SHAKEY'S Pizza Asia Ventures Inc. saw its net income grow 23 percent to P1.08 billion last year, from P874.4 million in 2022, on the back of continued healthy foot traffic that boosted full-year sales.
Consolidated revenues rose 39 percent year on year to P14.13 billion, while systemwide sales climbed by 32 percent to P18.64 billion despite macroeconomic headwinds, the listed restaurant chain operator said on Monday.
"[P]ersistent inflationary pressures continue to dampen consumer sentiment, leading to a softer growth performance during the second half of the year," said Vicente Gregorio, Shakey's president and chief executive officer.
"Nonetheless, we are pleased to deliver record-high 4Q (fourth-quarter) sales, supported by a festive comeback in December," he added.
The company posted a same-store sales improvement of 13 percent last year while its dine-in segment benefited from the holiday season, growing by 11 percent in the fourth quarter.
Although commodity prices started to ease toward the end of 2023, Gregorio said they remained "vigilant and cautious" about growth prospects this year.
Shakey's aims to book "mid-teen" growth for both top line and bottom line in 2024 and plans to add at least 400 stores to its network footprint.
"With robust double-digit growth coming from a high base and [a] dynamic macroeconomic backdrop, our built-up multi-brand portfolio primes us for sustainable growth in the years to come," Gregorio said.
The group opened 369 new stores and outlets in 2023, bringing its global network to 2,141 by year-end. These include 268 Shakey's restaurants, 77 Peri-Peri stores, and 1,784 Potato Corner outlets.
"Together with our franchise partners and supply chain ecosystem, we support over 18,000 jobs globally and across 15 territories outside the Philippines," the Shakey's executive continued.
"We aim to foster a win-win-win environment, generating more opportunities [for] further economic development in the Philippines, equipping entrepreneurs in the country, and creating great experiences for our guests."
Shares in Shakey's Pizza closed unchanged at P10 each on Monday.
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