Shakey’s expects income to recover in 2nd half

August 18, 2024 | 12:00am

MANILA, Philippines — Shakey’s Pizza Asia Ventures Inc. (SPAVI) expects income to recover in the second half after dropping by 14 percent to P421 million from January to June.

SPAVI saw systemwide sales accelerate by 14 percent to P10.1 billion in the first half, driven by new stores and sustained growth in same store sales.

The company opened 210 new units during the six-month period, boosting its network to 2,351 stores and outlets as of end-June.

Approximately 13 percent of SPAVI’s network consists of international units.

For this year, the company is seeing a mid-teens earnings growth.

“We are grateful to be able to sustain our double-digit growth trajectory in these trying times. Our guests are more cautious because of persistent inflationary pressures,” SPAVI president and CEO Vicente Gregorio said.

Initially a single-brand entity, SPAVI’s portfolio is now comprised of five main brands.

Shakey’s continues to serve as the core anchor brand of the group, a platform that provides scale to the entire portfolio.

“Amid a challenging environment, we see how our group has been reaping the benefits of a multi-brand portfolio. We have different offerings that cater to the needs of our guests – whether these be large celebrations or daily treats,” Gregorio said.

“Furthermore, with easing input costs and a better profitability outlook in the second half, we have room to invest in growth and expansion. Hence, we remain cautiously optimistic with our mid-teens growth outlook in both top and bottomline,” he said.