Shakey's Pizza Asia completes incorporation of US subsidiary

Shakey’s Pizza Asia Ventures Inc. (SPAVI) on Tuesday said it has completed the incorporation of its new fully-owned subsidiary in the United States, in line with the company’s plans to expand in the area.

The subsidiary, SPAVI International USA Inc., is intended to own and operate stores and franchises and market Shakey’s Group’s products and brands. Further details were not provided.

“The incorporated entity will be the Group’s platform in its expansion plans in the territory, which will grow systemwide sales, revenues, and bottomline internationally via company-owned and franchised stores in the territory,” SPAVI said in an earlier disclosure.

SPAVI — which operates the brands Shakey’s, Potato Corner, Peri-Peri Charcoal Chicken and Sauce Bar, R&B Milk Tea, and Project Pie — earlier said it planned to expand its network by 400 units this year.

The company ended the first half of the year with a P421 million in net income, with systemwide sales of P10.1 billion, as it recorded a 36% increase in operating expenses after it opened 210 units during the semester to bring its global network to 2,351 stores.

SPAVI said it was “cautiously optimistic” to hit its mid-teens growth outlook for 2024, driven by the double-digit growth trajectory in the first half of the year. —VBL, GMA Integrated News