Shakey’s earnings surge to P874M
SHAKEY’s Pizza Asia Ventures, Inc. registered an attributable net income of P874.4 million last year, breaching the pre-pandemic level while rising by seven times the previous year’s bottom line.
“The past three years tested our mettle as a company but the resilience of our brands, our stores, and our people shone through,” said Vicente L. Gregorio, Shakey’s president and chief executive officer, in a press release on Monday.
System-wide sales last year reached P14.1 billion, or double the previous year’s figure, “and exceeding pre-pandemic sales by 36%,” the company said.
It also said that the fourth-quarter system-wide sales doubled from the same period in 2021, “as discretionary consumer spending heightened during the holiday season.”
The casual dining restaurant chain said its hastened business recovery was driven by surging dine-in sales amid the country’s economic reopening, along with the group’s store network expansion, and the acquisition of kiosk-based food brand, Potato Corner.
“We increased our footprint to reach more guests both domestically and globally. We also ensured that we took care of our people along the way in our pursuit of inclusive growth,” Mr. Gregorio said.
The company ended last year with a global network of 1,772 stores.
On Monday, shares in the company rose by 0.61% or five centavos to close at P8.26 each.
