Shakey’s Pizza Asia Ventures Inc. (SPAVI), one of the country’s leading food service groups, reported a 23 percent improvement in net income to P1.08 billion last year from the P874 million posted in 2022.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said that despite the challenging macroeconomic environment, the group saw systemwide sales jump 32 percent year-on-year to P18.64 billion.

“We are grateful for the double-digit growth of our portfolio in 2023. However, persistent inflationary pressures continue to dampen consumer sentiment, leading to a softer growth performance during the second half of the year” said SPAVI President and CEO Vicente Gregorio.

Nonetheless, he said, they were able to deliver record-high fourth quarter sales, supported by a festive comeback in December.

In 2023, SPAVI continued to see healthy foot traffic, which buoyed the Dine-In segment and helped boost same store sales growth to 13 percent. In the fourth quarter, PIZZA’s Dine-in segment increased by 11 percent, as guests celebrated the holiday season.

Consolidated revenues amounted to P14.13 billion, growing by 39 percent versus the year before.

“The investments in our brands, our stores, and our people are all designed to deliver the best value to our guests, which is especially relevant in this kind of environment. These allowed our brands to maintain market leadership in the full-service restaurant chain and kiosk chain categories,” Gregorio shared.

As of year end 2023, the group’s global network stood at 2,141, including 268 Shakey’s and 77 Peri-Peri Charcoal Chicken stores. Meanwhile, Potato Corner concluded 2023 with 1,784 stores and outlets, having opened 300 Philippine stores throughout year, the most in its 31-year history. 

In total, PIZZA expanded its network by 369 new stores and outlets in 2023. The group built 59 international stores for Potato Corner and Shakey’s and a flagship complex along Mindanao Avenue, housing all its brands.

“For 2024, inflationary challenges persist, so we remain vigilant and cautious. On the other hand, we see commodity prices beginning to ease towards the end of 2023,” said Gregorio. 

He added that “all considered, we are aiming to deliver growth in the mid-teens for both our topline and bottomline. We plan to expand our network footprint by at least 400 stores and outlets." 

“With robust double-digit growth coming from a high base and amidst dynamic macroeconomic backdrop, our built-up multi-brand portfolio primes us for sustainable growth in the years to come,” he also said.