Max’s sustains momentum in Q1

L ISTED Max’s Group Inc. (MGI) sustained its momentum last quarter despite the Omicron surge as its net income nearly doubled to P42 million in January to March from P22 million year on year.

In a virtual briefing on Friday, MGI Chief Financial Officer Maria Rochelle Diaz reported that the company’s system-wide sales (SWS) for the period stood at P3.6 billion, which converts to P2.2 billion in revenues, up 18 percent from P1.8 billion last year.

Diaz added that their operating income in the first quarter is already at par or at least surpassing 2019 levels at P239 million.

MGI said its core brands all recorded growth amid eased restrictions and is expected to further improve as dine-in continues to increase.

“The good thing about us is that we have a healthy mix of portfolio of brands that cater to every type of demographics,” Diaz said.

The company noted that its local sales remained tempered due to the Omicron surge in January but its international segment continued to expand during the period.

During the company’s virtual annual stockholders’ meeting held the same day, MGI President Ariel Fermin said its international business has “grown significantly” and has surpassed its 2019 levels.

He said this is now around a quarter of their SWS growth globally.

“Recovery was faster due to a more relaxed restriction elsewhere in the world, and our continued expansion in North America, Asia and some parts of Middle East,” Fermin explained.

For store launches this year, he said they have changed their mentality from brick-and-mortar stores to points of access.

Fermin said MGI looks to introduce 143 points of access this year, around 50 delivered-fresh-daily formats of Krispy Kreme, around 33 cloud kitchens and 60 brickand-mortar stores.

Of the 60 planned stores, Fermin said nine will be opened globally, with focus on North America as its brands, particularly Max’s, resonate the most in the area.

Shares of MGI jumped 30 centavos, or 5.45 percent, to finish at P5.80 apiece on Friday.