Shakey’s surpassed prepandemic profits in 2022

MANILA  -The Po family-led operator of Shakey’s Pizza, Peri-Peri Charcoal Chicken and Potato Corner, said profits in 2022 surpassed prepandemic earnings after COVID-19 restrictions were rolled back and contributions from its acquisition of Potato Corner boosted sales.

Shakey’s Pizza Asia Ventures Inc. ended the year with a net income of P874 million versus 121 million the previous year, a stock exchange filing showed on Monday.

The figure was also higher than its 2019 profit of P862 million.

“We put our ‘guest-first’ hats on to deliver wowing experiences at great value across all our concepts. Thus, Shakey’s further strengthened its dominance with market share gains in the full-service chained restaurants category and sustained shares in full-service pizza while Potato Corner took the top spot kiosks,” Vicente Gregorio, Shakey’s president and CEO, said in a statement on Monday.

The company said systemwide sales doubled to P14.1 billion in 2022. This was also higher than the prepandemic figure by 36 percent.

The company “accelerated business recovery is fueled by the resurgence in dine-in sales considering the Philippine economic reopening, the group’s store network expansion, and the acquisition of leading kiosk-based food brand, Potato Corner.”

Shakey’s also saw gross profit earrings increase by 240 basis points to 25.6 percent despite inflationary pressures.

Operating expenses as a percentage of sales contracted by 320 basis points and landed at 12.1 percent for the year, it added.

The company ended the year with a global store network stood of 1,772.

“We increased our footprint to reach more guests both domestically and globally. We also ensured that we took care of our people along the way in our pursuit of inclusive growth,” Gregorio said.

Bulk of these came from Potato Corner, which opened 153 new stores to close the year with 1,425 outlets. Potato Corner also opened new markets during the year, namely China, the United Arab Emirates, and United Kingdom, the filing showed.

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https://business.inquirer.net/345669/shakeys-group-returned-to-profitability-in-2021