Max’s group books P77M net income

MAX’S Group Inc. reported that it posted a net income of P77 million for the first quarter of 2023, an 86 percent growth as compared to the previous year’s P42 million.

The group was able to maximize the return of dine-in with local same-stores sales growth (SSSG) at 25 percent, while global SSSG was at 20 percent, indicative of improvement in consumer spending as restrictions have been more relaxed versus the same period last year.

The group’s first quarter system-wide sales across both company-owned and franchised stores totaled P4.4 billion, indexed at 96 percent of pre-pandemic 2019 and a growth of 24 percent at P3.6 billion in the same period last year from improving consumer confidence and mobility.

Consolidated revenues amounted to P2.9 billion, a 32 percent increase from P2.2 billion last year. (PR)