MANILA – Max's Group Inc. is planning to open around 80 to 90 new stores this year across its brands both locally and internationally.
The firm said more than half of its target store openings are already backed by signed agreements and firm locations.
Max’s Group merged with Pancake House Inc. in 2014 to create the country's largest restaurant group.
The combined entity is comprised of more than 10 brands including Max's Restaurant, Max's Corner Bakery, Krispy Kreme, Jamba Juice, Pancake House, Yellow Cab, Le Coeur De France, Dencio's, Teriyaki Boy, Singkit, Sizzling Pepper Steak, Kabisera, the Chicken Rice Shop, and Maple.
“Operational integration is on track with the company’s overall development strategy, and we look forward to unlocking the potential of a larger group and to propelling our brands to the next phase of growth,” said Robert Trota, president and chief executive of Max’s Group Inc.
“It’s all about taking these beloved brands to the next level and generating superior and lasting returns for our shareholders,” he added.
Max’ Groups said its net total number of stores grew to 540 in 2014 from the 513 in 2013 while 33 non-performing stores were closed.
The firm noted, however, that despite the closures, its store net total increased along with revenues.
Max’s Group posted reported pro-forma revenues of P9.55 billion in 2014, with a core net income of P154.1 million, excluding one-time costs.
With the one-time costs and extraordinary expenses, Max’ Group declared a net loss of P56 million.
“We put in a lot of resources in making sure that all aspects of our business—from the kitchen to the store and menu layout, to the actual products and services of our various brands—are taken to the next level in terms of quality and performance,” Trota said.
Trota added that the firm is “bullish about growth prospects moving forward as we see consumer buying power improving in the Philippines and across Asia in the next couple of years.”