Store closures slash Max’s profit to P419M in 2024

MANILA, Philippines — Expenses from store closures cut the 2024 earnings of restaurant chain Max’s Group Inc.  by 13.8 percent to P419 million.

In its annual report, Max’s, whose core brands include the flagship Max’s Restaurant, Pancake House and Yellow Cab, said revenues inched up by 1.7 percent to P12.2 billion.

Steady consumer demand softened the impact of expenses, resulting in flat system-wide sales at P18.7 billion.

As of end-December, Max’s had 610 stores, down from 658 in 2023.

According to the company, it is scaling down operations as part of its “strategic network optimization.”

READ: Store closures cut Max’s Group income to P186M