Shakey’s posts P14 million profit in first half

MANILA, Philippines — Shakey’s Pizza Asia Ventures Inc., the Po family-led restaurant chain, reported a net income of P14 million in the first half, a signifcant turnaround from the P290 million loss incurred a year ago.

Systemwide sales in the second quarter which grew to P1.63 billion or an increase of 43 percent, boosted first half numbers.

First half systemwide sales reached P3.3 billion, close to the P3.45 billion recorded a year ago.

“The increase is driven by strong same-store sales growth (SSSG) of 31 percent notwithstanding the dine-in restrictions implemented at the end of March 2021. SSSG has sequentially improved quarter-on-quarter amidst the different phases of lockdowns since the pandemic hit at the end of first quarter 2020,” Shakey’s said.

“The first half results are a testament to the resilience and relevance of our brands even during this most difficult period. We were able to leverage our industry-leading margins and operating capabilities to strategically pivot our growth plans and cost structures. The efforts, prudence, and discipline built amidst extreme challenges helped us weather through the past 15 months,” said Shakey’s CEO and president Vicente Gregorio.

But Gregorio said the environment is still very uncertain.

“Thus we remain cautiously optimistic, anticipating uncertainties that may potentially delay the path to recovery,” he said.

In late July, another round of strict lockdowns was implemented to curb the spread of the Delta variant.

The company expects the impact to be partially cushioned by the sustained growth in their off-premise business, a driver of business performance amidst recurring dine-in restrictions.

Shakey’s has been continuously upgrading its delivery platform and digital infrastructures to increase speed and better service.

“More importantly, we are encouraged that the vaccination rollout in the country has been ramping up in the past few months. We hope this will increase mobility and boost consumer confidence to fuel our recovery,” Gregorio said.