Shakey’s H1 profit climbs to P396M

SHAKEY’S Pizza Asia Ventures, Inc. said Tuesday it achieved a 7-percent hike in net profit in the first half of the year to P396 million on the back of strong sales.

In a disclosure, Shakey’s said systemwide sales grew 13 percent to P4.6 billion in the first half and increased by 16 percent to P2.4 billion for the second quarter alone.

It said the strong growth in systemwide sales was driven by same-store sales growth (SSSG) of 9 percent in the second quarter from just 2 percent growth in the first three months. SSSG for the first half stood at 5 percent.

“We are pleased to see SSSG back to within full year targets post the roll out of new products, marketing initiatives, and an incremental price increase,” Shakey’s President and Chief Executive Officer Vicente Gregorio said.

“Though the seasonal slowdown brought about by rains has already begun, we are now in preparations for the forthcoming “-ber” months – the start of the holiday sales uptick in the Philippines. We look forward to launching a fresh round of campaigns meant to take advantage of this positive boost in consumer sentiment,” he added.

Consolidated revenues in the first half rose 9 percent year- on-year to P3.7 billion and increased 12 percent in the second quarter to P1.9 billion.

This year, Shakey’s is targeting a total of 228 stores in the Philippines, consistent with the goal of opening 20 new stores every year. Overseas, it recently opened its new outlet in Dubai which caters mainly to overseas Filipino workers.

Shakey’s shares were down 4 centavos at P13.06 each.