Shakeys posts flat earnings of ₱862 M

Published April 6, 2020, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Shakey’s Pizza Asia Ventures Inc., the Philippines’ leading chained full-service restaurant, reported a 2 percent growth in net income to ₱862 million last year.

In a disclosure to the Philippine Stock Exchange, the firm said recurring net income grew 10 percent to ₱923 million from ₱841 million in 2018. This excludes the impact of Philippine Financial Reporting Standard (PFRS) 16 which accelerated the recognition of non-cash expenses.

system-wide – a combined measure of company-owned and franchised stores’ sales –grew by 11 percent year-on-year to ₱10.4 billion. Same-store sales growth for the full-year was 1 percent.

The company also ended the year with 276 stores throughout the Philippines, comprised of 246 Shakey’sand 30 Peri-Peri Charcoal Chicken (Peri) outlets. 2019 saw 18 net new Shakey’s stores, 17 of which were opened outside Metro Manila, and 7 new Peri stores counting from PIZZA’s acquisition mid-year.

Amidst the ongoing threat from COVID-19 and the Enhanced Community Quarantine throughout Luzon, PIZZA has maintained partial delivery and carry-out operations despite closing majority of its stores.

Select Shakey’s and Peri outlets remain operational for delivery and carry-out services utilizing a limited menu, shortened hours, and a reduced and voluntary workforce.

It is looking to gradually re-open more select outlets over the next few weeks, whilst strictly implementing enhanced safety protocols that are aligned with World Health Organization (WHO) recommendations.