Potato Corner parent posts 6% uptick in Q1 net income
The group expects to add 430 outlets this year.
Philippine foodservice operator Shakey’s Pizza Asia Ventures, Inc. (SPAVI) reported a net income after tax of $3.27m (P182m) in Q1 2025, a 6% uptick from the same period last year.
The group said this was mostly from favourable effective tax rates and lower net interest costs.
Reported same-store sales growth (SSG) registered a 2% improvement versus the same period last year. However, adjusting for the extra leap year day and earlier Easter holidays in 2024, normalised SSSG clocked in a 4% improvement, supported by product and menu improvement efforts initiated in the prior year.
The Group’s gross margin clocked in at 22%, a dip of 130 basis points from the same period last year, with investments in expansion and renovations partially mitigated by improving commodities. The impact was effectively offset by lower operating expenses as a percentage of sales, which registered a 140-basis point YoY contraction to 13.9%.
SPAVI core operations however, grew by 15% to $5.11m (P285m).
SPAVI is the owner and operator ofthe casual pizza restaurant chain Shakey’s. It also operates the charcoal chicken chain Peri-Peri, and is the parent company of food kiosk brand Potato Corner.
As of Q1 2025, the group has 2,671 outlets across its various brands in its global network. The group said it is on track to open 430 more before the end of the year.
