FOR the first quarter of 2020, Max’s Group Inc. systemwide sales comprised of sales generated by both company-owned and franchised stores, decreased to P3.99 billion, down 12.9 percent from P4.58 billion for the same period in 2019.
In January 2020, before the outbreak of Covid-19, systemwide sales grew by 8.2 percent, accompanied by a same store sales growth of 1.9 percent. February 2020 exhibited a similar trend with an increase in systemwide sales of 9.1 percent, and a same store sales growth of 2.3 percent.
In mid-March, in line with the government’s enhanced community quarantine guidelines for Covid-19, the company was forced to cease operations in malls and operate stand-alone and in-line locations in a limited capacity (i.e., delivery and take-away only).
As a result of these disruptions, consolidated revenues for the three months declined by 18.8 percent to P2.72 billion from P3.35 billion.
The firm ended the quarter with a net loss of P169.28 million compared to a net income of P138.57 for the same period last year.
At present, Max’s has re-opened 573 stores representing 76 percent of its total store network. (PR)