Metro Manila (CNN Philippines, June 20) — Restaurant chain operator Shakey’s Pizza Asia Ventures Inc. is more upbeat about its performance in the second quarter, as it also plans to expand Potato Corner not just in the Philippines, but also in international markets.
“The first quarter was still hit by the Omicron variant. People were still scared to go out. In the second quarter, we see the loosening of lockdowns and the recovery rate jump up. We are already benefiting from our reopening play,” he said Monday.
Its net income in the first three months of 2022 reached ₱76 million, higher than the previous year as systemwide sales grew by 33% to hit ₱2.2 billion.
Gregorio also said the group has started seeing the potential of kiosk brand Potato Corner in contributing to Shakey’s Pizza’s growth.
“We have drawn up plans to further expand the business domestically and internationally. In just a few months we have seen the many synergies we can make with the business,” he said.
It was in December when Shakey’s Pizza bared its acquisition of Potato Corner.
READ: Shakey’s gobbles up Potato Corner; Century Pacific bags Ligo
Based on the first quarter report of Shakey’s Pizza, Potato Corner ended March with a total of 1,311 stores, the bulk of which are located in the Philippines.
Shakey’s President and Chief Executive Officer Vicente Gregorio said the group sees the April-June period to be “even better than the first” as more Filipino consumers embrace the new normal following the easing of COVID restrictions.
