Max?s Group Inc. has set aside P750 million to P800 million for capital expenditures this year, largely for the rollout of as much as 70 new stores across its four restaurant brands.
The expansion is in line with the company?s goal to have 1,000 outlets including 200 international by 2020.
Max?s Group, which comprises Max?s Restaurant, Pancake House, Yellow Cab Pizza and Krispy Kreme, ended 2016 with a total network count of 623, of which 49 are located abroad.
Overseas, it has a pipeline of over 140 stores slated to open in the coming years.
?We remain bullish on the pace of our global business. Our focus this year is to boost recurring income by accelerating store development. Nonetheless, we shall constantly be on the lookout for fresh territories,? said Peter King, CEO of Max?s Group International.
The company posted a net income of P561.74 million last year, up 12 percent year on year on the back of a 10 percent hike in revenues to P11.44 billion. Systemwide sales grew 12 percent to P15.34 billion as restaurant sales increased 10 percent to P9.42 billion.
?We are fairly upbeat with our full year performance. We were able to successfully execute our strategies amidst a rapidly intensifying competitive environment. Overall, it was another productive year for us,? said Robert F. Trota, president and CEO of Max?s.