Shakey’s booked P1.08-B profit in 2023

MANILA, Philippines — The earnings of food service giant Shakey’s Pizza Asia Ventures Inc. of the Po family in 2023 surpassed the P1-billion mark as its sales improved despite inflationary pressures.

The operator of Shakey’s Pizza, Peri-Peri Charcoal Chicken & Sauce Bar, and Potato Corner on Monday reported a 23-percent increase in net income to P1.08 billion, while sales expanded by 32 percent to P18.64 billion, their stock exchange filing showed.

“The investments in our brands, our stores, and our people are all designed to deliver the best value to our guests, which is especially relevant in this kind of environment,” Shakey’s president and CEO Vicente Gregorio said.

“These allowed our brands to maintain market leadership in the full-service restaurant chain and kiosk chain categories,” he added.

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Shakey’s added 369 stores last year, ending with 2,141 stores in its global network.

Gregorio said they planned to further expand their network footprint by at least 400 stores and outlets this year.

Gross profit rose by 21 percent, but Shakey’s noted that higher input costs and “an inflationary environment led gross margins to soften.”

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“For 2024, inflationary challenges persist, so we remain vigilant and cautious … All considered, we are aiming to deliver growth in the mid-teens for both our topline and bottomline,” Gregorio said.