Restaurant chain operator Shakey’s Pizza Asia Ventures, Inc. said Wednesday its net income in the first nine months of 2023 climbed 64 percent to P746 million from P454.3 million a year ago on the back of strong foot traffic which also boosted dine-in sales.
Shakey’s said in a disclosure the stock exchange its system-wide sales in the nine-month period reached P13.5 billion, up 40 percent from P9.6 billion a year ago. Same-store sales also grew 20 percent.
“We are optimistic about the long-term growth opportunities that lie ahead, but we will need to execute very well to maximize the strength of our new multi-brand portfolio,” Shakey’s president and chief executive Vicente Gregorio said.
“Closer to the present is the upcoming festive holiday season. We see that economic realities are setting in, impacting value-seeking guests. Nonetheless, we expect the seasonal lift to boost us towards a strong finish this 2023,” he said.
Shakey opened 249 net new stores this year, bringing the group’s total global network to 2,021 as of end-September 2023.
Gross profits increased 35 percent year-on-year in the nine-month period, while gross margin softened by 2.8 percentage points to 21.4 percent given the higher input costs due to global inflation
Operating expenses as a percentage of sales decreased by 170 basis points to 10.7 percent due to efficient spending.
Third-quarter net income reached P256.8 million, up by 25.7 percent from P204.2 million in the same period last year.
Systemwide sales in the third quarter also grew by 24 percent year-on-year while same-store sales went up 8 percent year-on-year.
Aside from its flagship store Shakey’s restaurant, the group also owns Potato Corner and Peri-Peri Charcoal Chicken.
