Shakey's to open 400 new units in 2024

Publicly-listed chain restaurant and food service provider Shakey’s Pizza Asia Ventures, Inc. said on Wednesday it plans to expand its network by 400 units this year, as it remains optimistic despite lower earnings in the first three months.

In a regulatory filing, Shakey’s president and chief executive officer Vicente Gregorio said the company targets sustaining its growth through expansion after adding 91 units in the first quarter of the year.

“We continue to capitalize on our brands’ attractive returns, which will support our group’s growth performance moving forward,” he said.

Shakey’s ended the first quarter of the year with 2,232 stores and outlets, which includes brands Shakey’s, Potato Corner, Peri-Peri Charcoal Chicken and Sauce Bar, R&B Milk Tea, and Project Pie.

The company reported a 15% decline in its first-quarter net income to P171 million, which it attributed to higher operating expenses due to investments in the organization and in sales-generating activities.

Systemwide sales increased by 15% to P4.8 billion, with the company projecting full-year growth in the mid-teens.

“Our group remains optimistic with a healthy dose of caution when it comes to our outlook,” Gregorio said.

“Given that we have been operating in a strained consumer environment and are coming from a high base due to the reopening, we are grateful to be able to deliver double-digit topline growth, which we expect to be sustained for the balance of the year,” he added. —VBL, GMA Integrated News