Metro Manila (CNN Philippines, August 10) — Restaurant chain operator Shakey’s Pizza Asia Ventures Inc. saw its net income soar in the first half of 2022, with its systemwide sales exceeding pre-pandemic levels following the reopening of the economy.
This was on the back of Shakey’s strong systemwide sales of ₱5.8 billion, a 77% year-on-year jump.
It added that same-store sales also realized a 23% growth for the period.
“At the height of the pandemic, we made the strategic decision to continuously invest in the expansion of our store network and our portfolio with this reopening in mind,” Shakey’s president and CEO Vicente Gregorio said.
“Above all, we deliberately invested in brand-building and delivered more value for our guests,” he also said. “Fast forward to 2022, we are very pleased to see these investments begin to pay off.”
The group allotted ₱650 million for 2022 to support the expansion of its store network, including core brand Shakey’s Pizza, Peri-Peri Charcoal Chicken & Sauce Bar, R&B Milktea, Project Pie, and Potato Corner.
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Gregorio is confident Shakey’s could “accelerate” this growth with the resumption of face-to-face classes and the expected surge in holiday sales in the fourth quarter.
“Despite headwinds, we have a strong underlying business momentum and mitigating plans in place, coming from the lessons learned during the pandemic,” he said.
“With Potato Corner fully onboard, synergies in our ecosystem, structural changes implemented, and the continuous pursuit for new sources of efficiencies, we have a full armada that will bring our 2022 bottomline close to pre-pandemic levels,” Gregorio added.
In a disclosure on Wednesday, the company said profit in the January-June period hit ₱250 million, a significant increase from the ₱14 million posted a year ago.
