Shakey’s PIZZA posts P121m net income after 2020 loss

This was driven largely by the easing of restrictions in the fourth quarter of the year.

Shakey’s Pizza Asia Ventures, Inc. (PIZZA) reported a net income worth P121b in 2021, reversing its net loss of P254m in the previous year.

PIZZA’s President and CEO Vic Gregorio attributed this largely to the strong performance recorded in the fourth quarter of the year when its net income amounted to P156m.

“The fourth quarter was quite significant for us. Quarantine restrictions were easing. The season was festive, and more guests were choosing to eat out with their families and friends to enjoy the complete dine-in experience,” Gregorio said. “We took advantage of that to create momentum and were rewarded with a strong performance, a testament to the continued loyalty of our guests in our brands."

The company also saw its systemwide sales in 2021 grow to P7.01b, reflecting a 6% year-on-year increase. Of this, the systemwide sales in the fourth quarter stood at P2.17n, which is 18% up from a year ago.

PIZZA noted there was a surge in dine-in as the holiday season kicked in amidst the easing of quarantine restrictions in the last quarter.

“Despite the crisis in 2020, we maintained our long-term view on sustainable growth. We made a bold decision to re-ignite our expansion plan, purposefully investing in our brands and our stores,” Gregorio also said.  

PIZZA added 37 new outlets in 2021, bringing its store network to a total of 316. It has also expanded its Peri-Peri outlets by more than double its number when PIZZA acquired it in June 2019.

Moreover, the Company re-launched artisan pizza concept Project Pie, a build-your-own pizza restaurant originally introduced in 2013, at the end of 2021.