Casual dining restaurant chain Shakey’s Pizza Asia Ventures Inc. saw its bottom line swing back to profitability in 2021 amid the reopening of the economy and easing of pandemic restrictions during the period.
In a disclosure to the Philippine Stock Exchange on Friday, Shakey’s reported a net income of P121 million last year, a reversal from a net loss of P254 million recorded in 2020.
This is on the back of a 6% growth in system wide sales amounting to P7.01 billion.
In the fourth quarter of 2021 alone, the company’s system wide sales totaled P2.17 billion, up 18% year-on-year.
Shakey’s said it saw a surge in dine-in as the holiday season kicked in amidst loosened quarantine restrictions in the fourth quarter of last year.
“Despite the crisis in 2020, we maintained our long-term view on sustainable growth. We made a bold decision to re-ignite our expansion plan, purposefully investing in our brands and our stores. We believe that these continuous investments amidst the pandemic will fuel our 2021 growth momentum toward a stronger 2022 reopening play,” said Vic Gregorio, Shakey’s president and CEO.
The company also reported that it grew its store network in 2021, reaching 316 with the addition of 37 outlets.
For 2022, Shakey’s said it earmarked more than P650 million in capital expenditures, bulk of which is allocated to the acceleration of its store network expansion.
The company is targeting to open at least 192 stores for the group, including 42 new stores for existing brands and 150 outlets for Potato Corner.—LDF, GMA News
Shakey”s swings to profitability in 2021
Source: News Panda Philippines
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