Shakey’s profit up 10%

MANILA, Philippines — Shakey’s Pizza Asia Ventures Inc., a full-service restaurant chain operator of the Po family, reported unaudited earnings of P843 million last year, up 10 percent.

The company said the increase  was on the back of a 12 percent rise in system wide sales.

The combined sales of company-owned and franchised stores amounted to P9.36 billion, driven primarily by the opening of 20 new stores locally. This brought Shakey’s Philippine store count to 228 as of end-2018.

Same-store sales growth remained healthy, rising by four percent, in line with the company’s annual growth target of three to five percent. 

Shakey’s president and chief executive officer Vicente Gregorio said the company has been posting double-digit growth for the last five years. 

“2018 marks our 15th year of consecutive double-digit sales growth. The sustainability of our expansion is a commendable feat by all measures,” he said.

“We managed to weather the challenges due to a loyal brand following, various value-for-money promotions, new product launches, and the reliable service execution that Shakey’s has always been known for,” Gregorio said.

Total revenues grew eight percent to P7.58 billion while earnings before interest, taxes, depreciation and amortization increased at a slightly faster clip of six percent to P1.5 billion.

The company plans to open another 20 new stores in the Philippines this year, targeting a nationwide store count of 248 by the end of 2019.

Abroad, Shakey’s has three outlets in the Middle East where strong sales are supported by a large overseas Filipino base. 

On Tuesday, the company announced the acquisition of Peri-Peri Charcoal Chicken, an emerging fast casual and full service brand which has demonstrated consistent profitability, brand strength, and robust growth in both system wide sales and store count over the last few years.