Restaurant chain operator Shakey’s Pizza Asia Ventures Inc. returned to profitability in 2021, as the easing of mobility restrictions boosted sales.
Shakey’s said in a disclosure to the stock exchange unaudited net income reached P121 million in 2021, a sharp reversal from the net loss of P254 million in 2020.
System-wide sales rose 6 percent year-on-year to P7.01 billion, as dine-in sales in the fourth quarter picked up on loosened quarantine restrictions. Delivery sales remained strong as the pandemic shifted consumer behavior, favoring off-premise channels.
“The fourth quarter was quite significant for us. Quarantine restrictions were easing. The season was festive, and more guests were choosing to eat out with their families and friends to enjoy the complete dine-in experience,” Shakey’s president and chief executive Vic Gregorio said.
System-wide sales reached P2.17 billion in the fourth quarter, up 18 percent year-on-year, with same-store sales growth reaching 5 percent.