Shakey’s Pizza Asia posts flat revenue amidst expansion and sales building investments
However, the group expects sales boosts during the holidays to boost their net income to double digits by year-end.
Shakey’s Pizza Asia Ventures, Inc.'s (SPAVI) net income after tax for the third quarter of 2024 (Q3 2024) was sustained at $4.25m (₱250m) year-on-year as a result of its investment in expansion and sales building activities.
Moreover, the group’s gross profit rose by 9% to $14.50m (₱853m) in Q3 2024.
System-wide sales (SWS) during the three-month period increased by 16% to $92m (₱5.4b), versus the comparable period last year.
The group said that with easing input costs and the seasonal uplift in the fourth quarter, it still expects to deliver double-digit net income growth for the full year.
According to Vicente Gregorio, SPAVI’s president and CEO, with a better outlook on commodities, the group re-invested in brand-building innovations and value-for-money offerings.
These came in the form of new menu choices such as the Shakey’s Hero Sandwich, enticing value bundles like the Peri Flavor Adventure Box, and better products like the Shakey’s Cheesier Thin and Thick Crust Pizzas.
“We are on track to deliver more than 450 new stores and outlets this year, which are essential to sustain our double-digit sales and profit growth trajectory in 2024 and beyond,” said Gregorio.
SPAVI opened 342 net new units during the first nine months of the year, ending the period with 2,483 stores and outlets.
