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Manila Bulletin devider Business devider The Stock Market devider Max's Group earnings fall 43% in Q1

Max's Group earnings fall 43% in Q1

Published May 24, 2024 07:16 am

Max’s Group Inc., owner of several casual dining brands, reported a 43 percent drop in net income to P44 million in the first quarter of 2024 from P77 million in the same period last year.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said “despite the challenging economic conditions, mandatory labor cost increases, inflationary effects on spending, geopolitical conflicts leading to higher logistics and transportation costs, and rising interest rates, the Group remained profitable, demonstrating resilience and effective cost management.”

It also noted that “these results were also influenced by the seasonal declines in demand for non-essential food and beverages during the typically slower months of January and February, with a slight recovery observed in March due to the Lenten holidays.”

Margins were managed with cost optimizing measures implemented across stores and commissaries. MGI posted improved contribution margins from 47.4 percent in the first quarter of 2023 to 48.6 percent in the first quarter this year. 

System-wide sales (SWS) reached P4.3 billion in the first three months of 2024, two percent lower than the P4.4 billion posted in 2023, while revenues also dipped two percent to P2.8 billion from P2.9 billion.

The group's core brands were instrumental in driving MGI’s performance in the first quarter of 2024, with Max’s, Krispy Kreme, and Pancake House collectively achieved a 5.5 percent growth. 

These brands posted same store sales growth ranging from two percent to five percent, with other brands achieving double-digit growth. 

Performance in highly competitive, price-sensitive channels showed signs of recovery in March. MGI’s overall SSSG for the current quarter was at 0.2 percent.

The group maintained a stable gross margin of 31 percent in the first quarter of 2024. 

In absolute terms, gross profit for the quarter was P859 million, a two percent decrease from P884 million in 2023. This decline was primarily due to movements in commodity prices and proactive cost-saving measures.
 

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