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Shakey’s earnings more than double

SHAKEY’S PIZZA Asia Ventures, Inc. reported a net income of P200.78 million in the first quarter, more than double the P76.23 million recorded a year ago, amid sustained dine-in foot traffic.

“We kicked off the year with good momentum, hopefully setting the pace for the year while navigating through hurdles such as higher input costs and occasional supply chain challenges,” said Vicente L. Gregorio, Shakey’s president and chief executive officer, in a statement on Monday.

First-quarter revenues surged by 94% to reach P3.14 billion.

System-wide sales hit P4.2 billion for the three-month period, up 88% from a year earlier and surpassing the pre-pandemic figure by 79%, the company said.

It said that even without the impact of Potato Corner, its latest acquisition, the group’s system-wide sales grew by 39%, which it attributed to robust same-store sales growth of 29%.

During the quarter, the group counted an increase of 85 outlets, bringing the total to 1,857 outlets.

“Peri-Peri opened a mix of mall and independent stores, as well as continued the conversion of smaller format Peri Jrs. into larger store formats. Peri-Peri ended the quarter with a total of 72 stores. Potato Corner likewise increased its store footprint, concluding the period with a network of 1,506 outlets,” the company said.

Mr. Gregorio said: “We are navigating the year still with cautious optimism. While we are happy with our first quarter performance, we recognize that this is partly driven by a relatively lower base from last year.”

On Monday, Shakey’s shares surged by 2.07% or P0.18 to close at P8.88 each.

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