Jollibee, Max's, Shakey's income up in Q3 on strong sales

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Metro Manila (CNN Philippines, November 12) — Three publicly-listed food chains reported higher income in the third quarter.

In a disclosure, Jollibee Foods Corp. on Monday said its net income rose by 25.9 percent to ₱2.04 billion given strong sales from its fast-food businesses in the country and abroad.

Earnings per share increased by 18.4 percent for the period.

The fast-food giant's consolidated revenue also soared 21.7 percent to ₱39.7 billion.

Its system-wide sales grew by 25.9 percent to ₱53.2 billion, "driven by strong same store sales growth and expansion of its store network."

Meanwhile, Max's Group, Inc. also saw its net income for the third quarter rise to ₱118.5 million or 32 percent higher than the ₱90 million in the same period in 2017.

The casual dining restaurant group said its system-wide sales grew by 9 percent to ₱13.8 billion as restaurant sales increased by 9 percent driven by new stores.

Max's reported a topline growth of 10 percent to ₱10 billion and a bottomline of ₱450.6 million or 7 percent increase year-on-year.

"We managed to extend our momentum from the second quarter into the subsequent period

by centering on improving productivity measures and operational performance across the

business," Robert Trota, president and CEO of Max's, said in a statement.

In a separate disclosure, Shakey's Pizza Asia Ventures said its earnings for the period went up by 6 percent to ₱535 million amid steady sales growth.

Total sales for both company-owned and franchised stores during the third quarter reached ₱2.2 billion or 13 percent higher than that of the same period last year.

The casual restaurant operator's gross profit was also up by 4 percent to ₱1.5 billion while earnings before interest, taxes, depreciation and amortization grew 6 percent to ₱1 billion.

"Bad weather typically makes it difficult for guests to come to our store, and this year's rainy season seems to have been worse than the year before. Moreover, the inflationary environment in the Philippines has made consumers relatively price sensitive, hence the need for us to spend a bit more on value-creating promotions," Vicente Gregorio, president and CEO of Shakey's, said in a statement.