SHAKEY’S Pizza Asia Ventures, Inc. (SPAVI) saw a 5% profit increase to P138.52 million in the third quarter, according to a regulatory filing.
SPAVI’s revenues went up by 12% to P1.8 billion for the period.
This brought SPAVI’s net income for the first nine months of 2018 to P534.64 million, six percent higher year-on-year, after a 10% uptick in revenues to P5.49 billion.
SPAVI recorded same-store sales growth of five percent during the nine-month period, with the company noting a slight dip in the third quarter compared to the first half.
“Bad weather typically makes it difficult to for guests to come to our store, and this year’s rainy season seems to have been worse than the year before. Moreover, the inflationary environment in the Philippines has made consumers relatively price sensitive, hence the need for us to spend a bit more on value creating promotions,” SPAVI President and Chief Executive Officer Vicente L. Gregorio said in a statement.
SPAVI opened five new outlets in the third quarter, for a total of 222 stores by end-September. The company said it remains on track to close the year with 228 stores in the country.
“Even amidst short-term pressures on consumer sentiment, we continue to make investments in our store network — increasing the number of outlets overall and accelerating our presence in second and third tier cities,” Mr. Gregorio said.
Shares in SPAVI slipped 0.2% or two centavos to finish at P10.18 each. — Arra B. Francia