Shakey’s slightly grows in PH, earns more than 3% in Q1 income
Amid a ‘slow start’, Shakey’s Pizza Asia Ventures Inc., the Philippines’ leading chained full-service restaurant, saw its system wide sales increase 6 percent and income up by 3 percent year-on-year during the first three months of the year.
In a disclosure to the Philippines Stock Exchange, Shakey’s said its system wide sales, a measure of both company-owned and franchised store sales, reached P2.34 billion driven primarily by new store openings over the last several quarters.
In the first quarter of 2019, the Company had a net addition of one store in the Philippines and one store abroad. This brought its store count to 229 locally and 3 internationally as of end-March 2019.
All in all, Shakey’s registered a 3 percent increase in first quarter net income to P188 million.
“The first three months was a slow start to the year, typical of the post-holiday season, but also reflective of continued weakness in consumer sentiment with last year’s inflationary pressures,” said Vicente Gregorio, President and CEO of Shakey’s.
“Growth was also affected by the timing of Holy Week, a strong sales period for our business which falls in the second quarter of this year versus the first quarter in the last. Finally, we are seeing continued entry of new players and aggressive promotional activity in the industry,” he added.