Shakey’s Pizza Asia Ventures Inc. (SPAVI), the Po family’s food service group, expects to grow its core net income by a single-digit percentage this year despite a dip in earnings in the first nine months, banking on a spike in consumer spending during the Christmas season.

“As we enter a festive fourth quarter, we expect seasonal tailwinds to support our goal of delivering double-digit topline growth and single-digit core profit growth for the year. We aim to close 2025 on a solid and encouraging note, setting the stage for renewed momentum ahead,” said SPAVI President and Chief Executive Officer (CEO) Vicente Gregorio in a disclosure to the Philippine Stock Exchange (PSE).

The firm said its core net income declined three percent to ₱650 million in the first nine months of 2025 due to the impact of softer-than-expected third-quarter topline.

Amid a muted discretionary spending environment, SPAVI’s systemwide sales (SWS) posted a 14-percent year-on-year growth rate, buoyed by the company’s strategic investments in global network expansion.

SWS for the first nine months reached ₱17.7 billion, while revenues amounted to ₱11.2 billion, up 12 percent versus the same period last year. New stores drove the company’s topline performance.

For the first nine months of the year, SPAVI opened 188 new stores and outlets, ending the period with 2,807 units in its global store network. Same store sales growth was flattish at one percent for the nine-month period.

Quarterly SWS increased by 12 percent year-on-year to ₱6.1 billion, likewise driven by new stores. The group picked up the pace in the third quarter, opening 89 new outlets.

With a subdued macroeconomic environment driven by inclement weather and shifting seasonality, same-store sales softened by two percent.

Within the third quarter, the country saw a series of typhoons that dampened consumer sentiment. Furthermore, the graduation season, which was held in early third quarter in 2024, moved to the second quarter in 2025.

Third-quarter revenues landed at ₱3.8 billion, up nine percent versus the same period last year.

“With consumer demand for discretionary spending muted, delivering growth was an uphill climb. Nonetheless, we’re grateful for our portfolio of brands, which enabled us to weather through a subdued market,” said Gregorio.

He added that, “We remain focused on driving long-term growth opportunities by scaling our network, while we navigate this environment by ensuring our brands remain relevant and offer superior value and experience to our guests.”

“We remain focused on strengthening our fundamentals to drive long-term, sustainable growth. By leveraging our multi-brand portfolio, expanding our reach, and continuously improving the guest experience, we’re building a stronger foundation for the future,” Gregorio noted.