Shakey's earnings more than double in Q1 2022

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Shakey's Pizza

Metro Manila (CNN Philippines, May 14) — Shakey’s Pizza Asia Ventures Inc. reported a net income of ₱76 million for the first three months of the year, more than twofold the ₱29 million it earned the same period in 2021.

In its latest disclosure, the listed restaurant chain operator also reported its systemwide sales rose 33% year-on-year to ₱2.2 billion.

“The robust performance was driven by easing quarantine restrictions beginning February 2022, leading to a revival in foot traffic," said Shakey's. "As a result, the company benefited from a strong resurgence in dine in sales, accompanied by a sustained off-premise business.”

Shakey’s said its latest acquisition, Potato Corner, also gained under more lax restrictions, having reported its “highest foot traffic since the onset of the pandemic.” l

The company likewise reported its net profit margin improved by 250 basis points to 4.7%, adding all its brands logged a positive bottomline for the period.

Shakey’s president and CEO Vicente Gregorio welcomed the latest figures, citing the company's long-term approach to the COVID-19 health crisis.

“We remained resolute in investing in our brands, in our stores, and in our people," Gregorio pointed out. "We strengthened our digital infrastructure. We explored inorganic opportunities, so now we have another ‘Wow’ brand, Potato Corner, contributing to our growth.”

The Shakey’s big boss said they expect systemwide sales to breach pre-pandemic level by end-2022 barring new coronavirus variants or other major external factors.

“We recognize short- to mid-term headwinds at play, but throughout the course of the pandemic, we have learned to pivot and evolve - all to deliver lasting value to our guests," Gregorio said.

"We will continue on this path and, hopefully, reignite a new double-digit topline and bottomline growth streak in 2022.” he added.