Shakey’s to open additional 20 stores this year
Shakey’s Pizza Asia Ventures Inc., the Philippines’ leading chained full-service restaurant, is set to open another 20 new stores in the Philippines this year, targeting a nationwide store count of 248 by the end of this year.
“We are excited about 2019 amidst today’s dynamic restaurant landscape. In this environment, we will intensify further our efforts to improve the effectiveness and efficiency of our operations, focusing primarily on superior execution this year,” said Shakey’s Philippines president and chief executive officer Vicente Gregorio.
Internationally, the Company currently has three outlets in the Middle East. With two international area development agreements signed up, its total international pipeline is at least 20 outlets over the next few years.
The Company also recently announced the acquisition of Peri-Peri Charcoal Chicken (Peri), an emerging fast casual and full service brand.
In 2018, the Company saw its total revenues grow 8 percent to P7.58 billion, while in terms of profitability, gross profit was up 5 percent to P2.18 billion.
This was driven mainly by various cost pressures, including higher raw material prices and a weakened local currency, combined with the impact of various sales-supporting initiatives.
All in all, Shakey’s Philippines’ audited earnings for full-year 2018 came in at P841 million, 10 percent higher relative to the previous year.
The listed firm also posted a 12 percent increase in system wide sales, sustaining its double-digit growth momentum in 2018.
Its combined company-owned and franchised stores particularly hit sales of P9.36 billion, driven primarily by the opening of 20 net new stores locally. This brought Shakey’s Philippine store count to 228 as of end-2018.