Shakey’s books slightly higher income on improved system wide sales
Shakey’s Pizza Asia Ventures, the Philippines’ leading chained full-service restaurant, posted a 10 percent increase in its systemwide sales — a measure of total sales for both company-owned and franchised stores — during the first quarter of 2018.
Shakey’s said the increase of its systemwide sales to P2.2 billion was mainly attributed to a 2-percent growth in same-store sales and a continued store network expansion strategy.
Meanwhile, its earnings grew by 6 percent, a tempered increase relative to sales due to increased cost pressures relative to the year before.
This resulted to the Company delivering net income of P184 million during the year’s first three months versus the P173 million generated the year before.
“We are pleased to have achieved a double-digit sales growth for the first quarter of 2018 despite what is typically a seasonally weak quarter and a high base last year,” said Shakey’s President and CEO Vicente Gregorio.
“We continue to face a competitive environment, but this has been mitigated by the success of our own marketing initiatives and the efforts we have made to improve the overall Shakey’s brand experience. We look forward to positive momentum from here and expect improvements as we move to complete the year,” he added.
For the three months ending March 2018, the Company grew total revenues by 6 percent year-on-year to P1.8 billion.