Casual dining restaurant operator Max’s Group Inc. on Thursday reported a decline in its net income for the third quarter of the year, dragged by higher operating costs and strategic reinvestments during the period.In a regulatory filing, MGI said its net income dropped to P22 million from P68 million the same period last year, as systemwide sales declined to P4.544 billion from P4.618 billion, while cost of sales grew to P2.140 billion from P1.987 billion.
“Our strategic focus on optimizing our store network, improving operational efficiencies, and investing in brand innovations will pave the way for sustained growth and consumer loyalty. We are confident that Max’s Group will continue to thrive and meet our long-term goals,” he added.The group opened 17 new stores and renovated key locations as of September 30, 2024, ending the period with 567 locations in the Philippines, and 59 stores internationally.