Pizza parlour chain Shakey’s Pizza Asia Ventures grew its first-quarter net profit by 6.4 per cent to PHP184 million (US$3.5 million), even as higher input costs tempered the impact of double-digit growth.
Shakey’s grew its first-quarter systemwide sales by 10 per cent to PHP2.2 billion. This was mainly attributed to a 2 per cent growth in same-store sales and a continued store network expansion strategy.
Meanwhile, the company says earnings growth has been curbed by cost pressures relative to the previous year.
“We continue to face a competitive environment, but this has been mitigated by the success of our marketing initiatives and the efforts we have made to improve the overall Shakey’s brand experience,” says president/chief executive Vicente Gregorio.
For the three months to the end of March, the company grew total revenues by 6 per cent to PHP1.8 billion.
During the quarter, Shakey’s added four outlets to take its nationwide store count to 212. It intends to open another 16 branches and is on track to taking its total Philippine store network to 228 by year end.
Gregorio says the company is taking the brand to more locations beyond Metro Manila.