Shakey’s Pizza Asia Ventures Inc., which owns the brand in the Philippines and in some parts of the region, reported income seven fold higher in 2022 to P874 million from the previous year’s P122.98 million, exceeding its pre-pandemic bottom line.
Its systemwide sales reached P14.1 billion, doubling from 2021 sales and similarly exceeding its pre-pandemic sales by 36 percent.
The company said its fourth-quarter sales also doubled as discretionary consumer spending heightened during the Christmas holiday season.
The recovery is fueled by the resurgence in dine-in sales as the Philippine economy reopened and as the group’s store network expansion and the acquisition of kiosk-based food brand Potato Corner began to bite.
“The past three years tested our mettle as a company but the resilience of our brands, our stores, and our people shone through. We put our ‘guest-first’ hats on to deliver wowing experiences at great value across all our concepts. Thus, Shakey’s further strengthened its dominance with market share gains in the full-service chained restaurant category and sustained shares in full-service pizza while Potato Corner took the top spot for kiosks.”
Vicente Gregorio, Shakey’s president and CEO
Shakey’s gross margin expanded by 240 basis points to 25.6 percent despite an inflationary environment. Operating expenses as percentage of sales contracted by 320 basis points to 12.1 percent for the year.
By end-2022, its global store network stood at 1,772, of which 68 are Peri-Peri stores or triple the number from its acquisition in 2019 as part of the strategic effort to accelerate the brand’s market penetration.
Shakey’s stores rounded the year with 268 outlets, boosting its international presence with new stores in Singapore and Dubai. Meanwhile, Potato Corner rapidly expanded with 153 new stores, resulting in a footprint of 1,425 stores covering both domestic and international markets by the end of 2022.
The kiosk operator that sells mainly flavored French fries also opened new markets during the year, including in China, the United Arab Emirates and the United Kingdom.
The enterprise had 8,858 jobs in 2022 that generated close to 3,000 additional job opportunities last year.
