Shakey’s Pizza Asia Ventures Inc., the country’s leading chain of full-service restaurants, said Monday it booked a recurring net income of P670 million in 2016, up 40 percent from a year ago, led by stronger sales and expanded store network.
Shakey’s said including a one-time, non-recurring income of P90.3 million due to change in ownership and corporate restructuring implemented in the second half of 2016, net income stood at P760 million.
Shakey’s said in a disclosure to the stock exchange system-wide sales rose 14.3 percent to P7.34 billion, driven by same-store sales growth of 3.9 percent and increased contribution of new stores.
The company opened 17 outlets to end 2016 with a network of 184 stores.
Recurring revenues, including those from an in-house commissary, also grew 14.7 percent to P6.01 billion.
“Our industry leading performance is anchored on the superior value offering of Shakey’s, its strong management team, and a brand legacy that we have built over a 40 year history here,” Shakey’s president Vicente Gregorio said.
Shakey’s plans to open 20 new stores including its first ever overseas branch in Kuwait this year. It hopes to end 2017 with 204 stores.