Shakey’s PH unit posts 7% growth in net income

Pizza parlor chain operator Shakey’s Pizza Asia Ventures Inc. saw a 7-percent year-on-year growth in its first semester net profit to P396 million as sales expanded at double-digit pace despite cost pressures.

System-wide sales, a measure of total sales for both company-owned and franchised stores, rose by 13.2 percent year-on-year to P4.6 billion. In the second quarter alone, system-wide sales grew by 16 percent year-on-year to P2.4 billion.

“Despite the slight compression in our margins year-on-year, we remain above average in terms of our profitability metrics and see this as an advantage in weathering competitive headwinds,” Shakey’s president and CEO Vicente Gregorio said in a statement.

Shakey’s six-month performance was buoyed by the 5-percent same-store sales growth (SSSG), hitting the upper end of the company’s 3-5 percent SSSG goal for the full year. For the second quarter alone, SSSG improved to 9 percent compared to 2 percent in the first quarter.

Shakey’s grew total revenue by 9 percent year-on-year to P3.7 billion in the first six months. In the second quarter alone, revenue went up by 12 percent to P1.9 billion. —DORIS DUMLAO-ABADILLA