Shakey’s Pizza Asia Ventures, Inc. reported a double-digit growth in earnings last year, driven by robust sales, record store expansion and sustained margins against a backdrop of rising input costs.
The listed full-service restaurant operator said in a disclosure to the stock exchange on Tuesday, April 10, earnings grew at an annual pace of 14% to P762 million from the recurring profit of P669 million in the prior year.
System-wide sales jumped 14% to P8.3 billion after increasing restaurant sales from the existing network by 5% and opening 24 new stores.
The store expansion last year, which surpassed the target of launching 20 new outlets, brought Shakey’s network to 208 branches at the close of 2017.
“Our strong topline performance, underpinned by healthy same-store sales growth and record new store openings last year, demonstrates the strength of the Shakey’s brand even in a highly competitive environment,” Shakey’s President and Chief Executive Officer Vicente L. Gregorio was quoted in a statement as saying. — Krista Angela M. Montealegre