Shakey’s Pizza Asia Ventures Inc., the restaurant chain of the Po family, plans to bring its products and brands in the United States.
Shakey’s said in a disclosure to the stock exchange Monday its board of directors approved the incorporation of a US-based subsidiary.
The subsidiary, to be fully owned by Shakey’s, will operate stores and franchises and market Shakey’s Group’s products and brands.
“The incorporated entity will be the group’s platform in its expansion plans in the territory which will grow systemwide sales, revenues and bottomline internationally via company-owned and franchised stores in the territory,” Shakey’s said.
The registration is expected to be completed in 30 days.
Aside from its flagship restaurant Shakey’s, the company also owns several brands including Potato Corner, Peri-Peri Charcoal, R&B Milk Tea and Project Pie.
Shakey’s is present in 14 countries.
The company also owns the Shakey’s rights and trademarks in Asia (except Malaysia and Japan), China, Middle East, Australia and Oceania. It operates Shakey’s stores in the Philippines, United Arab Emirates and Singapore.
The group’s global network totaled 2,351 stores and outlets as of June 2024, with the additional 210 units in the first half of 2024. About 13 percent of its network is comprised of international units.
Shakey’s registered a 14-percent increase in systemwide sales to P10.1 billion amid the continuing inflationary environment.
First-half net income after tax reached P421 million, down by 14 percent from P489 million recorded in the same period last year.
It expects net income to recover in the second half of the year, with a mid-teens earnings growth outlook for 2024.
