, Philippines
Photo credit: Max's Restaurant/Facebook

Max’s Group Q1 earnings dip 88% amidst lockdown restrictions

The company expanded its reach and market by exploring other channels, such as cloud kitchens, retail outlets, and e-commerce platforms.

Philippine-headquartered Max’s Group saw its first-quarter earnings fall 88% to P42 million from P337 million amid lockdown restrictions.

“We have not experienced a full quarter without any lockdown restrictions since the start of the pandemic, and the coming months will give us a better picture of the full realization of the company’s business revolution over the last two years,” president Ariel P. Fermin said in a statement.

System-wide sales rose 25% to P3.55 billion from P2.84 billion.

“Our results for the first quarter, even more markedly so in March, are an indication of strong demand for our brands and patronage of our core of core, which are available both in traditional brick-and-mortar spaces, and expanded to business-to-business and off-premise platforms,” Max’s Group chief executive officer Robert Ramon F. Trota said.

Revenues climbed 18% to P2.17 billion from P1.84 billion in 2021.

“Local sales were still tempered as a result of the strict lockdown in January due to the Omicron surge, while international business continues to flourish, surpassing even pre-COVID levels,” the company said.

“As planned, our dine-in brands Max’s and Pancake House, which have been managed for profitability during the pandemic, realized significant growth towards the back-end of the quarter. We are expecting that as the market continues to open up, the recovery of these brands will be even more vibrant, giving our margins a boost,” Trota added.

The company expanded its reach and market by exploring other channels, such as cloud kitchens, retail outlets, and e-commerce platforms. 

“After squeezing three years of transformation into three quarters of execution, we are confident in the momentum we’ve built and are proud to see the results of the fruits of our labor,” Fermin said.

As of March 2022, the company’s store network reached 14 territories, with 603 domestic sites and 62 stores across North America, the Middle East, and Asia.

Max’s Group operates Max’s Restaurant, Pancake House, Yellow Cab Pizza Co., Krispy Kreme, Jamba Juice, Max’s Corner Bakery, Teriyaki Boy, Dencio’s, Sizzlin’ Steak, Maple, Max’s Kabisera, Le Coeur De France, and Singkit.

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