Boosted by a recent acquisition, restaurant chain owner Shakey’s Pizza Asia Ventures, Inc. (PIZZA) continues to recover from losses suffered during the pandemic with net income jumping 610 percent to P874 million last year from P123 million in 2021. In a disclosure to the Philippine Stock Exchange, the firm said its systemwide sales (SWS) registered at Php 14.1 billion in 2022, doubling from 2021 and exceeding pre-pandemic sales by 36 percent. “PIZZA’s accelerated business recovery is fueled by the resurgence in dine-in sales considering the Philippine economic reopening, the group’s store network expansion, and the acquisition of leading kiosk-based food brand, Potato Corner (PC),” it noted. The group assumed the management of the PC brand beginning March 2022. PIZZA’s same-store sales growth clocked in at 37 percent for the year, the acquisition of PC notwithstanding. In terms of profitability, PIZZA’s gross margin expanded by 240 basis points to 25.6 percent despite an inflationary environment. Operating expenses as a percentage of sales contracted by 320 basis points and landed at 12.1 percent for the year. These improvements were driven by the company’s high degree of operating leverage, which kicked in with PIZZA’s significant growth in sales, a favorable mix, and prudent cost management. “Shakey’s further strengthened its dominance with market share gains in the full-service chained restaurants category and sustained shares in full-service pizza while Potato Corner took the top spot kiosks,” PIZZA President and CEO Vicente Gregorio said. He added that, “We increased our footprint to reach more guests both domestically and globally. We also ensured that we took care of our people along the way in our pursuit of inclusive growth.” At the end of 2022, PIZZA’s global store network stood at 1,772 of which 68 are Peri-Peri stores. Shakey’s ended the year with 268 outlets, boosting its international presence with new stores in Singapore and Dubai. Meanwhile, PC demonstrated rapid expansion with 153 new stores, resulting in a footprint of 1,425 stores covering both domestic and international markets by the end of 2022. PC also opened new markets during the year, namely China, the United Arab Emirates, and United Kingdom. “I am humbled to say that PIZZA has fully bounced back, above and beyond… In the near-term, while there is still uncertainty ahead, we are greatly encouraged by our growth momentum as of early 2023,” Gregorio said.