The Po family-led Shakey’s Pizza Asia Ventures saw net income drop about 14 percent to P421 million from January to June this year as it ramped up spending on marketing and expanding its store network.
Management’s view
“[W]ith easing input costs and a better profitability outlook in the second half, we have room to invest in growth and expansion,” said Vicente Gregorio, Shakey’s Pizza president and CEO, in a statement.
“Hence, we remain cautiously optimistic with our mid-teens growth outlook in both top and bottomline. Ultimately, at the core of our ambition as a guest-centric organization is the desire to wow our guests by giving them great and unforgettable experiences with our brands, whether in good times or in bad, through thick and thin,” he added.
Company continues to open stores
New store openings drove sales growth, which reached P10.1 billion in the first half, an increase of 14 percent.
Shakey’s Pizza opened 210 new stores, increasing its store count to 2,351 locations, of which 13 percent were located overseas.
Better margins
Removing the impact of new stores, sales grew 2 percent, which was back to the pre-pandemic figure, the company pointed out.
Profit margins improved slightly due to easing commodity prices, leading to a 10 percent rise in gross profit to P1.6 billion.
