Shakey’s books P462M losses

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    Shakey’s Pizza Asia Ventures Inc. reported a P462-million loss for the first nine months of the year, a reversal from the P550-million profit it posted last year.

    Sales dropped 35 percent to P3.82 billion from P5.9 billion a year ago, over systemwide sales of P4.8 billion, down 35 percent from P7.43 billion last year.

    The company posted P381 million in earnings before interest, tax, depreciation and amortization.

    “Though there remain challenges in the overall environment, we are nevertheless pleased to see a gradual improvement in demand. Our recovery rate in the third quarter has been better than expected, mainly driven by the sustained healthy growth of our off-premise business and a marked improvement in dine-in sales,” said Vicente Gregorio, Shakey’s president.

    Gregorio said since dine-in resumed in June, Shakey’s has seen a gradual increase in store traffic given the strict implementation of health and safety protocols within its stores and a gradual easing of mobility and capacity restrictions by the government.

    “We look forward to seeing continued improvement, most especially with the arrival of ‘-ber’ months, traditional periods of celebration in the Philippines,” he added.