Shakey's to open 7 stores by June

Full-service restaurant chain Shakey's Pizza Asia Ventures Inc. on Tuesday said it is on track to open seven new stores until the end of June, as it seeks to expand its local footprint.

"The company is set to open seven more stores in the second quarter, in addition to the one store opened during the first three months of the year," it said in a regulatory filing submitted by Investor Relations Head Giovanna Vera.

"For 2019, PIZZA expects to open a total of 20 net new stores in the Philippines to end the year with a nationwide store count of 248," it added.

In the same filing, Shakey's said its net income rose by 3% in the January to March period to P188 million, while gross profit margins fell by 100 basis points to 27.8% with P511 million.

"The first three months was a slow start to the year, typical of the post-holiday season, but also reflective of continued weakness in consumer sentiment with last year's inflationary pressures," said Shakey's President and CEO Vicente Gregorio.

"Growth was also affected by the timing of Holy Week, a strong sales period for our business which falls in the second quarter of this year versus the first quarter in the last," he elaborated.

SPAVI is the exclusive franchise holder of the Shakey's Pizza Restaurant business in the Philippines, licensed to develop company-owned Shakey's outlets and sub-license the Shakey's brand to other entities in the country.

Its subsidiaries of PIZZA include Shakey's Seacrest, Inc., Shakey's Pizza Regional Foods Limited, and Shakey's Pizza Commerce, Inc.

The company last month announced its acquisition of Peri-Peri Charcoal Chicken. —KBK, GMA News