Max’s opening 70 new stores

MANILA, Philippines – Filipino-owned restraurant operator Max’s Group Inc. expects to close the year with around 60 to 70 new stores, its top official said.

“Domestic consumption is still seen to stir economic activity in the long-term. As such, to capitalize on this growth outlook, we are looking to close the year with around 60 to 70 new stores,” said MGI president and CEO Robert Trota.

In the first half of the year, the company posted a net income of P295.33 million, four percent higher than the P284.67 million reported a year ago.

Topline registered double-digit growth at 10 percent to P5.43 billion as restaurant sales rose nine percent to P4.53 billion on new store openings and stable same-store sales performance.

Systemwide sales grew 13 percent to P7.43 billion from P6.55 billion for first half 2015.

Commissary sales went up 13 percent to P630.87 million while revenues from franchise, royalty and continuing license fees increased by 28 percent to P270.52 million.

“The results are consistent with our growth story and the overall state of the economy. For the second half, we will continue to execute a balanced store rollout in key strategic areas,” Trota said.

Overseas, MGI has so far inked 11 development agreements for the year.

These are 70 Yellow Cab Pizza stores across China, Saudi Arabia, United Arab Emirates, Singapore, Egypt and Jordan, 13 Pancake House outlets between Qatar and United Arab Emirates, 10 Sizzlin’ Steak branches in Vietnam and three Max’s Restaurant in San Diego.

Together with existing operations, MGI has an overseas pipeline of over 130 stores slated to open in the coming years, said Peter King, CEO of Max’s Group International.

“We have surpassed expectations due to the overwhelming response of foreign markets to our international expansion program. This clearly shows that our brands are well-primed for the global stage,” King said.

As of the end of June, MGI was operating a network of 600 stores including 38 abroad.

The Max’s Group started with the Max’s Restaurant in 1945. Today, it is the largest operator in the Philippine casual dining segment with the following brands in its portfolio: Max’s Restaurant, Pancake House, Yellow Cab Pizza, Krispy Kreme, Jamba Juice, Max’s Corner Bakery, Teriyaki Boy, Dencio’s,Meranti, Sizzlin’ Steak, Maple, Kabisera, Le Coeur De France and Singkit.