By Madelaine B. Miraflor Listed full-service restaurant chain Shakey’s Pizza Asia Ventures, Inc. (PIZZA) was able to book slightly higher income and revenues for the entire 2018 amid decline in consumer spending. In 2018, the company said it saw total revenues growing only by 8 percent to P7.58 billion for the 12-month period. In terms of profitability, its gross profit was up 5 percent to P2.18 billion, while its earnings before interest, taxes, depreciation and amortization (EBITDA) grew at a faster clip of 7 percent to P1.50 billion. PIZZA President and Chief Executive Officer Vicente Gregorio, said last year was “especially challenging given the headwinds in consumer spending and the continued entry of new competitors in the dining out space.” “The good news is we saw profit improvements during the last quarter despite compression in our margins for most of the year. Towards year-end, we benefited from the softening of certain raw material prices, which were then supported by more judicious promotional spending and the operating leverage brought about by seasonally strong December sales,” said Gregorio. In a disclosure to the Philippines Stock Exchange, PIZZA explained that the slight growth in its profit was driven by various cost pressures, including higher raw material prices and a weakened local currency, combined with the impact of various sales-supporting initiatives. All in all, PIZZA’s audited earnings for full-year 2018 came in at P841 million, 10 percent higher relative to the previous year. Meanwhile, the company also posted a 12 percent increase in system wide sales, sustaining its double-digit growth momentum in 2018. Its combined company-owned and franchised stores particularly hit sales of P9.36 billion, driven primarily by the opening of 20 net new stores locally. This brought PIZZA’s Philippine store count to 228 as of end-2018. Same-store sales growth likewise stood 4 percent higher, in line with the Company’s annual target of 3 percent to 5 percent. This notwithstanding a more challenging second half due to weakened consumer sentiment brought about by higher inflation.