Max’s Group eyes more stores as profit grows
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Max’s Group, the listed dining group, has reported a 12 per cent increase in profit last year as sales rose across all of its banners.
The company recorded total income of of P561.74 million for 2016, up from P501.39 million the prior year.
And CEO Peter H. King says better is to come this year. “We remain bullish on the pace of our global business. Our focus this year is to boost recurring income by accelerating store development. Nonetheless, we shall constantly be on the lookout for fresh territories.”
Max’s Group’s brands include Yellow Cab Pizza, Pancake House, Sizzlin’ Steak and Max’s Restaurants.
President Robert F. Trota said the company was able to execute successful strategies amidst “a rapidly intensifying competitive environment”.
“Overall, it was another productive year for us.”
Restaurant sales rose 10 per cent to P9.42 billion driven by the opening of 77 new stores and solid same-store sales performance.
Max’s group now has 623 stores, including 49 overseas. It is targeting 1000 outlets by 2020, 200 of them offshore, and has budgeted P750 million to P800 million to open between 60 and 70 this calendar year. It already operates stores in the UAE, the US, Singapore, Egypt, Jordan and Vietnam.
The company’s online and delivery business performed exceptionally well last year, with revenues up 24 per cent to P1.08 billion.
Questions & Answers
Q.What was Max's Group's total income for 2016, and how does it compare to the previous year?
What was Max's Group's total income for 2016, and how does it compare to the previous year?
Max's Group recorded a total income of P561.74 million in 2016. This represents an increase from P501.39 million reported in the prior year, showing a 12 per cent profit growth.
Q.What is Max's Group's target for its total number of outlets and overseas stores by 2020?
What is Max's Group's target for its total number of outlets and overseas stores by 2020?
The company aims to reach 1000 outlets by 2020. Of these, 200 stores are targeted to be located offshore, indicating a significant international expansion goal.
Q.Which countries currently host Max's Group stores outside of its home market?
Which countries currently host Max's Group stores outside of its home market?
Max's Group currently operates stores in several international territories. These include the UAE, the US, Singapore, Egypt, Jordan, and Vietnam, reflecting their global presence.
Q.How much money has Max's Group budgeted for store expansion in the current calendar year?
How much money has Max's Group budgeted for store expansion in the current calendar year?
Max's Group has budgeted between P750 million and P800 million for new store openings this calendar year. This funding is intended to support the launch of 60 to 70 new outlets.
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