Max’s Group eyes boost from election spending
Max’s Group Inc., the country’s largest casual dining restaurant chain, is bullish about its growth prospects for the year with the roll out of new stores and higher demand with the election season.
In its information statement released today, Max’s Group said: “For 2016, the Company is confident with the strategies in place to anchor its growth in the coming years. It plans to roll out approximately 60-70 stores including 15-20 overseas with minimal churn. Backed by a positive macroeconomic environment coupled with some lift from election spending, Max’s Group is poised to build its presence and solidify its position as the country’s leading full service chained casual dining operator.”
The company’s consolidated revenues grew by six percent to P10.37 billion in 2015 up 6% from P9.74 billion in 2014. Sales from its restaurant accounted for 83 percent of sales or P8.59 billion while commissary sales accounted for 12 percent or P1.28 billion. Franchise income including royalty fees accounted for five percent of revenues or P497.5 million.
“Max’s Group remains upbeat on its offshore expansion program,” the company said. This year, it has signed five development agreements so far.
Max’s Group is taking its Yellow Cab Pizza to China, Singapore, and the Middle East. It is taking Pancake House to the United Arab Emirates and Qatar, and its Sizzlin’ Steak stores will be set up in Vietnam. (By: Eileen A. Mencias)