Restaurant chain operator Shakey’s Pizza Asia Ventures Inc. said it booked a net income of P454 million in the first nine months, a reversal of the P35-million net loss in the same period last year amid the resurgence in dine-in sales.
System-wide sales in the nine-month period nearly doubled to P9.6 billion from a year ago, the company said in a disclosure to the stock exchange.
Third-quarter net income reached P204 million, a turnaround from a net loss of P49.2 million in the comparable period in 2021.
Third-quarter system-wide sales also grew at a record P3.8 billion amid the rebound in dine-in sales and continued strong delivery and carry-out sales.
It said the acquisition of Potato Corner and ramped-up store expansion also boosted the company’s sales.
Shakey’s said that amid continued easing of mobility restrictions, it accelerated store expansion with the opening of 79 new outlets for new and emerging brands.
Cost of sales rose 70 percent to P5.13 billion because of the elevated cost of raw materials.
“The operating environment has been tough for the past couple of years, but the team pulled through, leveraging the strength of our brands, innovating with new store formats, and investing in digital. Now that the Philippine economic reopening is at hand, we are intent on maximizing this opportunity to fuel business recovery and expansion,” Shakey’s president and chief executive Vicente Gregorio said.
Gregorio said that despite the higher raw material prices and rising inflation, Shakey’s was expected to end the year with a net income close to pre-pandemic level.
“The coming holiday festivities will give our topline the seasonal lift to exceed pre-pandemic levels this year. While we see headwinds, in particular the elevated cost environment and its impact on consumer sentiment, we keep our focus on keeping a tight ship and providing value to our guests during this time,” Gregorio said.
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