Leading pizza parlor chain Shakeys Pizza Asia Ventures Inc. is looking to open 20 new outlets this year to sustain its growth momentum.
It plans to end the year with a 204 store network, SPAVI said in a stock exchange filing.
The company added five new stores in the first quarter, bringing its total store count to 189.
SPAVI grew its net income by 26 percent to P173 million in January to March, driven by stronger sales and improved margins. Net revenues increased 25 percent to P1.7 billion as systemwide store sales, a combination of company-owned and franchise store sales, expanded by 22 percent to P2 billion.
Same store sales growth, on the other hand, hit 11.6 percent as customer traffic improved.
As a result, gross profit and EBITDA jumped 52 percent and 37 percent, respectively, on favorable commodity prices and purchasing synergies post consolidation into the Century Pacific Group.
?We are pleased with the robust first quarter numbers, particularly the double digit SSSG sowing primarily to the success of our ?2017 meal deal? promotion. The first quarter is typically a lean season for our business so we are glad that the combined results of marketing programs and successful store openings have delivered the desired results,? said Vicente Gregorio, president and CEO of SPAVI.
?While growth may moderate in the coming months, we are firmly on track to meet our full year targets especially considering the seasonality of our business, where we usually see an increase in consumer spending towards the yearend,? Gregorio said.