Shakey’s Pizza Asia Ventures Inc., the Philippines’ leading chain of full-service pizza restaurant, registered a 10-percent increase in recurring net income in 2019 to P923 million from P841 million in the previous year.
Including the impact of Philippine Financial Reporting Standard (PFRS) 16, the company’s earnings stood at P862 million, up two percent from the 2019 level.
PFRS 16 is an accounting standard on leases that took effect at the start of 2019, accelerating the recognition of non-cash expenses.
Shakey’s said in a disclosure to the stock exchange Monday systemwide sales, a combined measure of company-owned and franchised stores’ sales, climbed 11 percent to P10.4 billion. Same-store sales rose one percent.
Operated 276 stores throughout the Philippines as of end 2019, comprising of 246 Shakey’s and 30 Peri-Peri Charcoal Chicken outlets
The restaurant chain in 2019 opened 18 net new Shakey’s stores, including 17 outside of Metro Manila, and seven new Peri-Peri stores.
Shakey’s has maintained partial delivery and carry-out operations despite closing majority of stores amid the implementation of the enhanced community quarantine order throughout Luzon following the new coronavirus (COVID-10) pandemic,
Select Shakey’s and Peri outlets remain operational for delivery and carry-out services using a limited menu, shortened hours and a reduced and voluntary workforce.
It plans to gradually re-open more select outlets over the next few weeks, while strictly implementing enhanced safety protocols aligned with World Health Organization recommendations.
“This is an extraordinary time, but we are able to manage through by prioritizing a strong cash and liquidity position, and slowly increasing delivery and carry-out accessibility,” said Shakey’s president and chief executive Cicente Gregorio.
“Amidst the short-term disruptions, we are also readying ourselves to bounce back in what we believe will be a new ‘post COVID’ world where a strong brand and delivery presence is key. Though the full effects of COVID-19 remain unknown, we are firmly in this business for the long run benefit of all our stakeholders, including our employees and our guests, and we believe that the structural growth story of dining out in the Philippines is still intact,” he added.