Shakeys nets P1.2B

Shakey’s Pizza Asia Ventures Inc., the listed restaurant business of the Po family, benefited from the historically strong fourth quarter and its network expansion last year, driving its earnings higher by 11 percent to P1.2 billion.

In a regulatory filing on Tuesday, Shakey’s said its system-wide sales had grown by 17 percent to P21.7 billion on the back of volume growth, particularly in December.

The company, whose brands include the flagship Shakey’s Pizza, Potato Corner and Peri-Peri Charcoal Chicken and Sauce Bar, booked nearly half of its full-year net income in the fourth quarter alone.

During the period, earnings surged by 57 percent to P523 million.

“Navigating through 2024 wasn’t easy—from a strained consumer environment to inclement weather in the final quarter,” Shakey’s president and CEO Vicente Gregorio said.

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“Holidays hold a prime space in the consumer wallet, and we wanted to make sure we have a compelling reason for families to choose our brands during this time.”

The group opened 478 new stores and outlets, bringing total network to 2,619 stores.