Shakey’s books P762M in full-year earnings in 2017
The Philippines’ leading chained full-service restaurant, Shakey’s Pizza Asia Ventures Inc., said it ended 2017 with full-year earnings of P762 million, 14 percent higher than the previous year’s recurring profits of P669 million.
In a regulatory filing, Shakey’s said its net income growth was primarily driven by the sustained increase in revenues, successful store network expansion, and maintained profitability despite higher input costs.
Its system-wide sales also breached the P8 billion mark, surging 14 percent year-on-year to P8.3 billion, on the back of same-store sales growth of 5 percent.
Shakey’s likewise ended the year with 24 new stores opened, ahead of its earlier target of 20. This brought total Philippine store network to 208 as of end 2017.
“Our strong topline performance, underpinned by healthy same-store sales growth and record new store openings last year, demonstrates the strength of the Shakey’s brand even in a highly competitive environment,” said Vicente Gregorio, President and CEO of PIZZA.
All in all, the Company saw its total revenues grow 17 percent to P7.0 billion for the twelve-month period ending December 2017.