Restaurant operator Shakey’s Pizza Asia Ventures Inc. said Monday its net income grew 23 percent in 2023 to P1.08 billion as it managed to post double-digit growth in sales despite the higher inflation rate.
Shakey’s said in a stock exchange filing that its systemwide sales surged 32 percent to P18.64 billion from a year ago on the back of healthy foot traffic, which buoyed the dine-in segment and helped boost same-store sales growth to 13 percent.
Shakey’s president and chief executive Vicente Gregorio said while the group booked double-digit growth across its portfolio in 2023, the persistent inflationary pressures continued 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 4Q sales, supported by a festive comeback in December,” Gregorio said. Jenniffer B. Austria