Business

Shakeys incurs P290M loss as pandemic takes toll on sales

Po family-led Shakey’s Pizza Asia Ventures Inc. swung to a P290 million loss in the first half as sales took a hit due to disruptions arising from the coronavirus outbreak.

Sales fell 31 percent during the period as the company was forced to close 91% of its total stores in the middle of March to heed the government’s stay-at-home order.

Shakey’s also incurred one-off charges resulting from various streamlining and efficiency initiatives.

With the easing of quarantine measures, 267 Shakey’s and Peri Peri stores, representing 95% of the group’s branch network, are now up and running by the end of June. These outlets, however, are still subject to shortened hours and limited to delivery and carry-out.

Lost dine-in sales were partially offset by stronger demand for delivery and carryout which saw record-breaking sales in the last few months.

Combined delivery and carryout accounted for close to 40% of PIZZA’s systemwide sales in 2019.

Shakey’s president and chief executive officer Vicente Gregorio, expects cost-saving initiatives the company has implemented to kick in beginning second half of the year.

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