Shakey‘s delivers higher profit last year

MANILA, Philippines — Shakey’s Pizza Asia Ventures Inc. was on a roll in 2023, ending the year with strong profitability amid inflationary pressures.

Shakey’s delivered a net income after tax of P1.08 billion last year, up 23 percent from P874 million in 2022.

Systemwide sales surged by 32 percent year-on-year to P18.64 billion, fueled by double digit same-store sales growth and network expansion.

Same-store sales growth during the year rose by 13 percent behind healthy foot traffic.

“We are grateful for the double-digit growth of our portfolio in 2023. However, persistent inflationary pressures continue to dampen consumer sentiment, leading to a softer growth performance during the second half of the year. Nonetheless, we are pleased to deliver record-high fourth quarter sales, supported by a festive comeback in December,” Shakey’s president and chief executive officer Vicente Gregorio said.

Last year, the group expanded its network by 369 new stores and outlets.

Its global network as of end-2023 stood at 2,141 stores, including 268 Shakey’s and 77 Peri-Peri stores.

Potato Corner concluded the year with 1,784 stores and outlets, having opened 300 Philippine stores throughout the year, the most in its 31-year history.

Gregorio said the group intends to expand its network footprint by at least 400 stores and outlets this year.

He said the group also remains committed to strengthening its partnership with its franchisees.

“For 2024, inflationary challenges persist, so we remain vigilant and cautious. On the other hand, we see commodity prices beginning to ease toward the end of 2023. All considered, we are aiming to deliver growth in the mid-teens for both our topline and bottomline,” Gregorio said.

“With robust double-digit growth coming from a high base and amidst dynamic macroeconomic backdrop, our built-up multi-brand portfolio primes us for sustainable growth in the years to come,” he said.