-million net attributable loss in the third quarter, narrowing the P377.48-million loss logged in the same period last year as system-wide sales improved by 28% year on year.

According to a regulatory filing on Monday, MGI’s system-wide sales grew to P2.88 billion in the third quarter this year from P2.24 billion previously. Revenues grew 23% to P1.7 billion from P1.38 billion.

“We made strategic shifts to evolve the depth of our business through demand generation for our ‘core of core’ brands of Max’s Restaurant, Pancake House, Yellow Cab Pizza Co., and Krispy Kreme,” MGI President Ariel P. Fermin said in a separate statement.

“We have unleashed the force of Dencio’s, Sizzlin’ Steak, Teriyaki Boy, and Jamba Juice as reimagined cloud brands, effectively multiplying their reach beyond their existing brick-and-mortar networks, and liberated from major [capital expenditures] requirements,” he added.

The company said it transitioned from being “pure restaurant operators” into manufacturers, merchants, and distributors.

“Our new Carmona commissary allows ready-to-cook items from our beloved brands to be present in major supermarkets and convenience stores nationwide, while our fleet of direct-to-community distributors gives us intimate presence close to home for our fans,” Mr. Fermin said.

For the nine-month period, the company scored an attributable net income of P233.47 million, a reversal of last year’s P977.18-million loss.

The company’s system-wide sales went up by 10% to P8.62 billion from last year’s P7.83 billion, while revenues inched up 3% to P5.32 billion from P5.17 billion.

MGI currently has a 654-store network across 14 territories, of which 94% or 617 were operational as of end-September. The company said 593 stores are in the Philippines, while 61 are located in North America, the Middle East, and the rest of Asia.

“Through the global network of stores we have built in other geographies through strong franchise alliances, we have successfully tempered challenges faced in our local market. We remain fully optimistic in the ongoing renewal of Max’s Group, and believe we have a model in place to catapult us forward in the years to come,” MGI Chief Executive Officer Robert F. Trota said.

On Monday, shares of the Max’s Group went up by 0.14% or one centavo to close at P7.21 each. — Keren Concepcion G. Valmonte

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