Shakey’s targets double-digit growth
The country’s leading full-service restaurant chain operator Shakey’s Pizza Asia Ventures Inc. aims to increase its net profit and revenues at a double-digit pace this year, sustaining the growth momentum seen in the last 15 years.
Excluding new store openings, Shakey’s expects same store sales to grow by 3-4 percent this year, company president Vicente Gregorio said in a press briefing after the company’s stockholders’ meeting on Thursday.
This year, the group is on track to open 20 new Shakey’s stores in the local market while about five to six new stores will be opened for newly acquired chain Peri-Peri Charcoal Chicken, which currently has 23 stores.
Last year, Shakey’s ended with 228 stores in the Philippines and two stores overseas. Same store sales grew by 4 percent in 2018, in line with its 3-5 percent guidance, despite the higher-inflation environment.
Asked whether Shakey’s was likely to make more acquisitions after Peri-Peri, Gregorio said: “We continue to get offers but with this (Peri-Peri), we will already have our hands full.”
Shakey’s also expects further improvement in its net income margin this year, coming from 11.1 percent last year.
“We have been focusing on improving our efficiencies. As you noticed, in 2018, the margins have grown faster than sales and revenues. We believe we’ve been making ground and positive progress in our efforts to bring down and manage cost. We expect to intensify that, to keep margins the same or even better,” he said.
Last year, Shakey’s grew its net profit by 10.3 percent to P841 million, marking a double-digit growth for the 15th straight year.