Shakeys net income up 7% to P396 M

Published August 7, 2018, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Shakey’s Pizza Asia Ventures (PIZZA), the Philippines’ leading chained full-service restaurant, reported a 7 percent improvement to P396 million in the first half of 2018 from the P371 million generated in the same period last year.

Shakey’s Pizza Asia Ventures (Photo courtesy of
Shakey’s Pizza Asia Ventures

In a disclosure to the Philippine Stock Exchange, the firm said this is a slower increase relative to topline as a result of persistent cost pressures.

PIZZA said its system-wide sales growth rate rose to 13 percent during the first six months of the year from the 10 percent seen in the first quarter.

Systemwide sales, a measure of total sales for both company-owned and franchised stores, stood at P4.6 billion as of end June 2018. In the second quarter alone, it rose 16 percent to P2.4 billion.

This was on the back of an acceleration in same-store sales growth (SSSG), with the Company posting a 9 percent SSSG during the second quarter relative to the 2 percent in the quarter before.

SSSG for the first half currently stands at 5 percent, the high end of the Company’s 12-month target of 3 to 5 percent for the year.

“We are pleased to see SSSG back to within full year targets post the roll out of new products, marketing initiatives, and an incremental price increase,” said PIZZA President Vicente Gregorio.

He added that, “though the seasonal slowdown brought about by rains has already begun, we are now in preparations for the forthcoming ‘-ber’ months – the start of the holiday sales uptick in the Philippines. We look forward to launching a fresh round of campaigns meant to take advantage of this positive boost in consumer sentiment.”