SHAKEY’S Pizza Asia Ventures, Inc. (SPAVI) is targeting double-digit sales growth this year, as it plans to open at least 20 new stores.
SPAVI President and Chief Executive Officer Vicente L. Gregorio said the new store openings are expected to generate additional revenues as well as further boost its presence outside Metro Manila.
“We have given some guidance of double-digit sales. Store expansion has always seen as source as additional revenue, as we have limited branches outside Metro Manila,” Mr. Gregorio said.
SPAVI is planning to open the new stores in areas outside of Metro Manila. The expansion program is expected to bring its total store network in the country to 228 by end-2018.
“As we mentioned in the past, we’re under-penetrated outside Metro Manila, so it’s going to be more skewed. As we open more Metro Manila stores, there will be more outside Metro Manila,” he said.
Mr. Gregorio said depending on the store size, the average investment would be around P18-25 million.
SPAVI grew its attributable profit by 18% in the first nine months of 2017 to P503 million, from the P423 million it generated in the same period a year ago. This comes on the back of a 17% increase in revenues to P4.99 billion.
System-wide sales, composed of sales generated by both company-owned and franchise stores, rose 15% to P6 billion for the nine months. Same-store sales grew by 6% during the January to September period.
Shares in SPAVI were unchanged at P14.44. — Patrizia Paola C. Marcelo