Shakey’s posts P247M loss

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    Shakey’s Pizza Asia Ventures Inc. registered a loss of P247 million in 2020, a reversal from a profit of P862 million the prior year.

    Sales were at P6.6 billion, down 35.89 percent from P10.31 billion the prior year.

    “On a same-store sales basis, excluding the impact of closed stores, sales were down 30 percent year-on-year,” the company said.

    “2020 was obviously a one-of-a kind year amidst the COVID-19 pandemic and the restaurant industry was one of the hardest hit. Nonetheless, despite our net loss for the year, we’ve managed to pull through with positive cash flows, improved cost structures, and greater ability to address off-premise demand thanks to the gallant efforts of our team and the numerous business innovations we’ve been put into place,” said Vicente Gregorio, Shakey’s president.