Shakey’s cuts net loss to P49.28 million in Q3 on better system-wide sales

SHAKEY’S PIZZA Asia Ventures, Inc. saw its net loss narrow by 71% to P49.28 million in the third quarter from P171.95 million last year on the back of improved system-wide sales.

The company said in a disclosure on Thursday that its topline for the quarter improved by 13% to P1.21 billion from P1.06 billion a year ago.

Shakey’s said its third quarter system-wide sales rose 15% from last year, while its same-store sales grew by 7% despite the more stringent dine-in restrictions implemented in the period.

“The strength of and continued trust of our guests in our brands helped us navigate through a challenging third quarter ladened with heightened lockdowns as the Delta variant began to spread,” Shakey’s President and Chief Executive Officer Vicente L. Gregorio was quoted as saying.

In the first nine months, the company cut its net loss to P35.26 million from P462 million in the same period last year. However, its revenues inched down by 2% to P3.75 billion from P3.83 billion.

Shakey’s said its year-to-date system-wide sales amounted to P4.85 billion, higher than the P4.79 billion last year.

“Despite a tough operating environment, we remain confident in PIZZA’s (Shakey’s ticker symbol at the stock exchange) ability to emerge from this pandemic,” Mr. Gregorio said. “I believe we are taking the right steps in paving the foundation for a reopening play to purposefully grow our brand reach through store network expansion.”

The company launched 28 new stores in the nine-month period, which brought its store network to 307.

Meanwhile, Shakey’s said it doubled the number of Peri-Peri outlets since acquiring it in 2019. It also built the first stand-alone store of its milk tea franchise, R&B, in Metro Manila.

Shakey’s shares on Thursday declined by 0.81% or seven centavos to close at P8.60 apiece. — Keren Concepcion G. Valmonte