LISTED food service company Shakey’s Pizza Asia Ventures, Inc. (SPAVI) said it aims to add at least 400 new stores and outlets across its brand portfolio this year.

“We plan to expand our network footprint by at least 400 stores and outlets,” SPAVI President and Chief Executive Officer Vicente L. Gregorio said in a stock exchange disclosure on Monday.

SPAVI opened 369 new stores and outlets last year. The new openings pushed SPAVI’s global network to 2,141 restaurants including 268 Shakey’s stores, 77 Peri-Peri stores, and 1,784 Potato Corner stores.

Mr. Gregorio also said that SPAVI is hoping to grow its top line and bottomline by the “mid-teens” this year.

“For 2024, inflationary challenges persist, so we remain vigilant and cautious. On the other hand, we see commodity prices beginning to ease towards the end of 2023,” he said.

“With robust double-digit growth coming from a high base and amidst dynamic macroeconomic backdrop, our built-up multi-brand portfolio primes us for sustainable growth in the years to come,” he added.

The company’s brand portfolio includes Shakey’s Pizza Parlor, Peri-Peri Charcoal Chicken & Sauce Bar, Potato Corner, R&B Milk Tea, and Project Pie.

SPAVI saw a 23% jump in its 2023 net income to P1.08 billion from P874 million the year before.

System-wide sales increased by 32% to P18.64 billion while consolidated revenue grew by 39% to P14.13 billion.

“In 2023, SPAVI continued to see healthy foot traffic, which buoyed the dine-In segment and helped boost same-store sales growth to 13%. In the fourth quarter, the dine-in segment increased by 11%, as guests celebrated the holiday season,” the company said.

SPAVI said its gross profit increased by 21% while gross margins softened due to higher input costs, inflation, and reinvestment in infrastructure to support expansion.

“We are grateful for the double-digit growth of our portfolio in 2023. However, persistent inflationary pressures continue 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 fourth quarter sales, supported by a festive comeback in December,” Mr. Gregorio said.

On Monday, SPAVI shares were unchanged at P10 per share. — Revin Mikhael D. Ochave