Shakey’s Pizza Asia Ventures Inc. reported slower earnings growth in the first quarter of 2026 as the restaurant group continued expanding despite weak consumer spending and rising operating pressures.
The company posted systemwide sales of P6.4 billion, up 14 percent year-on-year, while revenues grew 13 percent to P4.0 billion, driven mainly by aggressive store expansion. However, same-store sales remained flat, showing softer customer demand across existing outlets.
Net income fell 27 percent to P134 million due to higher spending on new stores, marketing campaigns, and one-time restructuring costs. Excluding these non-recurring expenses, core profit still declined 17 percent.
SPAVI added 69 stores during the quarter, bringing its global network to 3,039 outlets. The company also opened its milestone 3,000th store in Metro Manila and expanded Potato Corner into Laos, its 17th international market.
President and CEO Vic Gregorio said the company expected a difficult operating environment, worsened by ongoing geopolitical tensions in the Middle East. He said SPAVI is balancing long-term expansion with tighter capital discipline and cost controls.
Despite weaker profits, SPAVI said core EBITDA still rose 7 percent, signaling continued cash-generation strength as the group invests for future growth.
The development highlights how major Philippine consumer companies are prioritizing expansion and market positioning even as inflation, cautious spending, and global uncertainty continue to pressure short-term profitability.
