Shakey’s Pizza Asia Ventures Inc. said Wednesday system-wide sales last year increased 12 percent to P9.36 billion year-on-year, driven by the opening of 20 new stores in the Philippines.
The company’s same-store sales growth also remained healthy at 4 percent, in line with the annual target of 3 percent to 5 percent. Total revenues grew 8 percent to P7.58 billion.
Gross profit, meanwhile, rose 4 percent to P2.16 billion.
“2018 marks our fifteenth year of consecutive double-digit sales growth. The sustainability of our expansion is a commendable feat by all measures. Last year, however, was especially challenging given the headwinds in consumer spending and the continued entry of new competitors in the dining out space,” said president and chief executive Vicente Gregorio.
“Thankfully, we managed to weather these 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,” he said.
The company in 2019 is set to open another 20 net new stores in the Philippines targeting a nationwide store count of 248 by the end of the year.
The company has three outlets in the Middle East, where strong sales are supported by a large overseas Filipino base.
With two international area development agreements signed up, the company aims to open at least 20 outlets over the next few years.
Shakey’s recently 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.
“We are excited about 2019 amidst today’s dynamic restaurant landscape. In this environment, we will intensify further our efforts to improve the effectiveness and efficiency of our operations, focusing primarily on superior execution this year,” Gregorio said.
“Notwithstanding any short-term challenges, we remain confident in the long-term growth of the casual dining space,” he added.