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Philippines’ Max’s Group posts flat growth amidst restaurant closures
The group reported a 1.7% blended same-store sales growth.
Philippine restaurant operator Max’s Group reported a flat growth for the first nine months of 2024 attributed to the structured wind down of underperforming restaurants.
The group reported consolidated revenues of $150m (P8.8m), a 0.8% increase compared t o the same period last year. Max’s Group said it was driven by its strategy to optimise its retail trade areas, focusing on high-potential locations whilst selectively closing suboptimal stores to strengthen its store network for future expansion.
MGI achieved a 1.7% blended same-store sales growth (SSSG) in Q3 2024. Key brands - Max’s, Pancake House and Krispy Kreme - posted an SSSG ranging from 2.4% to 6.9%.
Meanwhile, EBITDA and net income margins decreased from 16.4% to 12.3% and from 3.6% to 2.1%, respectively, resulting from investments made in enhancing operational efficiencies and upgrading facilities.
As of September 30, 2024, the Max’s Group operates 567 locations in the Philippines and 59 stores internationally, with 17 new stores opened and key locations renovated during the period.
