MAX'S REPORTS P7.8B SALES

Max’s Group, Inc., the country’s largest casual dining restaurant group, reported that  the first nine months of 2020, system wide sales (SWS) amounted to P7.8 billion, a 46% decline versus the P14.6 billion reported in the comparable period in 2019. 

On a year-on-year basis, however, SWS for the third quarter decreased by 54%, with a same store sales decline of 49%. Revenues for the third quarter of 2020 were also down 59% compared to the third quarter in 2019.

Revenues amounted to P5.2 billion, a 50% decrease from the P10.4 billion reported this time last year. The decline in year-on-year topline sales was primarily due to the ongoing effects of the COVID-19 pandemic. With respect to local operations, the Philippine government eased dine-in restrictions beginning in mid-June.

For two weeks in August, however, the government mandated a modified enhanced community quarantine (MECQ) in Metro Manila as well as certain provinces in Luzon, which again disallowed all dine-in operations.

This affected sales momentum for August. Despite this, local sales steadily recovered for the third quarter. The average local SWS for the third quarter of 2020 increased by 38% versus that of second quarter of this year. International stores, which comprise 8% of the Company’s total store network, showed more resilience during this period. For the third quarter and nine months ended 30 September 2020.