Shakey’s keeps 2-digit growth outlook for 2024

MANILA, Philippines — Shakey’s Pizza Asia Ventures Inc. (SPAVI) is maintaining its double-digit profit growth outlook for this year as it banks on a holiday season boost this fourth quarter.

With easing input costs and the seasonal uplift of the fourth quarter, SPAVI said that it is expecting to deliver double-digit net income growth for the full year.

The company has likewise undertaken a store refresh initiative, modernizing its stores and outlets to enhance guest experience across its brands.

“Because of these investments, we expect our bottomline to demonstrate an upswing in the fourth quarter as the base normalizes,” SPAVI president and CEO Vicente Gregorio said.

“The holiday season is about to go in full swing. With inflationary pressures easing and an improving consumer landscape, barring any major negative externalities, we look forward to a festive round this year,” Gregorio said.

According to Gregorio, the company is on track to deliver more than 450 new stores and outlets this year.

He said the company’s store expansion is essential to sustain SPAVI’s double-digit sales and profit growth trajectory in 2024 and beyond.

“2024 was an invest-and-refresh period for us. Our focus now extends beyond year-end, looking ahead to a better 2025, where we will celebrate our organization’s 50th year,” Gregorio said.

“We remain ever dynamic, instilled with passion and tenacity to propel this business forward. As such, we aim to deliver sustainable, double-digit growth, reaping the benefits from the investments made in our global, multi-brand portfolio,” he said.

SPAVI reported a third quarter net income of P250 million.

The company said profits for the quarter were flattish year-on-year due to investments in expansion and sales-building activities.

Despite consumer sentiment being muted by inflationary pressures, system-wide sales during the three-month period grew by 16 percent to P5.4 billion.

As of end-September, SPAVI’s network of stores and outlets stood at 2,483. The company’s expanding international footprint comprise approximately 15 percent of its network.