Restaurant chain and food service group Shakey's Pizza Asia Ventures Inc. (PIZZA) recorded a 64 percent rise in its net income after tax for the first nine months of 2023 to P746 million from P454 million last year as it maximizes its multi-brand portfolio. 

In a disclosure to the Philippine Stock Exchange (PSE), PIZZA's systemwide sales grew by 40 percent to P13.5 billion in this year's nine-month period compared to P9.61 billion recorded in 2022. 

Same store sales growth (SSSG) was at 20 percent, attributed to "strong foot traffic which boosted dine-in sales." 

Net revenues for the first nine months of 2023 also jumped by 53 percent to P10.36 billion from P6.77 billion in 2022. 

Gross profits increased by 35 percent to P2.22 billion year-on-year from P1.64 billion last year. 

Given higher input costs due to global inflation, gross margin was at 21.4 percent. 

"Nonetheless, through efficient spending and with the operating leverage impact of higher sales, operating expenses as a percentage of sales decreased by 170 basis points to 10.7 percent," said the group. 

PIZZA President and Chief Executive Officer (CEO) Vicente Gregorio shared that they are pleased to see their brands "growing double-digit despite the prior year’s high base and the softer consumer sentiment in light of persistent inflationary pressures."

"Our emphasis on delivering superior value is proving to be a win-win strategy for both our guests and brand portfolio," he added. 

The group reported a global network of 2,021 at the end of September 2023, with 249 new stores and outlets this year and 85 new additions to the network in the third quarter. 

Gregorio said the new additions to the group’s network are "profitable, demonstrating better-than-expected performance." It is also developing to increase the capacity of its expansion programs beyond the country. 

Notable among the group's stores are Peri-Peri Charcoal Chicken and Sauce Bar, R&B Milk Tea and Project Pie, and Potato Corner. 

"PIZZA has evolved into a stronger, more diversified group despite the hurdles that have come our way these past five years. We are optimistic about the long-term growth opportunities that lie ahead, but we will need to execute very well to maximize the strength of our new multi-brand portfolio,” shared Gregorio.