Max's swings to P169 million loss in Q1 !-- -- (The Philippine Star) - June 12, 2020 - 12:00am MANILA, Philippines Max's Group Inc., the listed casual dining restaurant group, swung to a net loss of P169.28 million in the first quarter due to a challenging business environment brought about by the coronavirus disease 2019 or COVID-19. Consolidated revenue declined by 18.8 percent to P2.72 billion.

Systemwide sales, comprised of sales generated by both company-owned and franchised stores, decreased to P3.99 billion due to the Luzon-wide enhanced community quarantine imposed by the government. Max's systemwide sales, comprising of sales generated by both company-owned and franchised stores, decreased by 12.9 percent to P3.99 billion.

Before the coronavirus outbreak, Max's systemwide sales grew 8.2 percent in January.

However, in mid-March, Max's was forced to cease operations in malls and operate stand-alone and in-line locations on a limited capacity because of the quarantine. At present, MGI has re-opened 573 stores representing 76 percent of its total store network.

Iris Gonzales The company expects another challenging second quarter but expressed confidence about the resilience of the group's brands such as Max's Restaurant, Yellow Cab Pizza Co., Krispy Kreme, and Pancake House.

As of the end of Apri, Max's store network totaled 756 with 698 Philippine sites and 58 situated across various locations in North America, the Middle East and Asia. Its family of brands include Max's Restaurant, Pancake House, Yellow Cab Pizza, Krispy Kreme, Jamba Juice, Max's Corner Bakery, Teriyaki Boy, Dencio's, Sizzlin' Steak, Maple, Kabisera, Le Coeur De France, and Singkit.

© Pakistan Press International, source Asianet-Pakistan